Indian who stay in abroad are known as NRI (Non residential Indians). If you are an NRI and planning to come back to your country you must be having residential property of your won where you can stay for the rest of your life. But there are large number of NRI families who have been settled in abroad for more than tow or three generation. It is not possible for such NRIs to have a residential property in India. Then what do they do? What would you do if you are coming to India from abroad for the first time in your life and do not have a place to stay. The answer is simple. If you have enough bank balance you can build a house of your own and if you do not have that much financial strength, you can apply for a loan. There are large number of banks and financial service companies in India that provide loans to NRI candidates. Just contact them and apply for a loan.
Not only do the banks and financial institutions sanction home loans to NRI candidates but also provide financial assistance to them for various other purposes. In fact some Indian financial institutions have got special loan schemes for NRI candidates.
HDFC is one of the largest provider of all kind of loans to NRI candidates. Indian Bank too offer various loans to NRI candidates. Apart from loan for building and buying residential properties, NRI candidates mostly apply for educational loan for their children. IIMS one of the leading institutions in India where large number of NRI people admit their sons and daughters for pursuing management studies. Special benefits are offered to NRI candidates by IIMS, but for availing that the candidates need to fulfill some criteria.
Even for getting loans, NRI candidates need to fulfill certain conditions. According to provisions of the Income Tax Act, an NRI applying for a home loan has to stay in India for at least 182 days or more within an assessment or has to stay in the country for at least one year or more. Browse through the site to learn more about types of home loans.
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