Skip to main content

NRI First Home Loan in UK Simple Advice

Applying for your first home loan in UK being an NRI is a journey in itself. Owning the right home and in your budget is what every NRI who has shifted to the UK or USA wishes. To get the best deal in home buying and home loan at a reasonably lowest rate of interest is what every NRI borrower of home loan dreams of. Here is some simple advice for first time home loan borrowers staying in the UK or USA.
 There are many online home loan calculators and may financial housing companies that have well organised websites for your to brush up. The first take on home loans would be to brush up the internet and see what options you have in terms of lenders and mortgage brokers. You will have to find out which financial loan lending companies are willing to offer home loans to NRIs and what prerequisite is required for the same. As we know that every broker will charge commissions but being an NRI and staying in the UK or USA , you may not be aware of all the rules and terms or home loans and these qualified and reputed individuals from financial agencies and banks can guide you and also help in all the proceedings and approval of your first home loan.
There are plenty of free online calculators that allow you to fill up simple details and get the quotes for free, regarding your EMI amounts, interest rates and home loan tenures. Do use recognised and reputed sites only as you may need to share your details also.You will need guidance in opening your first savers account which is the priority base for any home loan for any NRI in the UK.
How much amount of loan can you borrow will depnd upon your work experience, qualifications and your identity proof as NRI. Your employment contract or job salary slips for past few months and your bank statements for the past six months along with your credit card statements, all will be required to act as proof. Before considering for any home loan you will have to assemble these documents beforehand.
It would also be better if you befriend other NRI friends or colleagues who have already availed a first home loan in the UK or USA and follow their personal advice.
A qualified mortgage broker can also guide you and help to hasten the process of your first home loan.Do remember to make clear the percentage of commissions  and other administrative costs as NRI to your home loan lending company representatives. Also find out and discuss the exact taxes levied and other extra expenses that you as an NRI will have to apply and get approved for a first home loan in UK. You may also notice that respective housing finance companies will lend only for certain properties that are certified  by them so do consider these properties only if you wish to get your home loan approved from these institutions when you as an NRI are selecting your first home in UK or USA.

Labels:

Comments

Post a Comment

Popular posts from this blog

Get Easy Tax Concessions Bonus on Home Loans

Easy tax concessions are a added bonus with your home  loan. Purchasing a home has become the most sought   after   dream today. Our major salary can go in terms of repaying home loans. With property rates increasing day by day it is becoming more and more difficult to purchase a home even on loan. The principle amount is increasing and also the interest rate added puts a tight crunch on our monthly salary. Tax concessions and rebates come as a boon to lighten this burden a little bit. Is it possible to get tax rebate on the loan amount? Many of us are not aware that this is taxable income money and one can avail rebate on a certain amount. If all returns are filed regularly and all criteria for applying for a home a loan fulfilled then one can avail on tax rebate for a certain amount of the money taken as loan. The main criteria would be the loan has to be taken in the prior financial year and the project has to have a fixed date for completion. The possession of th...
Post a Comment
Read more

Home Loan Lenders Selling Tips Biggest Hurdle in getting Borrowers for UK Home Loans

Home loan lenders selling tips Biggest hurdle in getting borrowers for UK home loans as the market is flooded with houses and houses everywhere, people are not so keen on taking home loans   paying off in dollars.   People are hesitating to buy new homes and with few exceptions where money does not matter anyway the elite investors in property purchase flats for investment purposes, and need to divert their finance and what better way than in housing sector as this field has assured and guaranteed returns. Majority of people applying for home loans in UK are from the private sector and they may not have all the documents in place which leads them to search for those lenders who can offer them loans.   It would be better if the lenders would simplify their loan procedures and also ease out the formalities to minimum. As it is every one understands the fact that you will get a loan only when you are eligible for that, which means you have the repayment capacity. Still...
Post a Comment
Read more

Fresh New Developments in Home Buying and Home Loan Industry

There is a gradual change and slow movement observed in the home industry and home loans market. After the long silence it is a welcome change for the builders and the home loan finance industry. As we move in any direction east, west, south or north, Mumbai or the outskirts, everywhere we see constructions going on and even though here was a lull in the market since the past few years due to Government and Reserve Bank rules and regulations there is a welcomign change being seen now. As the government too has reduced the burdens loaded on the builders so also the home loan industry is offering new low price quotations and offers for the buyers and home loan borrowers.With reduced interest rates, and many warding off totally the prepayment penalty with new latest amenities offered at the same price per square foot the customers are preparing to make their move. Still necessity, an own  place to stay,  is the only decision maker and where customers are concerned. The investment...
Post a Comment
Read more