NRI Banking

  Providing NRIs with lucrative returns without much hassle was the main objective with which the FCNR account was first introduced. This primary objective still holds.  What is an FCNR Account? FCNR stands for Foreign Currency Non-Resident Account. It is a term deposit account popularly known as an FCNR deposit . These fixed deposit accounts are opened for depositing foreign currency income earned overseas. The account is maintained in the same foreign currency as deposited.  NRIs (Non-Resident Indians) and PIOs (Person of Indian Origin) are eligible to open an FCNR account with an authorized bank or dealer.   FCNR account is more beneficial to those NRIs who are sure to repatriate their funds from the account on maturity. Also, FCNR deposits are a good option for NRIs who are looking for a secure hassle-free fund deposit option in India. You can book your FCNR Account in  US Dollars Canadian Dollars Australian Dollars Pound Sterling Swiss Franc Euro Japan...

  Retirement is a big milestone that every person dreams and plans for much earlier than they retire. Retirement is an emotion. You have worked hard all your life, fulfilling responsibilities, providing for every need of the hour. Retirement is your time. You can spend it in peace and content or choose a life of fun and frolic, it’s completely up to you. With advanced NRI banking services in India, many NRIs choose to come back to their homeland to settle after their 50s. Settling in India is a wonderful decision only if you choose your location wisely. NRIs, today, do not hesitate when it comes to settling in varied locations in India rather than going back to their roots and staying in the same location for the rest of their lives! Dehradun Located at the Himalayan foothills, Dehradun is a perfect retirement adobe for NRIs who wish to settle in the cooler and quieter places in India. Well connected by air and rail, Dehradun is the biggest city of Uttrakhand. Pleasant weather all-...

  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 of this loan: Salaried individuals who are above 24 years of 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 6...

  Loan Against Property is a secured loan for both Indian residents as well as NRIs. In Loan Against Property, you can mortgage your property to the bank or lender and borrow money against the property. The loan amount will depend upon the property value. If you’re planning to move abroad, then opting for Loan Against Property might be the best time for you to seek an NRI loan against property . There are top banks in India such as SBM Bank, IDFC, HDFC and others that offer NRI loans against the property at low-interest rates. In this article, you will know about some of the best times to use a loan against property for meeting your requirements. Moving To Abroad Country If you’re moving to an abroad country, then there are chances that you may need money, so a loan against property can fulfil your financial needs. Several banks in India are offering lucrative value of your property by considering the repaying capacity of the individual. The banks check your profile before processi...

  If you’re moving to a foreign country and are worried about managing your banking services in India, then SBM Bank has got your back. They offer a wide range of  NRI banking services  which cover everything from banking to investment to loan. SBM Bank aims to offer convenient and rewarding investment schemes and products to its customers whether you are in India or anywhere else. They offer attractive interest rates and world-class privileges on their deposits and accounts, along with 24*7 strong customer support and hassle-free management. NRI saving account SBM Bank offers NRIs the best options for banking and wealth management opportunities so that they can work stress-free while SBM takes care of their banking needs. With SBM  NRE Savings Account ,  you get to deposit your funds and get free access to them in INR and earn profitable returns. Or, you can also convert the same funds into the currency of your resident country and repatriate it any time you wa...

  Financial setbacks come unexpectedly and end up delaying our plans. And it is less probable that people have the funds ready to keep their life on track. Hence, NRI Loans Against Property come to the rescue where you can keep your property as collateral and avail the funds you need. Also called mortgage loans, LAP is secured loans and gets accredited in brief times, these are taken into consideration as one in all the most dependable methods. However, there are certain rules you need to follow while availing an NRI Loan Against Property : 1. Calculate your loan amount as per your financial capability  The borrowers are advised to calculate their repayment capacity and not a larger amount. This can be done by calculation of the EMIs on the loan amount. However, many financial organizations provide 50% to 90% of the property value as the final LAP amount but your NRI Loan Against Property shouldn’t exceed 65% of your net income. 2. Go for a shorter loan repayment tenure...

Individuals require loans for multiple purposes but end up getting confused between the options. Similar confusion arises when buyers use the terms NRI Housing Loan and NRI Loan Against Property (LAP) interchangeably, when in fact, both are completely different.  An NRI Housing Loan is a high-value loan, taken to facilitate the purchase or construction of a new home. Whereas, NRI Loan Against Property is taken by keeping an already owned/existing property as security. This loan might be used later for a variety of purposes. Now let’s see how both of these loans differ.  What is an NRI Housing Loan?  Whether you want to purchase a ready-to-move-in house, land to build your house, or a property under construction, the loan you would take is an NRI Housing Loan. Banks and housing finance companies offer such loans and they are very secure. Although the buyer is needed to pay a down payment, and later he can repay the loan amount via monthly EMIs.  What is an NRI Lo...