A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • A Guide for NRIs Investing in Real Estate in India

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  • After the various regulations that have been passed in the last few years like RERA, etc., there have been more NRIs (Non-Resident Indians) investing in real estate in the nation. These regulations that have been passed have made it easier and safer for investors in the real estate market. However, there are some tips that NRIs can follow before investing in real estate to make sure that the road to making the right investment has no bumps en route. Mentioned below are some tips that can benefit NRIs that are looking to invest in real estate.

    • Do Your Research - It is important to do through research before applying for a home loan. One must take into consideration the location of the property, age of the property, pricing of competitive properties, etc., before finally investing in realty in India.
    • Choose the Property Wisely – Commercial properties are more expensive than residential properties. Generally, it is less expensive to invest in a residential property when compared to a commercial property. However, if you intend to run a business, you may be better off buying a commercial property depending on the charges for converting a property from residential to commercial. One must also take into consideration the tedious process behind converting their property before deciding on the type of property he/she chooses to invest in.
    • Plan Your Finances – Planning his/her finances is one of the most important aspects that a NRI can do before investing in a property. Apart from estimating the EMI payable if a home loan is availed, the NRI also should ensure to have a NRE/NRO account that is authorised by the government of India as all transactions would have to be made in Indian currency.
    • Tax Benefits – A NRI can enjoy all the tax benefits that an Indian attains from purchasing a house. Deduction of up to Rs.1 lakh can be obtained as per Section 80C under the Income tax Act, 1961.
    • Adhere to the Rules and Regulations – Not adhering to the rules and regulations set by the government of a particular state can land you in trouble. Moreover, it can become costly if you have to resolve a lawsuit for example. Most importantly, it could be a risky investment if the rules and regulations are not adhered to. Therefore, it is important to stick to the rules and regulations before investing in real estate in India.
      

