What happens if there is a change in status from Non-Resident Indian to Resident Indian?
In such a case, the bank will reassess the repayment capacity of the applicant based on resident status and will prepare a revised repayment schedule with a new rate of interest as per the currently applicable rate on Resident Indian loans (for that specific loan product). The revised rate of interest will be applicable only on the outstanding balance.
Related Questions
- In case a resident Indian become a non-resident, will he/she be required to change the status of his/holding from Resident to Non-Resident ?
- In case a resident Indian become a non-resident, will he/she be required to change the status of his holding from Resident to Non-Resident?
- What happens if there is a change in status from Non-Resident Indian to Resident Indian?
