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22 August 2012

How to Get Large Amount of Money as Home Loans for NRI

Non resident Indians are very lucky , not only in terms of getting earning in dollars but also for applying for a home loan. In the UK as well as other countries property rates are rising gradually. Owing a home can become a reality for many NRIs if they avail offers provided by UK financial home loan companies.
You being an NRI would apply for a home loan in India and get a certain amount of money as loan, with all documents in place. Being a non resident Indian if you purchase a home in UK you would definiately enquire about the banks and finance companies that are lending NRIs large sums of money as loans.
If you wish to purchase home back in India and would like a get a home loan, and if you like a larger amount of money as loan it is advisable to apply in the UK and get a home loan approved to purchase a plot or property in India. If you apply to any Indian bank or housing finance company that lend money as loan you would get a certain amount in rupee value. But if you apply for a home loan in UK  you will get the loan amount in dollars, which is definitely more in value than the rupee in the market.
In such a case where you will apply for a home loan in UK to purchase property home in India you will get maximum 85% of the home value or total property value price.Also do find out the rules for applying for an NRI home loan in the UK. You will also need to fulfill certain criteria for approval,  like be employed over a certain period of years for quick loan approval. Your passport details and your salary slips along with your job or employment certificate.  
You can avail a much larger loan amount in UK as compared to India as it will be in dollars if you fulfill the repayment criteria of the lending institution. If you have been working for more than five years then there is no question as you will be having all the documents in place, but if you have been recently transferred or on contract basis then do enquire with the bank for their lending criteria for approval of UK home loans. But do remember the loan amount may be larger but usually the lending institution lends home loans for a smaller period of time that is the loan repayment tenure will be less and thus the EMI amount would be larger also.
All the Best from Rizwana!

4 comments:

  1. Most lenders become skeptical at borrowers with very poor bad credit. In that case, logically explain to your lender that your bad credit is the thing of past. If your saving habit is impressive, it would be saving grace for your bad credit. Click here for Home Loan

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    Replies
    1. Thnx Sabrina for the comment.
      Yes very true even with earlier bad credit scores , if your present salary and savings are good, can get you a loan.

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  2. Your work is totally appreciative and informative.

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