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29 July 2011

What is the meaning of Power of Attorney and Whiy it is Important for NRI Staying Abroad

With the rise in housing projects builders and developers are luring the customers to purchase homes by many offers and perks. Some offer LCD TV sets. Others offer air conditioners whereas some others offer fully furnished flats! Not only are people from India settling for luxurious homes even the NRIs are wishing to purchase a home of their own in their home towns. With this need many reputed banks and lending institutions are willing to offer home loans to people staying abroad. How is it possible to do all paper work and legal procedures when the borrower is not staying in India? People staying abroad and having a base in India can purchase property, land or house in India with the help of making a stamped document of power of attorney.
This power of attorney can be made with the help of bank counsellor and legal lawyers who can guide the non resident Indians to allow some other person of their family or a close friend to do all the required paper work here in India. The sole power will lie in the hands of the member selected by the borrower and who will do all the paper work and formalities required for the procedure of borrowing of the home loan.
This document like any other power of attorney will give the person rights to make any decisions, sign documents and also make financial decisions on part of the NRI. Since this person having the power of attorney can negotiate, purchase, sell or even mortgage property on behalf of the NRI. The NRI will be responsible for payments, financial EMI dealings and any bank changes of interest as well as schemes. The NRI who may submit money in the bank in foreign currency that can be converted to Indian rupees will allow the selected person to handle all his financial decisions and matters regarding the proceedings of this home loan. The HDFC bank offers guidance and legal advice to their customers as well as NRIs staying in Middle East, Singapore and many other foreign countries.
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With opening a bank account in the name of the NRI to all the proceedings of application for loan and loan approval all will be signed by the person who has the power of attorney. In case of any problems the power of attorney given this person can take the required action of legal matters regarding this loan amount. It is also his responsibility to submit the regular amounts decided as Emi every month and keep regular follow up of the home loan.
Loans for everyone and staying anywhere is the latest mantra of lenders and banks to lure the NRI customers and get foreign currency to our home land. Since so much authority and power is given to this person the NRI must be very careful in handing over the power of attorney to anyone. A trusted family member or friend can be selected and handed this responsibility and then purchasing a home in India which was a dream may become true with the help of a home loan.
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Documents Required for People Staying in Singapore to buy House in India

People staying in Singapore can avail home loans to purchase property, land or house in India without physically coming down and to India.  Like any other bank that offers home loans even HDFC bank the borrower will require certain documents to get their home loan approved.
For the employed individuals who wish to apply for a home loan from HDFC bank the documents required are jotted down here. With salary proof and identity proof being the most important documents for people working and staying abroad, the employment contract come as the first important document in the list of home loans. Every employer or company has a appointment letter as well as contract document having terms and conditions as well as the post the individual is working and this provides the bank with salary proof and financial status of the borrower. Bank statements and financial dealings will also be scrutinized to get the repayment capacity of the individual. Past 3 months salary slips and past 6 months banks statement swill be required. A copy of passport and visa along with work permit as well as residence proof in Singapore is a must for approval of home loans. One passport sized photograph along with a cheque of processing fee in Indian rupees is also required by the bank.
For the self employed they will have to produce the company brochure, their financial standing and company registration papers. Past 3 years income tax assessment documents of the borrower are also required. The present credit report as well as bank statements for the last 6 months are required by the bank for approval of loan. The bank may also require perusing the company’s past profits and losses as well as legal status. Visa and work permit with passport are another very important documents required for approval of home loans.
The conversion rate will be very important as the currency the borrower will have will be different and this will have to be converted in Indian rupees for any financial dealings with the lending institutions. The processing fee has to be paid by cheque and this amount is not mentioned any where along with interest rate the home loan will be available.
But never the less it is possible for people to buy home in India staying in Singapore with the assistance of representatives from financial loan lending institutions. A good financial consultant will advice, guide and follow up on the home loan and make the journey of buying a home easy.

Buy a Home in India Staying in Singapore-Home Loans

There are many Indians settled or working in Singapore and it has become one of the hottest destinations in the world. Many Indians have settled abroad for professional or personal reasons and they do loan to have a place of their own in their mother land. This has become very simple now with the government offering loans to NRIs settled abroad even counselling and selection of home scan be done with the services offered by many banks.
Like any other country even for people staying in Singapore the HDFC bank has a representative who will guide, and counsel borrowers and they need not be physically present in India for all these home loan procedures. With online banking and finances available it has become very easy to purchase a home in India staying in Singapore.
The loan amount an borrower can get will depend upon the financial repayment capacity of the borrower as well as their qualification and age. A maximum of 80% of the total properly cost can be got as home loan from the bank and the remaining 20% has to be arranged by the individual as down payment and other administrative charges. Since the currency the funds will be available will be different a conversion rate calculator is a must to get the right figure and amount available for loan as well as EMI amount which will have to be paid every month.
The maximum loan repayment tenure ranges from 7 years to 20 years which is the same for any borrower across any country. The people staying in Singapore can get the home loan from HDFC bank with fixed rate of interest or adjustable rate of interest and they will be guided for the best possible scheme for repayment options.
With the HDFC bank having an experience of over a decade in the field of home loans they have offices in many countries and NRIs can get information and counselling regarding selection of home and buying of home in their home town staying in Singapore.

