Is there any advantages for NRI in home loans?

If you live outside the country, then you are absolutely eligible for NRI home loans. Your ability to have your own home in India is made possible by these home loans. You will find that NRI home loans have the lowest interest rate starting at 6.85% p.a. and below. The loan serves to cover a variety of housing demands, such as the cost of buying an apartment, building a house, or paying for home repairs. If you are wondering is there any advantages for NRI in home loans, you should read the following facts.

What are NRI home loans in India benefits?

The loan application process is straightforward and simple. Depending on your preference, you can make a loan application either online or in person.

• You are free to select either floating or fixed interest rates.

• There is also a part-prepayment option with NO fees.

• You may determine the amount of your loan and your monthly payments using an online NRI home loan calculator.

• You can receive approval more quickly due to the loan's short paperwork requirements.

• Alternative choices for repaying the loan are provided to you as an NRI.

• If you pay off your loan early, there are absolutely no prepayment penalties.

What are the tax benefits on a home loan for an NRI?

1) According to Section 24, you can use the deduction to pay down house loan interest up to Rs.200,000 annually.

2) An extra deduction of up to 50,000 per year is allowed for NRIs who take out home loans to purchase their first property under Section 80EE. It is with respect to the repayment of home loan interests.

3) According to Section 80C, the deduction is permitted for the repayment of the principal portion of loans. The most amount you can deduct under Section 80C each year is Rs.150,000.

4) According to Section 80C, you as an NRI may also deduct the registration fees and stamp duty they paid while purchasing a property.

This answer would have cleared your doubt about is there any advantages for NRI in home loans.