Home Loan for NRIs

Are you an NRI planning to take a home loan? Here is all you need to know about taking home loans in India.

Various banks in India like SBI, HDFC, ICICI, Kotak, Axis, among many others provide home loans for NRIs.

Key Features: Home Loan for NRIs

• You can apply for a home loan for meeting your various needs like building a house or property, purchasing a house, or renovating an old house in India.

• Home loans can be applied online from anywhere in the world and loan applications can be tracked as well.

• Interest rates come on a monthly reducing basis and you can choose between floating interest and fixed interest rates.

• The home loan interest rates are subject to change from time to time at the discretion of the bank and/or following directives from RBI.

• Loans can be repaid in small Equated Monthly Instalments (EMI)

• There would be no prepayment charges for paying loans before it is due.

• If you are a salaried employee, tenure is 30 years, and if self-employed, maximum tenure is 20 years.

  Home Loan Eligibility Criteria for NRIs 

  • Profiles: The following profiles are eligible to apply for housing loans:

    • Non-Resident Indian (NRI)

    • Person of Indian Origin (PIO)

    • Overseas Citizen of India (OCI) – except citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Bhutan, or Nepal

  • Pre-requisite: While applying for a home loan as an NRI, you need to have a co-applicant, co-owner, or co-borrower of the property who is a resident of India

  • Work Experience: As an NRI home loan applicant, you must have at least one year of work experience overseas if salaried, or two years of experience if self-employed.

  • Age: If you wish to own a property in India, you must be at least 21 years and the maximum age limit is 60 years.

  • Salary: It is important to note that all leading banks, finance companies, and NBFCs (Non-Banking Financial Company) have defined different salary norms. So you can check with various lenders, compare the criteria and find out which one works better for you.

  Home Loan Documents Required for NRIs

  NRI Home Loan applicants will be required to submit the documents mentioned below:

  • Duly filled application form

  • A valid passport and visa

  • Employer ID card

  • Proof of legal work permit

  • Passport size photographs

  • Copy of employment contract

  • Foreign residence proof/bank statement/rent deeds

  • Property documents and approved plan

  • General power of attorney

  • Latest 3 salary slips

  One must always read all rules and clarify doubts before applying for home loans. There are various online portals where you can calculate the Home loan EMI amount for your desired loan amount. It is advisable to confirm your home loan eligibility before deciding which property you are going to buy as it helps you to plan your expenses. If you have any further queries on home loans, feel free to contact us as our property experts can provide you with all the necessary information.

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