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NRIs Can Also Avail Home Loans, But Keeping These 3 Conditions in Mind

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NRI HOME LOAN

Are you an NRI with dreams of owning a home back in India? Well, there’s good news for you! Most banks offer what’s known as an NRI Loan that you can use to overcome the obstacle of sky-high property prices and become the proud owner of your own home.

An NRI Home Loan will offer you up to 90% of the property’s value as the loan amount at interest rates that are similar to, if not the same as the interest rates applicable on normal resident loans. However, there are a few conditions that come with these loans and this article will highlight them for you to ensure you are not blind-sided and go in for the home loan fully prepared.

1. Conditions On The Property You Can Buy.

In many ways, an NRI Loan is quite similar to a resident home loan, and this is evident when we look at the types of properties and purposes these loans can be used to service. For example, a resident home loan can be used to buy a new home, a resale home, a plot, a bungalow and it can also be used to fund the cost of construction, home extension and improvement as well; which is just the same with a home loan for NRIs.

However, there is a condition that applies and it states that NRIs cannot use the loan to purchase agricultural land or a farm house. In such cases, approval from the RBI would be required before moving ahead.

2. Eligibility Conditions Of An NRI Loan.

Where a normal resident loans’ eligibility criteria is decided on the basis of your credit score, financial position and repayment capabilities, an NRI Home Loans’ eligibility criteria comes with a condition that also considers your education qualification whilst deciding whether or not your loan application is approved and the extent of funding you are provided. Some lenders require you to be at least a graduate, degree holders or diploma holders to be eligible for an NRI Home Loan.

Further, some lenders will only provide you an NRI Home Loan on the condition that you have a certain minimum salary. If you are in the USA, some lenders might require this salary to be above $30,000 a year and if you are in the Gulf, some lenders might require you have a minimum salary of 36,000 dirhams a year.

3. Repayment Conditions Of An NRI Loan.

This is probably one of the biggest conditions that come with a home loan for NRIs. One has to make the payments towards the home loan in Indian rupees only. Further, the payments can only be paid through an NRE or NRO account. This applies both for the EMIs and the down payment as well.

These are three biggest conditions that apply to an NRI Loan. We hope this article has been helpful and has provided you a useful heads-up that will keep you well informed if and when you do opt for a home loan for NRIs

I am a financial blogger since 2005, I am currently Working at All About Loan India as financial blogger, I love to share blog or article on Home Loan Plan and Policy, Mortgage Loan and Interest Rates on housing loan.

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Intel’s 8th-gen Core processors won’t be revolutionary

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It’s clearer than ever that the days of tick-tock Intel chip upgrades (new process one generation, new architecture the next) are long gone. Intel has revealed that its 8th-generation Core processors, due in the second half of 2017 will once again be built on a 14-nanometer process — yes, for the fourth time in a row. The company is shy on what these new chips will entail, but it’s claiming that it’ll manage another 15 percent performance improvement (in SysMark tests, anyway) like it did with the 7th-generation Core designs you see now.

AnandTech notes that the upcoming refresh might focus more on the low-voltage U- and Y-series chips you see in very thin and light laptops, just as you saw with the initial 7th-gen processors late last year. That has yet to be confirmed, however.

One thing’s for sure: when Intel’s long-delayed 10nm processors finally do arrive, you won’t see a wholesale switch to the new technology. Intel says that future process uses will be “fluid” depending on the segment they’re targeting, and that data centers will get first crack at these upgrades. Don’t be surprised if the Xeon line gets first dibs on 10nm, then, or if only some mainstream chips make the leap at first.

The decision might be necessary given the challenges of shrinking large CPUs down to a 10nm process, but it’s likely to leave Intel feeling nervous. After all, mobile giants like Qualcomm are releasing 10nm processors this year. While mobile tablets probably won’t outperform most laptops any time soon, this could narrow the gap enough that you might be tempted to skip buying a conventional Intel-based PC in the right circumstances.

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How To Make A Successful Application For Your Loan Against Property?

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Loan against property

Loan against property is one of the popular ways to meet your financial requirements without selling your piece of land or jewelry when in dire needs. Under LAP (Loan Against Property) you offer your property in the form of a house or plot as a collateral that makes it a secured loan.

Today, there are leading private finance companies and banks who offer LAP at attractive interest rates, low processing fee, and flexible repayment options. For instance, there is HDFC housing finance, India bulls, L & T finance, etc. who are pioneering in the sector. But before you send an application to get a loan there are few things you need to know. So, let’s understand these things and make your LAP application a successful one:

Property Value & Age

The maximum loan amount you get qualified for depends on the property value and its age that you would be offering as a collateral. For instance, if your property is in metropolitan and has been recently developed you’ll get more money compared to suburban areas and one in old building construction. The market value of the property plays a major role in deciding your loan eligibility.

