Colonialism shaped the fate of Indian economy and lifestyle in a duple manner. On one hand, it was the culprit of wealth drain, on the other hand it offered the base for infrastructural development like roadways, railway, posts, telegraph etc. When the Indian lifestyle is taken into consideration, in one way it created a razor edge between the haves and have-nots while it also introduced the values of European renaissance and modernity. Though exported as slaves, the concept of NRI or PIO has its origin in the roots of colonialism. Large numbers of Indians started migrating at the outset of 20th century. Many of them settled in foreign lands.

But the independence and the changing scenarios of the global economy have made the world a village now. Gone are the days while migrated Indians were finding it hard to own homes in India or take loans for this purpose. The acceptance of dual citizenship clause and the strict guidelines of RBI have made NRI loans an easy affair. You can avail up to 32 times of your monthly income abroad as home loans and invest it in any commercial and residential property In India(Except th state of Jammu & Kashmir).

Though there are some basic difference between NRI loans and loans for Indians, but the spirit remains more or less same. The NRI loans are approved similarly faster and the repayment term is near about equal. Rather in case of the NRI loans, the borrowing amount is higher. But the major difference is the educational qualification tag attached with the NRI loans. Whatever may be your monthly income, you are not eligible for these loans if you are not a graduate. The second difficulty is that you can not repay the loan amount from your bank accounts back home. Indian home loan applicants avail tax benefit but the NRIs are not entitled for this benefit.

Still, it an unambiguous fact that, dreaming of home at India is no more a myth for the NRIs with the inception of the NRI loans.