January 16, 2007

Banks woo NRIs

NRIs are investing increasingly in real estate India. This is the holiday season abroad and so a number of NRI families are in India holidaying and investing. Smart banks have put up hoardings welcoming the NRIs to Homecoming Festivals. This is the time when banks see the maximum number of NRIs and get positive queries on NRI home loans and housing schemes and sure enough, they want to make hay while the sun shines! In Kerala, the NRI population from the Middle East gives banks and real estate agents great business during the Christmas season. Festival Banks are welcoming NRIs to open accounts and avail of the facilities. Loans up to 40 lakhs are being sanctioned by most banks (depending on the pay packet of the individual of course). The majority of the loan seekers are from the US, UK and the Middle East. The demand for property in India is so high that some banks are even opening up branches overseas to cater to this ever-increasing segment. There is however a definite risk factor in granting loans to NRIs because of the distance! //Source: sitagita.com