Credit Score

Whether you want a secured or unsecured loan, your credit score will always be reviewed well to adjudge a loan amount. If your score is above average you’re chances of getting Loan against property (LAP) is higher as well as you can negotiate the interest rates. While a bad score can affect your loan amount as well as hamper interest rates. To minimize the risks you can clear all your existing debts, build a good score and approach the bank or finance company for the loan. You can improve your credit profile by getting a co-applicant as well provided their score is better than yours. It may increase the odds of your loan approval.

Loan Repayment Capacity

Naturally, when the lenders are giving you a loan they would like to know your repaying capacity. Your number of dependents and prior financial commitments also come into the picture. They need to assure that you can comfortably pay the loan EMIs and on time.

They will check if you run a business or earn a fixed monthly salary. If its business how old and established the business is? How long have you been working? When was the last time you changed jobs? They will mull over questions to find if you’re able to repay the loan without problems. So, if you start a new business or joint a job recently, your credit profile looks risky for them.

Ownership of the Property

Having the full ownership of the property improves your chances of loan approvals easily and without hitches. Partial ownership has a chance of raising dispute between the applicants. They might not come to a consensus on a particular point and it may create a doubt in the minds of lenders.

Loan Tenure

If you have applied for Loan against property, your tenure would be an important thing to consider. Because longer the tenure higher would be the interest rate you are going to pay. Shorter the tenure more will be your monthly installment to clear off the debts. So, lender will consider your repaying capacity else you may have to shell out more from your pockets.

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How can UX design be useful for e-commerce business?

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Ecommerce Solution

E-commerce business is one of the most profitable businesses in the market. The total revenue of e-commerce business worldwide was 2.3 trillion dollars in 2017 and is projected to be 4.5 trillion dollars by 2021. And now the e-commerce business skyrocketed from desktop to mobile in the recent years. And now the mobile devices for e-commerce shopping are the most popular medium at this moment.

How can UX design be useful for e-commerce business?

So if you own an e-commerce business, it is really important to serve your user properly and make sure they have a good experience with your platform. Importance of user experience is trending among development companies and is adapting to the new features and design trends that UX design promises. Many apps and website without UX design tend to fail after the release of their product only because they compromise with their UX design for faster and cheaper development process. The development company who pays attention to UX design are prone to generate substantial financial returns.

What is UX design?

UX or User experience can refer to the experience of a user while interfacing with your system. Here the system refers to your e-commerce platform. And UX design means the interactive features and graphics that enhance the experience of the user with the system. And understanding the user can help you improve the UX design. A good interactive UX design can help you ensure the development of an enjoyable e-commerce platform.

How can UX design be useful for e-commerce business?

But how can UX design be beneficial your e-commerce business? What are the factors that can define the success of your e-commerce business? Keep reading ahead to find out…

Increases user retention and user conversion rates

For any e-commerce business, online usage is the only way to boost business. This makes UX design the foremost important factor to attract customers online. If your platform has a weak UX design then there is no hope to increase your customer base. Customers are attracted to attractive, appealing and unique designs of your website or app.

How can UX design be useful for e-commerce business?

A good shopping experience can easily convert a user into a customer. And the increase in customer base can increase the popularity, in turn, increasing revenue generation of your website.

Usability testing

Usability testing is a really important part in the development process. Any changes required in the UX design can be done with the help of usability testing. A simple and plain UX design can help the user understand and perceive your application’s products and features and the way to use it. Initial funds spent on UX design can be a money saver at the end of your product development, so it is important for the company to keep a different budget for a robust support system.

Usability testing useful for e-commerce business?

Prevents repetitive work in development process

A UX design employed during the design phase can prevent any repetitive work in further phases of development. A minor implementation of usability features can also save you from expenses that can be incurred in the later phases of development.

Prevents repetitive work in development process

If any design alteration arises after the design phase, it can repeat many development phases that can further extend the delivery date, hence increasing the whole development cost.

Increased revenue

Any new technological implementation of your system that can impact overall sales can be referred as profitable. UX is a major deciding factor in success when it comes to e-commerce shopping. Besides everything, the loading speed of your platform is an important factor to increase user retention on your platform. In a study conducted by experts, it was shown that there was a reduction of 7% in user retention in the websites which took more than 6 seconds to load. An attractive webpage or application can oblige users to spend more time on your e-commerce platform.

Prevents repetitive work in development process

A quick and plain checkout experience can also encourage users to make purchases from your application and website, hence increasing revenue for your e-commerce business. Implementation of good UX design is pivotal for the success for your e-commerce business. There are many good development companies that provide E-commerce Solution in India, UK, US, Australia, etc. As the most dominant customer base of e-commerce business, Millennials are well aware of their needs, and satisfying their needs takes more than just good products. It becomes more important for new e-commerce companies to include UX design to provide a good UX design rather than a great website.

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