I am PR and I'm thinking of constructing house in my ancestral village in India and planning to get a NRI home loan from SBI.
There are a few things different while asking for loan as an NRI - like providing two fortnightly payment as proof for one month etc.
Has anybody done something similar before? Have you faced any obstacles?
What is the advantage of getting a NRI home loan from SBI? I googled and I saw NRI interest rate around 7% p.a while personal loan in Canadian banks such as CIBC prme rate as low as 2.45%.
Yeah, I am in Canada for only a year and still building up credit (currently it's around 650) - so will not qualify for good rates. I see all personal loans start at 5.5% and I don't think I'll get that rate.
Also, I think the prime rate you mention is for mortgages. If that's the case, I don't think they'll approve for homes outside Canada. Do you know more about this?
