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29 September 2013

NRI Open Account Easily NRI Get upto 85% Loans on your Deposit by ICICI Bank



NRI investment options are vast and as we know the first step for buying any property or investing in a home by home loan , would be to open an account in a reputed bank for any financial dealings it is best that your bank is able to supply all the information and guidance required by NRI here and also in UK.
One of the major criteria for any home loan by an NRI it is of priority hat they have an account in a bank that connects here in India as well as has branched in other foreign countries. ICICI bank a universally accepted reputed finance option for NRIs  has great offers for loan and an NRI when fulfilling certain criteria can avail to these financial loan options easily.
What more can we  ask for the bank allows customers to open accounts in multiple currencies, be it USD, GBP, EUR, JPY, CAD and AUD. So from Great Britain Pound to US Dollars to Australian dollars there are no hassles in currency matters. Another advantage here is that every time the renewal there is automatic renewal system avoiding all the hassles of documentation and time spent by the NRI  client.
With the new e-deposit,  electronic system the deposit amount you immediately get a  confirmation mail. This confirms the financial dealings easily and promptly.
Opening an FCNR account is a very good option to get good financial returns from your foreign currency. NRI opening this fixed deposit account gets lots of benefits from the bank and one of them is loan options that are processed easily when you already have an account with the ICICI bank.
For a home loan NRI can easily buy land or property in India by availing the ICICI home loans at attractive interest rates and offers on fixed or fluctuating rate of interest. In case you wish to close off  the loan early there is also option of part prepayment with zero processing fees.
As for eligibility criteria for NRIs a few points here. For NRI applying for a home loan minimum age limit set by the bank is 21 years and maximum 60 years  for applying for a home loan. Job salaried individuals must have worked , stayed, in US for at least one year  minimum.  As for self employed individuals the NRI must have been abroad , there for a period of at least minimum three years so that you can apply for a loan.
NRI open account easily
For a home loan repayment  tenure for an NRI it can extend for 11 to 15 years  and the approval of Home Loan for any NRI depends  upon the qualification of the borrower and job position, as well as their financial status. Be it Middle East or US any NRI can easily avail this offer by opening an account and depositing in ICICI branches all over the globe.
All the Best from Rizwana!

What are Interest Only Home Loans – Simplified Facts on Interest Only Home Loans



What are interest only home loans.  ‘Interest only home loans’ means that the borrower ends up paying only the interest for some years and then the principle amount is added later for years. 
This has risen as a better option for many who are not in position to pay large amounts as EMI’s in present years. Usually for homes bought in construction phase, you keep paying small amounts of interest.
In this type of offer the lender gives money to the borrower and the purchase deed is completed. The borrower becomes the owner of the house. Every month he has to pay a small amount that is interest to the principle amount (loan amount). During later years, as   the construction progresses and the housing complex is ready  he has to pay the interest along with large sums of the principle amount. This option may be good for individuals who are highly qualified and have a new job and they know that over the years their salary is going to increase with their experience. So they can pay smaller amounts in present years and later on be prepared to pay larger sums to complete the loan repayment. 
What are interest only home loans
Pay Interest Only Home Loans

However , interest only home loans option may  also be very risky as no one can predict about later years. The large amounts of money as loans later on can be very difficult to pay back and one may end up in financial tight spot. Some people also take this type of home loan if they are confident about the price rise of their property. They can pay the interest amount and later as the value of their house increases they can sell this and make profit as well as pay the larger loan amount.
Though a boon to many there are certain risks every individual has to take before going in for an interest only home loan. Their job stability may not be guaranteed over the years and only those individuals who are very confident about their financial growth must go in for such type of loan. Also the property value may drop or remain same so the individual may end up paying more than they actually paid for the purchase of the flat some years back. This may result in financial losses and also it may become difficult to sell the house during payments of large amounts of loan.

