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Bad Credit Loans
Bad credit NRI home loan:
Under the 1973 directive, the Indian government recognizes the right of non resident Indians to purchase and own residential or commercial property in India. This applies to all kinds of loans ranging from home loans, to education and estate loans. Banks also allow for bad credit NRI home loan. Home loans are usually secured personal loans. Thus, they are beneficial to the loaner and the loaner. A loaner may have good or bad credit. This means that the loaner's credit history may be filled with unpaid or late debts and non-payments. It becomes difficult to acquire home loans for NRIs in India. The process can be eased if the NRI applicant applies with a co-borrower who has a good credit report. This type of loan is extended to as NRI with a bad credit score. The bank supplies this loan provided it is duly satisfied that the person has paid back all his or her debts and has the financial standing to repay back the loan. Accordingly, the bank charts out different fixed rates of interest for such loans.
Bad credit home loan refinance for NRI:
NRIs can also avail of this scheme. In bad credit home loan refinance for NRI, a bank will refinance your home loan even if you have bad credit. The criteria to be met are subjective in nature. Most major national banks offer these loans on a restrictive basis. They agree to refinance the home loan of a NRI with bad credit provided the NRI has a savings account in the bank. The bank also demands the submission of the 'Power of Attorney' document and checks the credit history of the POA representative. A POA is different from a co borrower. In the latter, the co borrower has equal claim as the loaner and can be made to pay from personal savings. But in case of the former, the POA is simply acting on behalf of the NRI loaner. The POA is not a guarantor or a borrower and cannot be held responsible for non-payment as such. On the applicant's part, the NRI has to make sure that the bank or housing finance company have a good reputation and, do not charge high interest rates. Such a situation will not bode well for the NRI.
NRI bad credit home equity loan:
Home equity loans are a form of mortgage loans where the loan is given against the equity of your purchased house. Indians banks are willing to extend NRI bad credit home equity loan. It is similar to a situation of bad credit NRI get home loan where, the NRI has bad or poor credit. But the bank has no reservations as even though the circumstances hold that a bad credit NRI is getting home loan - the bank is guaranteed of repayment due to the equity. The rates of interest charged are generally fixed at affordable rates. Home equity loans offered to NRIs with bad credit online always offer interest rates which are very high. These home equity schemes are quick but impossible to repay. There is every chance that the NRI will sink lower in bad credit unable to keep up with the payments. Thus, it is always wise to go in for recognized banks and housing finance companies.