NRI Home Loan
An NRI Home Loan is a financial product designed specifically for Non-Resident Indians (NRIs) to purchase property in India. It allows you to fulfill your dream of owning a home in your homeland, even if you reside abroad.
NRI Home Loans are available with lowest interest rate starting from 7.50% p.a. You can take an NRI housing loan for a wide range of housing needs which includes purchase of flat/house/plot, construction and towards costs of renovating/repair of an existing home.
NRI Home Loan Interest Rates
Banks | Interest Rates |
7.50% - 10.55%. | |
Contact the bank | |
8.25% - 12.15% | |
10.50% p.a. onwards. | |
Contact the bank | |
7.40% p.a. onwards | |
9.15% p.a. onwards. | |
8.25% p.a. onwards | |
7.35% p.a. onwards. | |
Indiabulls is now Sammaan Capital Ltd | 8.75% onwards. |
Compare: Today's Home Loan Interest Rate
BOI Star Pravasi Home Loan
- Loans available for both salaried and self-employed individuals
- Flexible repayment option of up to 30 years
- High margin of financing of up to Rs.5 crore
- Attractive rate of interest
Interest Rate | Contact the bank |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | Nil |
Processing Fee | 0.25% |
EMI | Rs.21,012 |
SBI NRI Home Loan
- Low interest rates
- Loans available for both salaried and self-employed individuals
- No hidden charges
- No prepayment penalties
- Repayment tenure of up to 30 years
- Processing fee waived till May 31
Interest Rate | 7.50% to 10.55% p.a. |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | Nil |
Processing Fee | 0.35% |
EMI | Rs.21,012 |
HDFC NRI Home Loan
- Minimal paperwork
- Home Loan Services available in the country you reside
- Property Search Advisory Services available
Interest Rate | Contact the bank |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | 2% |
Processing Fee | 1.25% |
EMI | Rs.21,012 |
Axis Bank NRI Home Loan
- Competitive interest rates
- Minimal processing fees
- Repayment tenure of up to 25 years
- Minimal documentation required
Interest Rate | Starts from 10.50% p.a. |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | Nil (floating rate loan) 2% (fixed rate loan) |
Processing Fee | 1% |
EMI | Rs.21,012 |
PNB Housing Finance Limited NRI Home Loan
- Attractive interest rates
- Multiple repayment options
- Hassle-free documentation and quick disbursal
- Robust service delivery model
Interest Rate | 8.25% to 12.15% p.a. onwards |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | - |
Processing Fee | - |
EMI | Rs.26,734 |
IOB NRI Home Loan
- Competitive interest rates
- Loans available for construction, purchase, and renovation
- Flexible repayment tenures
- High margin of financing
- Hassle-free documentation process
Interest Rate | 7.35% p.a. onwards |
Loan Amount | Rs.15 lakh |
Tenure | 15 years |
Foreclosure/Prepayment Charges | 0% - 2% |
Processing Fee | 0.50% |
EMI | Rs.13,524 |
Other Fees and Charges for NRI's
Processing Fee | Up to 2% of the loan amount |
Foreclosure Charges | Up to 4% of the total outstanding |
Loan Conversion Fees | As per the bank's discretion |
Cheque Return Charges | Up to Rs.500 per instance |
Duplicate Statement Issuance Charges | Up to Rs.250 per instance |
Title Documents Photocopy Issuance Charges | Up to Rs.250 per instance |
Duplicate NOC Issuance Charges | Up to Rs.500 per instance |
Credit Report Issuance Charges | Up to Rs.50 per instance |
NRI Home Loan Eligibility
Age | 18 to 70 years |
Type of Employment | Salaried or Self-employed |
Nationality | NRI |
NRI Home Loan Eligibility Calculator
Your home loan eligibility depends on various factors like your monthly income, current age, Credit Score, fixed monthly financial obligations, credit history, retirement age, etc. NRI Home Loan Eligibility Calculator helps you figure out how much loan you can get from a bank based on the mentioned parameters. The online tool is easy to use and hassle-free. All you need to do is enter the details as required. With just one click you will get to know how much loan you are eligible for.
NRI Home Loan Documents Required For salaried applicants
Identity proof | Valid passport or Visa card |
Income proof | Latest 3 months’ salary slips Last 6 months’ bank statements Latest Form 16 and IT returns Appointment or contract letter POA details 6 months’ Domestic NRE/NRO account statements |
Property-related papers | Copy of the buyer agreement and receipt of the payment made to the builder (for new homes)Title deeds, receipt of the payment made to the builder, and copy of the agreement to sell (for resale homes)Title deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction) |
Other documents | Employment details Proof of own contribution Last 6 month’s bank statement to show if there are any other loans Your and co-applicant’s passport-size photo with signature Processing fee cheque towards the bank |
NRI Home Loan Documents Required For self-employed applicants
Identity proof | Aadhar card, voter ID, passport, or valid Visa copy |
Income proof | Income Tax Returns along with details of your business and your income for the last 3 years Balance sheet and profit and loss account statements for the last 3 years Last 6 years’ current account statements of your business and your savings account statements |
Property-related papers | Copy of the buyer agreement and receipt of the payment made to the builder (for new homes) Title deeds, receipt of the payment made to the builder, and copy of the agreement to sell (for resale homes) Title deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction) |
Other documents | Business profile Form 26 AS (latest) Proof of own contribution Partnership deed (if applicable) Details of your and your businesses’ ongoing loans (if any) Your and co-applicant’s passport-size photo with signature List of Directors and Shareholders of the company with shareholding details |
Tax Benefits of NRI Home Loans
Under Section 80C of the Income Tax Act, 1961, NRIs are eligible for tax benefits on home loans if they file income tax returns in India. This tax deduction is for the interest component of the home loan and the principal component.
If your home for which you have taken the home loan for is lying vacant in India, you can avail the following tax benefits on your home loan:
Interest component: Deduction of up to Rs.2 lakh on the interest amount repayments
Principal component: Deduction of up to Rs.1.5 lakh on the principal amount repayments
If the home has been rented out, then the entire interest payable component can be claimed as a tax deduction on your home loan.
FAQs on NRI Home Loan
- How can I repay the loan?
You can repay the loan through normal banking channels like NRE and NRO accounts.
- What's the maximum tenure I can get?
The loan tenure may differ from bank to bank. However, most banks offer loans for a tenure of up to 30 years.
- How much of financing can I get?
You can get financing ranging from 75% to 90% of the total property cost with NRI home financing plans. However, the final amount offered is at the sole discretion of the bank and will be based on your annual income, type of property you are planning to buy, and other such factors.
- Can I make a joint application for a home loan?
Of course, you can. Actually, it is always recommended to make a joint application. It will help reduce the burden of interest on your shoulders. Also, some banks offer concession on the interest rate for women applicants.
- I have been living outside India for the last 6 months. Can I take an NRI home loan?
No, you have to stay more than a year and show your overseas employment or business details for the same to get the loan.
- What do banks consider while sanctioning a home loan?
Banks consider the following:
Your annual income, Number of years you have been staying overseas, Your business details, including the number of years it has been operational overseas, Your credit score, The type of property you are planning to purchase or construct, Status of existing loans, The co-applicant's credit score and other details.
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