InvestorQ : What happens to a borrower’s loan if there is a change in his/her status from being a non-resident Indian (NRI) to resident Indian (RI)?
Ankit Patil made post

What happens to a borrower’s loan if there is a change in his/her status from being a non-resident Indian (NRI) to resident Indian (RI)?

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Karim Sahu answered.
3 years ago
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If a borrower’s resident status changes from being a non-resident Indian (NRI) to a resident Indian (RI), then his/her repayment capacity is reassessed.

The borrower’s loan against property (LAP) will attract a new rate of interest, which will be as per the currently applicable rate of resident Indian (RI) loans. This revised rate of interest would be applicable on the outstanding balance being converted, and a letter is given to the customer confirming the change of status.

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