Are you a non-resident of India and looking to purchase a property like 3 BHK flats in Mohali in your home country? Well, it is possible but it comes with certain regulations. These regulations govern how such a purchase can be financed. An NRI can also use his/her credit, the money which is in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account, maintained in India.

NRIs are allowed to buy property in India such as 4 BHK flats in Mohali, by opting for home loans in Indian rupees, from banks or housing finance companies. The Indian employer of the NRI employee can also grant a home loan for the purpose of financing the property.

NRI can avail of a home loan

An NRI has the absolute liberty to invest in residential or commercial properties only. Almost all the banks in India offer the facility of providing home loans to NRIs for buying a house or constructing one, the application for which can be made online, as well as offline. When it comes to documentation, it varies from person to person as there are certain factors that make a difference such as:

• the nature of income (self-employed or salaried)
• country of residence, etc.
• passport and visa
• passport-size photographs
• proof of residence in the foreign country

Conclusively, an NRI has to fulfill the needs of providing all the documents as required by the bank for availing of a home loan. You dream of a house in India, you have ways to make that true.

What comes further?

After a home loan is successfully sanctioned, the NRI customer is required to pay EMI. This can be executed through remittances from outside India, through a proper banking channel, or by debiting the NRE, NRO, or FCNR account.

Can money be transferred to the NRO account from close relatives used for servicing the home loans or not? Well, yes!

Remittances out of India

What if the property acquired is sold and he/she wants to repatriate funds? Yes, it can be done. However, there is a limitation pertaining to the number of properties, the amount that can be repatriated, etc.

Conclusion

Making an investment in Indian Real estate is a great option for NRIs because the realty sector is booming while promising high returns in the future. In addition, home loan rates are also low right now which is very beneficial for you. Now that you have are aware of home financing options for NRI buyers, wait no more – check out the beautiful luxury apartments in Chandigarh for sale at Beverly Golf Avenue or one of those stunning 3 BHK Luxury apartments in Mohali offered by the leading luxury residential society in Chandigarh, Mohali –  Beverly Golf Avenue. To invest in Northern India, Beverly Golf Avenue is the best option for you as they are the No. 1 housing company in Punjab, providing only the best housing property with top-notch luxury amenities to their customers.