Are you a Non Resident Indian (NRI)? And your dream is to purchase a flat in a beautiful residential apartment near Hi-tech City, Hyderabad?
You probably need a Home Loan. The following things should be considered before you go on searching for right home loan offer:
A Non Resident Indian (NRI) is an individual who is an Indian Citizen but has migrated to another country permanently or temporarily for the purpose of Employment, Education etc. Other terms, commonly used for an NRI are Overseas Indian, Expatriate or Indian Expatriate.
Non Resident Indians can purchase any immovable property in India except agricultural land, farm house and plantation. NRIs can also avail Home Loan to purchase property. Though it’s called NRI Home loan, it’s just like the loan offered to the resident Indian in many respects. Each bank will maintain a data base of approved places. NRIs working in places which are in negative profile may not be able to get Home Loans.
Present job profile, Educational and professional qualifications, experience, probability of continued stay in abroad till the loan repayment is taken into account.
An NRI or PIO can get a Home Loan of up to 75-80% of the Total Consideration Value of the property.
In case, if you are in India, the Power of Attorney can be locally notarized. Normally Wife, Husband, Father, Mother, Brother, Sister can be given the power of attorney. The power of attorney holder does not have the power of dealing with the property. He or she gets the powers that you clearly mentioned in the power of attorney.
My Home Constructions Pvt. Ltd
H NO 1-123,8TH FLOOR, 3RD BLOCK,
MY HOME HUB, HITECH CITY,
MADHAPUR, HYDERABAD - 500 081.