NRI Home Loan – Non-Resident Indians can avail a Home Loan to purchase a house back home in India.
NRI Home Loan allows many NRIs (Non Resident Indians) to buy a home or invest in properties. NRI Home Financing is extended for a wide range of housing needs which includes the purchase of flat/house/plots, Also includes construction and towards costs of renovating/repair of an existing home.
All major banks in India including HDFC Bank, Axis Bank, State bank of India and Kotak Mahindra bank provide various home loan schemes for Non-resident Indians (NRIs) and Persons of Indian Origin (PIO).
The lowest interest rate of 8.60% for NRI Home Loans is available. While availing the housing loans, borrowers can opt for loan tenures of up to 30 years, though short-term loans are also available.
NRI Home Loan Interest Rates comparison
| Banks | Interest Rates * | ||
|---|---|---|---|
| 1 | HDFC NRI Home Loan | 8.70% p.a.to 9.50% p.a. | |
| 2 | SBI NRI Home Loan | 8.60% p.a. to 9.30% p.a. (term loan) | |
| 3 | Axis Bank NRI Home Loan | Starts from 8.90% p.a. | |
| 4 | Bank of Baroda NRI Home Loan | Starts from 8.65% p.a. | |
| 5 | Federal Bank NRI Housing Loan | Starts from 8.75% p.a. | |
| 6 | PNB Housing Finance Limited NRI Home Loan | 10.10% p.a. to 13.50% p.a. | |
| 7 | Canara Bank Home Loan for NRIs | Starts from 8.70% p.a. | |
| 8 | Indian Overseas Bank NRI Home Loan | Starts from 8.70% p.a. | |
| 9 | Indiabulls Home Loan for NRIs | 8.80% p.a. to 12.00% p.a. | |
| 10 | LIC Housing Finance | 8.70% p.a. onwards |
NRI Home Loan Fees and Charges
| NRI Home Loan Fees and Charges | |
|---|---|
| Processing Fee | % 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 Criteria
| Eligibility Criteria | Salaried or Self-Employed |
| Work Experience | Minimum 2 years of work experience in present company |
| Age Criteria | Minimum: 18 years Maximum: 60 years/retirement age |
| Loan Tenure | Up to 30 years |
| Loan Amount | Depends on the borrower’s profile |
| Nationality | Indian |
| Resident Type | Non-Resident Indians (NRI) or Persons of Indian Origin (PIOs) |
Documentation Required for NRI Home Loan
| 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) , 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-applicants passport-size photo with signature Processing fee cheque towards the bank |
| For Self Employed | Business & income proofs |