- What is NRI's first choice to relocate in India?
- Who is a Non Resident Indian?
Under the Foreign Exchange Regulation Act of 1973, on-Resident Indians are:
a. Indian citizens who stay abroad for employment or for carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad.
b. Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources.
c. Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organization (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP).
Ahmedabad is the multiplex city of India, having 7 multiplex theatres consisting 4-6 movie screens.
Due to the initiatives like creating man made lakes, gardens, roads, dust free environment and 24hours 365days electricity supply taken by AUDA(Urban Development Authority of Ahmedabad) and AMC (Ahmedabad Municipal Corp) will surely make Ahmedabad a best place to live in India.
- What are RBI guidelines on loans to NRI's?
The Reserve Bank of India (RBI) has issued certain guidelines for granting loans to Non-Resident Indians. The guidelines are: The loan amount shall not exceed 85% of the cost of the dwelling unit. Own contribution, which is the cost of dwelling unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India. Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
- What are home loans?
These are loans you have access to depending on whether you want to buy or build a house and can also be used to repair or extend an existing house.
- Why should you opt for a loan to buy a house?
Taking a loan seems like a good option when the money at hand is insufficient to buy the house of your dreams. Consider couples in their twenties and thirties. They enjoy a good income currently, but their accumulated capital isn't enough to purchase a house. Whereas a home loan can give them access to capital against their current earnings. Also, if you take a 10-year-old loan when you are thirty, you could repay it by the time you're forty. So you don't have to be burdened with the interest and are free to plan your retirement savings.
- What is the quantum of loan that you can avail of?
Loan sanctions depend on your repayment capacity - which is based on your current income and your future repayment capacity. You could include your spouse's income to enhance the loan amount. The maximum loan that can be sanctioned varies with each bank/institution and ranges from Rs.10 lakhs to Rs.1 crore.