7 Myths about NRI Home Loan busted!
India is one of the countries in the world with the largest number of people residing outside the country. The number is higher than you think- 16 million! Despite such a vast number, there are various myths about NRI home loans . Lack of information, awareness, and misinformation is to blame for this. Let’s bust some of these myths and become financially educated. 1. Myth: NRIs cannot buy property in India. Fact: This is one of the most common myths among the NRIs. Since they are Indian citizens living in a different state, they are eligible for NRI housing loans and property ownership except for agricultural investments. You can very quickly buy property provided you have a proper loan application and documents. 2. Myth: You are not eligible for long term loans. Fact: The only factor that influences your loans would be your financial stability. You are eligible for loans just like everyone else, provided you have a stable income and a good credit score. The NRI hom...