How is the 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 is worked out. The new rate of interest will be revised according to the rates for Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A confirmation letter on the status change is provided to the loan consumer. H. Using BankBazaar.
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?