House Hunting Home Surfing at your Disposal E-portals Websites


House Hunting Home surfing online E Portals

House hunting home surfing is not like it was a few years back. While people used to spend their Sundays, their only vacation day in the week on finding , searching for flats, homes. Now when anyone wants to buy  a property, flat or  house they just need to sit in the comforts of their home  and search the net.
Home surfing  has become the new search  listing in Google search. Not only do people visit various websites of reputed builders to hunt for home in latest projects but now with many online  property portals one can easily surf, search, locate and buy a new property or house very easily.
With so many websites of individual property builders and housing finance companies home loans have also become easily accessible and one can compare and go for the best deal in home loan. As also we get to compare different properties, their amenities provided as well as any offers concessions on purchase of houses.
House surfing Online Property Financial portals
With the property market still in boom, people are  moving fast to buying small  as well as large flats for personal  use as well as investment purposes. Online e portals of property have many many advantages as you get to see a full list of properties in the area you wish to buy a home(nearest to your work place, shops and groceries stores malls, children’s educational institutions, medical facilities etc) , your budget and also your requirements.
There are also many reputed property sites who list down all available properties online. With this list at hand you can easily pin down on your like and budget home. Data collection services also collect all data about home, property and prices as well as housing finance companies available and offering home loans or personal loans and also at what interest rate, there is also tenure for repayment as well as concessions on booking or availing this facility form their online portal.
Resale home, second owners as well as people who wish to sell properties and present houses to go for a bigger one are also listed on many property dealer websites. Finding out the best property sites, estate agent websites from friends and relatives also helps. Renting apartments homes, buying land, purchasing flats all has become very  convenient and easy with online property portals. You just have to relax and enjoy the whole process before beginning this journey of buying a new home.
All the Best from Rizwana!

20 September 2013

What is Home Loan Redemption Insurance Facility What to do in Financial Crises with your home loan



Home loan redemption insurance is a very important facility which can help during any unexpected crises or untimely death of the borrower. The family does not have to face the financial pressure of repayment of the loan. This is also a type of insurance taken during the purchase of home and applying for a loan.
One does not understand the importance of this insurance and many of individuals shy away from this topic due to the increasing total amount of repayment along with the insurance amount. This  does not allow the individual to think about such circumstances that happen unexpectedly during the repayment tenure.
Home Insurance Home Loans
Due to any unexpected circumstances of financial crises, sudden death or accident of the home owner a home loan may bring the family in a tight financial crises. Loan repayment may become impossible for the surviving spouse and may also lead to vacating the present home due to non-payment of loan amount. The lending financial  institution may have the option to sell the property or other means for loan recovery. If this is not possible the family may have to vacate the house.
Here a presence of mind on part of the earner and borrower counts. If there is only one income earner in the family it is best to go in for a home redemption insurance. A small amount is increased for payments every month and though it may give a pinch to the pocket it goes a long way in securing the safety and security of their family. Monthly payments of the insurance are cut along with the loan repayment EMI’s. The benefit of this insurance is that on untimely death of the borrower the insurance company pays the remaining loan amount and the other spouse and family may not have to let go the house.
Even though most of the times it is not required but it is always advisable to keep in mind the changing situations in our lives. Nothing is stable and economy also keeps changing. The priority of every individual must be safety, security and peace of mind of family members. Taking a home redemption insurance policy goes a long way in keeping life stress free and covering the aspect of the unexpected future.
All the Best from Rizwana!
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Documents required during the Processing of home loans for the salaried class Documents required during the application of Home Loans salaried professionals application and processing of home loans for the salaried class



Borrowers  think about taking a home loan the impression of making many rounds of the lending institution or bank is the picture created in our minds. Usually borrowers repel with the idea of convincing the authorities of their financial status and the capacity for repayment. But this is not always so. If a borrower can get prior information regarding the documents and procedure required for taking a home loan it would ease out many difficulties and also make the process of purchasing a home a more pleasant one.
The salaried class are the ones which can get loans easily as they have their salary slips and work experience records that can help to show their financial standing in the society. Assurance of the required amount as salary is a important assurance for the financial institutions or private lenders to approve of the loan amount applied for.  People working for a company or government and getting regular monthly salary can be termed as salaried class. Preparing before hand about the documents required for home loans helps the buyer to be prepared with the documents and also knowing the procedure helps to be prepared and enjoy the blessing of purchasing a home. A list of important documents required for the application of a home loan by the salaried class is given below in simple terms.
Home Loan documents required
Age proof: The ration card or Pan Card Xerox can be used for age proof of the individual or borrower.
Address proof: Telephone bills or electricity bill Xerox can be used as proof of residence.
Income Proof of the applicant: Salary slips Xerox can be used of previous few months as income proof.
Last six months bank account statements: Bank statements allow the lender to know the financial standing of the borrower.
Passport sized photographs of the applicant and the co-applicant: Recent photographs of the individual to prove the identity of the borrower.
These are simple list of documents and they may be slightly different for different institutions. During processing one may require to share total assets for proving their repayment capacity. Some institutions also require document proof of at least two individuals who have a good financial standing in the society. These are reference parties who can be contacted in case of default or not being able to pay the installments on time.