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Resident home loan - Now NRI

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Resident home loan - Now NRI

Last updated: September 4 2007
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  • Resident home loan - Now NRI

    Hi All,

    I bought a home as a Resident Indian with a "'Home Saver" loan from Stan Chart. I am now an NRI. I have a few questions about what to do with my loan now:

    1. Am I required to close out my existing loan and convert to a new NRI home loan? There is a 2.5% pre-payment penalty though.

    2. The "Home Saver" loan has a current acct attached to the loan acct. If I deposit money in this acct, I am only charged interest for "Home loan balance minus Current account balance" instead of the normal "Home loan balance". Is there a similar option for NRI home loans?

    Thanks in advance for your help.

    Cheers,
    Rahul
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