NRI Banking

  All of us face monetary crises at some point in our lives, and during the current financial year, we can say that this is true for most people. In such times, financial assistance can help us cope with the cash flow challenges, whether personally or professionally.  NRI Loan Against Property  is one such loan which gives you higher borrowing capacity compared to any other loans, like  NRI Housing Loans . With an  NRI loan against property  (LAP), you can securely put your residential or commercial property such as a house, flat/apartment, office or a shop for collateral and avail the funds which can be used for any purpose you want, like business expansion, marriage, medical emergencies, etc. However, the property which you are keeping as collateral must be self-owned. Since LAP involves keeping one of your most prized possessions at risk, you must understand the process thoroughly along with the mistakes that you should completely avoid.  Some of th...

Applying for an NRI housing loan is a good idea when you want to buy your dream property or meet your financial requirements. However, it is not as simple as it seems, especially when you are an NRI as it requires different steps to be followed and many precautions to be taken. Here we have listed down Some common mistakes to avoid while taking an NRI housing loan Mistake 1. Finalising the lender first and the property later Most of the times when people are deciding to apply for a home loan, they focus on determining their eligibility first to avail the loan. While that is not a wrong thing to do, but it is not necessary to finalize the lender just to get the loan eligibility amount. Here is an easy way for that: If you are below the age of 40 years and are earning a good income with minimum financial liabilities, you just need to multiply your yearly gross income by four and that gives the amount you are eligible to get. However, most of the banks provide loan for ready-to-m...

 Purchasing a home has always been a major financial decision and is even more considerable one during the current scenario. But with the property rates going down, the home buyers, especially NRIs, are opting for NRI housing loans from banks that will help them in the entire process of owning a home. However, the eligibility for NRI housing loan depends on many factors such as the age, income levels, and/if there are any other loans that you are still repaying, among others. The last factor, though, affects your eligibility the most, as your home loan EMIs combined with other EMIs cannot exceed a certain level of your monthly income. This leads us to list out the benefits of taking a joint home loan. These are: 1.  Enhances loan eligibility A joint home loan is worth considering as it enhances the eligibility to get a higher loan amount. This can be done by adding co-applicants having independent income source. This, in turn, would make you eligible to apply for a higher lo...

The outbreak of COVID-19 has had a tremendous impact on the nation's economy, especially on the  real estate market in India . Despite the slowdown in the industry during the months of complete lockdown, the buyers have become active again and the industry is witnessing an increasing demand from both, the locals and the NRIs.   As surprising as it is, the real estate industry has always been an attractive asset class offering better returns and is especially affordable and lucrative in the current scenario. Still, as the global economy is changing and the dollar is gaining strength against the rupee, dealers are observing a sudden spike in enquiries from NRIs, especially because of the competitive marketplace. Also, the reverse exodus and lockdowns have underlined the importance of having a comfortable home back in India. We know that India is gearing up for some major upcoming global investments, and personally, the NRIs are laying their eyes on the realty market too.   ...

  Be it for personal expenses or business requirements, properties have been the most valuable tangible assets people own. And Home Loans or Loans Against Property (LAP) are the most commonly availed loans by people living in India and Non-Resident Indians (NRIs). The NRI Loan Against Property can be used for many purposes, unlike home loans- for business, renovation of your workplace or home, buying commercial property, for higher education, etc. Things you need to know as an NRI, about NRI Loan against property Each bank offers different interest rates, tenure, lending terms and conditions, repayment options, etc. with the NRI Loan Against Property . Following individuals can avail this loan: Salaried individuals who are above 24 years age and are in permanent service at the time of loan commencement and up to the age of superannuation. Self-employed business persons filing Income Tax Return (ITR) and are over 24 years of age at the time of loan commencement and up to 65 years a...

Are you an NRI planning to return to India? Then you need a proper plan to come back home so that there are no emergencies or barriers related to your finances. Although tax implications for NRIs are fairly generous, there are still many things to consider while you plan your relocation to India. Taxation Bodies for NRIs The first thing you need to do is to know about the two main taxation bodies that govern NRI taxation in India. Foreign Exchange Management Act (FEMA) overseas where you can invest, while the Income Tax Act (ITA) regulates taxation of those investments.  Residential Status and Tax Liabilities  You would also need to determine your residential status for the financial year. FEMA classifies residency based on intent, whereas ITA defines it based on the “days present” residing in India if it is more than 182 days for tax purposes. You can take the help of online tools to determine your residency. If you qualify as a resident ®, your income becomes taxab...

The COVID-19 pandemic arrived with not only a health crisis but also an economic one across the globe. Many companies and organisations are announcing pay cuts, deferred payments, and are even laying off employees. Many countries are even sending the migrants back to their home country. NRI’s returning to India may face a bigger problem in future. However, taking a wise investment decision can help you in the long run. The economy has seen the worst hit this year, leaving everyone puzzled and confused on how to save and where to spend. In such a situation, it becomes necessary to consider investing in productive avenues to prevent the pandemic from hitting your financial stability. Here are a few points to keep in mind while investing during COVID-19:  1. Holding Cash Saving money while in COVID-19 economy is a wise decision as it can come handy at the time of need. However, it is suggested that you park your saved money in separate bank accounts and/or Liq...

Since many generations, saving our money in the form of FD or  fixed deposits  has been a tradition. Even today, people prefer investing in fixed deposits, Not just in India in other countries too. Today even after having Diverse Investment options People in India Invest in Fixed deposits and even the NRI's Still Prefer  NRI Fixed Deposit  services. As Fixed deposit Investment provide fixed and stable interest rates which don’t fluctuate. So what is the reason; why people still prefer Fixed deposits?  Fixed Deposits  are term deposits where you put in a certain amount and earn fixed interests after a fixed time. When these deposits get matured, you can either withdraw or reinvest. Let’s see what other benefits FDs have that people continue to invest in them.   Secured returns Firstly, a bank FD offers fixed and secured interest which is higher than that of a savings bank account. These returns are, in turn, beneficial to counter inflation when com...