What security will NRIs have to provide?
Typically the security for the loan is first mortgage of the property to be financed, normally by way of deposit of title deeds and / or such other collateral security as may be necessary. In additional interim security may be required, if the property is under construction. Collateral or interim security could be in the form of assignment of life insurance policies, surrender value of which is at least equal to the loan amount, pledge of shares other investments.
Typically the security for the loan is first mortgage of the property to be financed, normally, normally by way of deposit of title deeds and / or such other collateral security as may be necessary. In addition interim security may be required, if the property is under construction. Collateral or interim security could be in the form of assignment of life insurance policies, surrender value of which is at least equal to the loan amount, pledge of shades and such other investments.