Documents Required for NRI to Buy Home in India- Home Loans

There are many Indians who have settled abroad and are employed there. Even professionals as well, as business people have many financial dealings from foreign countries. With internet banking and online finances available foreign business has become much easier. Though there may be financial freedom and all luxuries of life the people having Indian origin definitely miss their mother land. There is a need felt by many to own a home in India so that they have a base in their home town. With HDFC bank offering searching for property assistance and legal advice it has become very easy for an NRI to select a house and purchase it on home loan.
With office in so many Middle East countries the HDFC bank does have an upper hand among other lending institutions. Dubai, Sharjah, Kuwait, Oman, Qatar, Al Khobar, Jeddah, Jubail, Riyadh are the places where an NRI can avail a loan form this bank and purchase property, land or house in India.
Since the country rules and regulations are different these NRIs have to provide with certain documents to get their HDFC home loan approved easily. Copies of the employment contract which needs to have the stamp of the Embassy or employer needs to be provided. This proves as an identity as well as employment proof of the borrower. The contract of the job and the duration the borrower has been working in that country will allow the bank to assess the financial standing of the individual. This will help the bank to get a picture of finances of the borrower as well as their qualification and repayment capacity, which is very important for the lending institution.
Visa which has to be stamped on the passport of the individual is a very important document required for approval of home loans for the NRI.
Past jobs and resume will also help in understanding the places the borrower has worked, his experience and his financial position. Salary slips or other salary proofs will be required to prove the monthly take home salary of the borrower. Overseas bank account and other details of income and expenditures will also considered by the bank as they have to risk a large sum by offering as loan. Even the company where the individual works will be scrutinized and the company profile will be considered to understand the individuals post in the company. A passport sized photograph as identity proof will also be required.
The bank definitely will have to undergo vigorous survey to find out about details of NRI. Since the company the person working will also be considered and if they are working in a reputed company that gives the bank a positive sign to approve the home loans of this NRI.

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Many Indians have settled in the Middle East countries due to job and businesses. But the fact remains that every person longs to have a place of their own in their mother land. HDFC bank offers guidance for searching and selecting properties as well as future counselling and advice regarding home loans.
With a strong base of representative branches around India this HDFC bank even has a branch in Dubai for their customers. The home loan can be got at fixed or adjustable rate of interest and also the approval of home loan from this bank will depend upon the age, qualification and job status of the borrower; that is if the borrower is employed and has salary proof and clear documentation then the loan tenure can be extended up to 20 years but the loan tenure begins from 7 years to a maximum of 20 years depending upon the status and repayment capacity of the borrower.
The Indians staying abroad can get a personalised home loan and adjustable EMIs according to their repayment capacity. For selecting a property to buy on home loans one can get advice and information about different properties and houses available in the given budget range, and also their legal and ownership title issues can be judged by the banks representative before referring a house for sale.
So where ever in the world you are staying you can go ahead with buying a your dream home on loan and with so many options available in the market for getting finances it has become very easy for an NRI to buy a house on loan.

HDFC Home Loan Advisory Services for NRI

The HDFC bank offers home loans for non resident Indians who have settled in UK or any other foreign country. Since the trend today is more towards NRIs purchasing land and property in their mother land the HDFC bank has an advisory committee who guides and helps the people staying abroad to purchase homes on loan. A fresh new start for NRIs to begin with the HDFC has guidance team who can offer online support as well as guidance later on regarding the home loan.
Like many other reputed banks the HDFC bank offers loan on land, property as well as homes. With the advantage of online banking and payment facilities many borrowers of Indian origin can easily apply and get their home loan approved even if they are staying abroad. With 287 offices in India and a branch in Dubai and service associates in all GCC countries the bank can boast of their reputation of being successful in the home loans field for over a decade. This is a great factor for NRIs as they have representatives who can guide them and follow up ont eh home loans applications, approval and repayment.
One thing that strikes at a glance is that this HDFC bank has counsellors who can guide the NRIs to select property. Now this aspect is not seen much and this is a important factor for Indians staying abroad who wish to buy property but do not have the time to visit India and search for the right place. Very often even the aspect of the property being legal and ownership issues all can be sorted out by the bank’s representative and only those places which fit into the criteria are offered for purchase. One can get legal and other guidance for going ahead with the purchase of property or house on loan.