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NRI Home Loan

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Non Resident Indians (NRIs) and People of Indian Origin (PIOs) can avail of NRI Home Loans to buy residential properties in India. The home loans are offered by various banks including HDFC, ICICI Bank, SBI and other financial institutions and NBFCs.

The eligibility for NRI Home Loan is based on the applicant’s profile, qualifications and work experience. The loan amount can be up to 80 percent of the property’s market value.

Loan Tenure: NRI Home loans are usually for a tenure of 15 to 20 years. This is because NRIs earn a substantial income in foreign currency that helps them repay the loan with ease.

Income Requirements: While assessing the loan application, the bank will consider your repatriable income as well as any income in India. It is important to note that the income taken into consideration for calculating loan eligibility varies from one bank to another.

Qualifications: NRIs and PIOs should have at least 1 year of work experience overseas for salaried applicants and 3 years of work experience for self-employed borrowers. Moreover, their employment and business should be in a field relevant to the home loan requirement.

The salary and income details must be submitted to the lender at the time of sanction. The bank may also request for copies of the applicant’s previous credit history, current loans and property details.

The bank may also require a Power of Attorney for the NRI. This entitles the holder to sign documents on behalf of the NRI.

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