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.
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NRI First Home Loan in UK Simple Advice
Monday, September 17, 2012
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NRI First Home Loan in UK Simple Advice
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