How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?
The repayment capacity of the applicant(s) based on resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate on Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.
A. The repayment capacity of the applicant(s) based on Resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate of Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.
The repayment capacity of the applicant(s) based on Resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate of Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.
The repayment capacity of the applicant(s) based on Resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the applicable rate on Resident Indian loans at the time of conversion (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted.
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 ?
- How is the loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?
- How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?
