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What is an NRI Home Loan?
An NRI home loan is a loan specifically designed for Non-Resident Indians (NRIs) to purchase a property in India. It offers a convenient way for NRIs to invest in Indian real estate, either for personal use or as an investment in their home country while living abroad.
We also render expert legal and technical counseling services as part of the home-buying process. Both salaried and self-employed NRIs residing in the following countries can avail of NRI housing loans in India.
North America – USA and Canada
Middle East Countries – U.A.E. (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat, Kuwait, Saudi Arabia, Qatar, Oman
East Asian Countries – Singapore, Malaysia, Hong Kong, Japan, Thailand
All EU Countries (except – Spain, Greece, Portugal, and Italy)
Australia and New Zealand
Let us lend you a helping hand in making your dream come true.
Who is Eligible to Take an NRI Home Loan in India?
Typically, the following individuals are eligible for NRI home loans:
- Indian Citizens: NRIs who were Indian citizens at the time of emigration.
- PIOs (Persons of Indian Origin): Individuals who or whose parents or grandparents were Indian citizens.
- OCI (Overseas Citizen of India): Individuals who have been granted OCI status.
Benefits of NRI Home Loans
- Tax Benefits: NRIs may be eligible for tax benefits on the interest paid on their home loans, subject to Indian tax laws.
- Investment Opportunity: Indian real estate can be a lucrative investment, and NRI home loans provide a way to participate in this market.
- Personal Use: NRIs can purchase a property in India for personal use or as a vacation home.
- Rental Income: NRIs can earn rental income from their property in India.
- Loan Options: Various loan options are available, including fixed and floating interest rates, and different repayment terms.
NRI Home Loan Eligibility Criteria
Indian citizens staying abroad can qualify for an NRI Home Loan in India if they meet the following eligibility criteria:
- Any Indian citizen (salaried or self-employed) between the age group 18 to 75 years can apply for the loan
- The applicant should hold a valid Indian passport
- The passport of the home loan applicant should not have a “No Entry” stamp, prohibiting NRI applicants from entering the country
- Passport with valid entry visa for NRI applicant where he is appearing in person to submit the application
- Applicants with PIO / OCI status should have a valid PIO / OCI card copy in addition to a foreign country passport
NRIs residing in the
following countries
can avail of NRI Home Loan in India
Australia and New Zealand, North America – USA and Canada
All EU Countries (except – Spain, Greece, Portugal, and Italy)
East Asian Countries – Singapore, Malaysia, Hong Kong, Japan, Thailand
Middle East Countries – U.A.E. (Dubai, Sharjah, Abu Dhabi only),
Riyadh, Bahrain, Muscat, Kuwait, Saudi Arabia, Qatar, Oman
Who is Eligible for a Home Loan?
Types of Home Loans
FAQs
| Document Type | Salaried |
| Application Form and passport size photographs |  |
Identity Proof
| |
Address Proof
| |
| Resident Power of Attorney | |
| KYC of Power of Attorney | |
Income Proof and Other Documents
| |
Additional Documents
| |
‘Non-resident Indian’ is an individual who is a citizen of India or a person of Indian origin and who is not a resident of India.
Whether you are a Non-Resident Indian (NRI), Person of Indian origin (PIO), Overseas Citizen of India (OCI), you need to meet NRI loan eligibility to apply for NRI Home Loan in India
The Indian origin citizen should have a Valid Indian Passport & Valid Entry Visa
Passport should not have NO ENTRY stamp
PIO & OCI applicants should have a foreign country passport and a Valid PIO / OCI Card copy.
The NRI seeking a home loan must be employed and residing in:
North American countries, including the USA, Canada and Middle East countries including UAE (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat, Kuwait, Saudi Arabia, Qatar and Oman
East Asian countries including Singapore, Malaysia, Hong Kong, Japan, Thailand
All EU Countries, excluding Spain, Greece, Portugal, and Italy
Australia and New Zealand
Yes, Resident Indian POA is a must in all NRI Home Loans, irrespective of whether the NRI applicant is present in India at the time of application or not.
The spouse cannot be a POA holder.
A resident co-borrower can also be the POA.
POA can be the co-applicant, but it’s not mandatory for the POA to be co-applicant when there is another co-applicant in the loan.
Yes. Being an NRI, you can jointly apply for a home loan along with your family member. In this case, if the asset is jointly owned, the family member will be the principal applicant, and his or her income will be taken into consideration post-assessment of various home loan eligibility factors. The EMI payments will be made from the NRO account.
NRIs can avail similar tax benefits on principal and interest components of home loans like the resident Indians. In case an NRI has a taxable income in India, he or she can claim deductions on a home loan as per Section 24, 80C and 80EE of the Income Tax Act.
The home loan amount that you are eligible for depends on your income. The higher your income per annum, the more amount you can obtain. On top of this, if you have a good credit score and history you have a good chance of a high loan amount being sanctioned.
Typically, the repayment period starts once your home has started building or within one month of the home loan amount being disbursed. However, every lender might have their terms and policies for the same.
Generally, the co-owners are co-applicants in a home loan application. In most cases, these are close family members only.
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