Housing is the fastest growing sector in the current times. Banks are cashing on this phenomenon by offering easy home loans at attractive rates. A person seeking investments for house or a property opts for Home Loans for a variety of purpose ranging from construction to renovation. The Equated Monthly Installment, EMI and rate of interest for Home Loans is arrived at, keeping in mind, a number of factors. The factors include the loan amount, market value of the the land or building and Home Loan Tenure.
The Home Loan Tenure for Non-Resident Indians, NRIs differs from the Resident Indians on a few points, which varies from one Housing Finance Company, HFC to another.
Banks follow the Reserve Bank of India, RBI definition, while giving home loans to Non-Resident Indians, NRIs. According to the definition, a Non-Resident Indian, NRI is one who holds a valid Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay.
For most Housing Finance Company, HFC, the Home Loan Tenure exceeds maximum from 25 to 30 years. However, for NRIs the maximum Home Loan Tenure is from 7 years up to 15 years. The number of years fixed by Reserve Bank Of India. However, the loanee cannot opt for a term that extends beyond their attaining retirement age or 60 years of age, whichever is earlier.
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