What You Need To Know About NRI Home Loans

Buying a home is every individual’s dream. It is a goal on everybody’s checklist. Non-resident Indians are no exception. As an NRI, you must have thought about buying a house in India. But regular Home Loans cannot suffice your financial needs. You would have to apply for an NRI Home Loan. It helps you purchase properties quickly.

What is an NRI Home Loan?

NRI Home Loans enable global Indians to buy property in India. It offers flexibility in terms of Loan tenures, interest rates and Equated Monthly Instalments.


A Home Loan for NRI is different from regular Home Loans. Therefore, it has a separate set of features. Here are some:

Loan approval

In NRI Home Loans, your appeal may get approved even before you select a property. This gives you enough time to choose the right home. It also lets you browse through properties worry-free. For this, however, you should have an NRI Account.

Balance transfer

An NRI Home Loan permits you to initiate a balance transfer. This involves passing on existing high-cost Housing Loans to the bank. This way, your excess expense gets taken care of.

Interest rates

A house is an expensive investment. Hence, its Loan amount will also be huge. To compensate for this, NRI Home Loans offer low-interest rates. This depends on the account you hold. For instance, say you own a Foreign Currency Non-resident Account.  Now, the interest rates will be subject to FCNR rates. The processing fee on such Loans is also low. This way, you cut the overall Loan costs.


Usually, a Home Loan for NRI in India is 30 years. However, it gets extended in some cases. This gives you enough time to repay the amount.

What are its eligibility criteria?

To successfully process your NRI Home Loan, you should be:

  • A Non-Resident Indian or Persons of Indian Origin
  • Above 18 years of age
  • Below 60 years of age
  • Apply for a Loan Tenure for up to 30 years

What documents are required?

The list of documents required for an NRI Loan is lengthy but hassle-free. However, here are a few common ones:

  1. A valid Passport with authorised work VISA/ residence permit
  2. PAN Card of both applicant and co-applicant (if any)
  3. Two photographs for the application form
  4. Salary slips of last three months (from the date of application)
  5. Overseas Bank statement of last six months (from the date of application)
  6. Latest bank statement of NRE/NRO Account in India
  7. The latest report of overseas credit bureau
  8. Work permit

While there are more documents required, these were the most important ones. So, ensure you have all of them before applying.

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