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    Home Loan Reviews

    • ICICI Bank Home Loan
      "Service should improve "
      0.5 2.5/5 "Just OK"
      I have availed home loan directly through ICICI Bank .The rate of interest and the processing fee was very less.This loan is still active and i have not received the loan on time. It took almost 1-3 months very long process and i went to bank and given all documents. Customer service need to improve and it is not recommended .
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 21, 2020
    • SBI
      SBI Home Loan
      "SBI home loan service is very good"
      0.5 5.0/5 "Blown Away!"
      I had a home loan from SBI and the sales executive was best because no one provides me this much low rate of interest compared to any other banks but they needs so much documents and their mortgage they do is really worst. Its due to the low rate of interest, i have selected the home loan from SBI. They have offered me a interest rate of 8.24%.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2020
    • Aavas Financiers Limited Home Loan
      "Too Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan from AAVAS Finance and they have provided me a interest rate of 14.5%. I have bought this loan of Rs. 8.30 lakhs and i pay EMI amount of Rs. 10,827 for the selected duration of 15 years. They do have a part payment and pre- close facility. They have sanctioned my loan in 15 days.
      Was this review helpful? 0
      , thane
      Reviewed on Jan 21, 2020
    • Federal Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from Federal bank and it was a good loan experience. The loan amount was for Rs 18 lakhs with the rate of interest of 9 or 9.5% which is less when compared to all other banks. The process was quite lengthy and it took 1 month to receive the loan. Customer service was good. The tenure of this loan is 15 years .
      Was this review helpful? 0
      , kochi
      Reviewed on Jan 21, 2020
    • ICICI Bank Home Loan
      "FRAUD BY ICICI BANK"
      0.5 0.5/5 "Unacceptable"
      I have taken home loan from ICICI Bank. My Instalment is of Rs 44,000/-. I lowered my Instalment Amount from Rs 44000/- to 34207/-. But Bank deducted Rs 44,000/- from my saving and adjusted Rs 34207/- and showing Rs 9793/- as excess received. Now the amount is Excess with Bank and Bank is demanding as 9.05% interest on my Principal Due including Rs 9793/- as excess deducted. I requested Bank to adjust my Excess deducted amount from my Principal Due from the date it was deducted from my account. Bank is refusing to adjust the same from the date it was deducted. I also requested Bank to refund my money back with interest, as i have to pay 9.05% interest on amount excess deducted. Bank is also refusing for same. No body knows, that how much bank is having excess amount like this, which they have excess deducted from the customer account and not refunding it back to customer and also demanding interest on them. It is one of the WORST BANK of INDIA. I request everyone to be careful.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Jan 21, 2020
    • ICICI Bank Home Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      I have chosen home loan from ICICI BANK Since I am holding a salary account with them so got this loan offer. When I check with the builder, they had a three option in that i have chosen this bank. I had applied the loan amount of Rs. 30 lakhs and they have sanctioned the same amount. Processing fee was a nominal one. In the year 2015, I got the loan with the tenure period of 30 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 21, 2020
    • LIC Housing Home Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have taken a home loan, going with LIC Housing Finance. I am happy with their service. Rate of interest 8.5% and processing fee of 4500 rupees are nominal. They have sanctioned a loan on time within 2 days completed the process. The builder has approached, so i applied this loan. I am paying EMI 20K with the tenure of 24 years.
      Was this review helpful? 0
      , hosur
      Reviewed on Jan 20, 2020
    • LIC Housing Home Loan
      "More online requirement "
      0.5 3.5/5 "Pretty good"
      I have taken Home Loan directly through LIC Housing Finance. The rate of interest was 9.7% compare to market take little bit higher and their processing fee was fine. This loan was sanctioned on time without any hassle. I had given all required documents during verification process.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 20, 2020
    • HDFC Limited Home Loan
      "HDFC Home Loan - Kochi Branch- Worst Experience"
      0.5 0.5/5 "Unacceptable"
      HDFC provides the worst customer care ever. I had tried applying for a home loan from them and it is been more than 4 months and still the process has not been completed. Called them up multiple times from UK but very bad response. They showed much eager to obtain 12,000Rs from me for processing fee but no amount of effort was put forth from them. The manager nor the executive mentioned about a Power of attorney/ Notary service, only after me inquiring with my friends who have taken similar loans, I came to know about these mandatory documents for NRI. Again Mr.Abhilash and Mr.AkhilRaj acted as if it was my issue and they were not bothered. I sent all the documents to them via mail from UK 3 weeks back and till date they didn't respond whether they have received it or not. I called them everyday from UK waiting my time, energy and money. The anxiety they showed towards 12,000rs processing fee got over once I sent them the cash. My registration is not completed. For nearly 5 months, I
      Was this review helpful? 1
      , kochi
      Reviewed on Jan 20, 2020
    • HDFC Limited Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken home loan through HDFC LTD directly .I have taken this loan before 15 years .I am not sure about rate of interest since availed long back ,I have got the loan on time and without any drawbacks closed this loan successfully.The loan process was clearly discussed by the agent am fully satisfied with their service
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 20, 2020
    • DHFL Home Loan
      "Need to improve services"
      0.5 1.5/5 "Bad"
      I have taken a home loan from DHFL to purchase the flat. I have opted for 16.5L of loan amount according to their process with the interest rate 10.4% which is really high. I was eligible for the government scheme, but bank executive has not taken step to avail it. It took around 20 days to process the loan. There is no proper response for customers. I am trying to transfer the loan amount to other bank.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 18, 2020
    • review Home Loan
      "Need to decrease the rate of interest"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from REPCO HOME FINANCE and the loan amount was Rs. 13.25L. The rate of interest is 9.5% which is nominal and the tenure period they given for 20 years and with the EMI of 12450. I receive this loan within 25 days. Earlier i was applied through onlne , they asking heavy documents, so i applied directly through bank. Documentation was simple, i have given only address proof and salary slip.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jan 18, 2020
    • HDFC Limited Home Loan
      "prompt app based sercice."
      0.5 3.0/5 "Satisfactory"
      theybhelped me transfer my loan. they r much focussed on small documents and delayed due to it but deliveredat last. got my emi reduced by 3000/- approx. the agent concerned was verybhelpful and collected all details from my home. it was actually home based home loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 18, 2020
    • LIC Housing Home Loan
      "fraudesters and corrupt to the core organisation."
      0.5 0.5/5 "Unacceptable"
      the office staff are very bad behaving with customers. LICHFL is very fraud, corrupt to the core and worst organisation. they even wanted money for the closure/balance transfer of loan. employee named piyali das posted at chowringhee sq branch was involved with the branch manager. they ensured the delay of my loan transfer on arious pretexts. i mailed to agm. no respinse. no body listens there to customers. the rae of interest never falls once youbtake loan. is advised to beware of their trap.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 18, 2020
    • SBI Home Loan
      "Easily accessible with less documents"
      0.5 4.0/5 "Great!"
      I have got a pre-approved home loan from SBI and they have given me a offer like that their interest rate is starting from 7% but they have provided me a interest rate 8.25%. I had applied the loan amount of Rs. 35 lakhs with the duration of 25 years. I heard that interest rates are low so i approached with them. I had a online contact number specially for my home loan so they directly approached my home. They are asking very less of documentation like current residential address, last 3 months payslip, my job offer letter. They have given me a link also to process the loan.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 18, 2020
    • HDFC Limited Home Loan
      "Easy loan"
      0.5 3.0/5 "Satisfactory"
      My home loan was taken from HDFC Limited but the rate of interest was nominal. The interest rate was 10.8% when I took the loan and it will be good if I get an offer around 8%. Pre closure is there, but i am not sure about the charges and i am paying EMI of Rs.20280 with the tenure of 15 years.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 17, 2020
    • review Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through Saraswat Cooperative Bank .The rate of interest and the processing fee was nominal and got this loan sanctioend on time without any delay .Each and evey information about th loan was cleary shared by the agent .I am convenient with the service so far .
      Was this review helpful? 1
      , thane
      Reviewed on Jan 17, 2020
    • Karnataka Bank Home Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through Karnataka Bank.The rate of interest was 8.37% it was very less and there was no processing fee.This loan was sanctioned within 20 days .They have collected few documents like id proof address proof and income proof only since have salary account here.
      Was this review helpful? 2
      , surat
      Reviewed on Jan 16, 2020
    • Axis Bank Home Loan
      "Interest rate should be low"
      0.5 3.0/5 "Satisfactory"
      Axis bank customer care people offered me a home loan in a proper manner and i got the loan very easily so that i have selected the Axis bank for my home loan. I bought the loan amount of Rs. 3 lakhs and the offered interest rate was 13%. They do have a part payment and pre-closure facility without any additional charges. Documentation process was very simple and easy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2020
    • Punjab National Bank Home Loan
      "Overall not good"
      0.5 2.0/5 "Expected more"
      My home loan was taken from PNB Housing but the rate of interest is very high and disbursement was not happened in a proper way especially final disbursal. Since my builder where i bought the flat has a tie up with the PNB Housing, i have selected the same. When i compared to other bank, interest rates are quite high.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 16, 2020
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