Attractive Home Loans for the NRIs

Malvika — Fri, 06 Aug 2010 06:43:56 +0000

Are you an NRI and looking for a home loan? Then you don’t have to worry about it anymore, because most popular financial institutions and leading commercial banks in India are offering a home loan especially for the NRIs.

You do have choices to choose from a wide range of banks and financial institutions. The government has come up with the ‘Griha Shobha’ scheme and as an NRI you can avail a loan amount of up to Rs 1 crore or even 85% of the estimated cost of your property. The interest rate ranges from 11.25% to 14.25% per annum, also you will be charged a processing fee of around 1-2% of the loan amount which is a common process followed almost in all banks.

The organization that is providing you the loan will generally check for a lot of other factors as well, like your source of income, monthly/annual income, work experience, age, educational background, assets and liabilities and so on. These are the factors generally they look upon to analyze and calculate your repayment capacity. The duration for the repayment of loans varies from 3-10 years and they are generally made with a combination of principal and interest amounts through Equated monthly installments commonly known as EMIs.

The list of documents to be produced to proceed with your loan request is a pretty long one and it is as follows. You will have to produce the documents related to your property as well as your current employment details, like the copies of your agreement for sale and the sale deed, also the estimation of your property from an architect, all the related documents regarding the payments made by he/she while purchasing the property, copies of the approved drawings including the extensions of your property.

Now coming to the employment details, you will need to produce the copies of your work permit, visa stamped on your passport, the employment contract, the latest salary certificate, copy of your company identification card and an overseas bank account statement minimum for a period of four months.

Journey through the Parachutes in Business–

Tushar Mathur — Mon, 01 Dec 2008 17:23:00 +0000

Ancient alchemists tried to turn lead into gold. But here's an idea for a new, 21st century form of alchemy: Let's try turning golden parachutes into leaden parachutes. "Golden parachutes" are too often an illogical policy in normal times -- for example, when executives who run companies into the ground receive giant outgoing pay packages. A brief introduction to various parachutes is as below:

Golden Parachute

An employment contract or agreement guaranteeing a key executive of a company substantial severance pay and other financial benefits in the event of job loss caused by the company's being sold or merged. Golden parachutes are generally defined as those that exceed the IRS threshold for excessive severance payments, meaning that they equal or exceed three times the recipient's average salary for the prior five years.

Silver Parachute

Like golden parachutes--which are received by the top executives in the corporation--silver parachutesinclude severance pay, stock options and bonuses but are offered to a larger number of employees..

Less prevalent than golden parachute plans, and slightly less lucrative, are so-called "silver" parachutes, which are sometimes awarded to executives below the top level. Siske says these plans typically pay out about 1.5 to 2.5 times the recipient's annual bonuses. Often the last isn't a significant issue, since for ex salary, bonus and benefits; although they sometimes do not cover executives at these level bonuses tend to account for a much smaller percentage of total compensation than they do for CEOs and other senior managers.

Tin parachute

Even less common than gold or silver parachutes are tin parachutes--severance plans that cover all of the employees of a company in the event it undergoes a change in control. The value of a tin parachute will vary significantly from company to company, says Siske, but will typically provide a severance payment linked to the recipients' years of service and/or their age, often with a cap, such as 1.5 times annual compensation.

Platinum Parachute

In some cases, severance packages awarded to senior executives have been termed "platinum parachutes" by the business media, both because of the enormous size of the payments and because they haven't always been tied to a change in control of the company. Some of the most prominent recipients have included former Mattel Inc. CEO Jill Barad, who benefited from a deal valued at $50 million when she left the toy maker amid mounting losses.

Invest In India » Employment Contract

Attractive Home Loans for the NRIs

Journey through the Parachutes in Business–