Benefits of applying for an NRI Housing loan in present situation

Home loans have been the greatest way of making the dream come true of owning a house. However, the coronavirus pandemic has brought many of our plans and financial decisions on halt. If you belong to the same group and can’t apply for an NRI housing loan considering your economic setbacks, let us tell you why applying for an NRI housing loan in the present scenario is beneficial. 

The First benefit you get tax benefits on the interest paid and loan amount repaid; you can avail the homeownership today instead of waiting for the future; you also get assistance from the home loan provider to assess the builder’s credibility and track record and the legal documents about the building.

Here are three key benefits of applying for an NRI housing loan in the present situation

Low property prices

As the prices of the real estate have decreased, including the residential properties, the homebuyers have got multiple options in the affordable home segment. Applying for Housing loan in the present situation will give dual benefit to the home buyers –

● Firstly, they can either afford a larger home; or they can purchase a home for a

lower price than they had expected.

● Secondly, If you opt for a Housing Loan, you can also enjoy some tax benefits.

Reduction in GST rates on the home purchase

GST rates or Goods and Services Tax on any home purchase has been reduced significantly by the government, making it 5 per cent on purchase of residential homes (1 percent for affordable homes). Moreover, these are levied without the benefit of input tax credit (ITC).

Low-interest rates

NRI Housing loans have become very affordable today with the NRI home loan interest rates going down which has led to lower EMI amounts, making home loans more attractive and affordable options today for the NRIs. 

Home loans let you become the homeowner in one day, removing the pressure from your head of accumulating sufficient capital for years to finally purchase a house. Moreover, your home loan repayment tenure can extend up to 30 years depending on your loan eligibility and other norms, which gives you the comfort of repayment over a long period without pressurizing you financially.

If you are convinced about the need to consider becoming a homeowner today, let’s go through some steps through which you can apply for an NRI housing loan. 

The simplest way to apply is through the internet, where you would need to visit the bank’s website, check your loan eligibility, fill in the property details (if you have made your selection), fill the loan application form with your details (name, age, income details, etc.), upload your documents (identity proof, address proof, income tax returns, etc.) and submit.

Most of the banks like SBM Bank, ensure that your home loan application process is smooth and easy and gets processed as soon as possible so that you can own your dream house in no time.