NRI Home Loans

How an NRI can get Home Loan in India ?

NRI can easily get an Home Loan in India. This is one of the best investment options as property price in India normally remains in increasing trend with 9-10% appreciation yearly. It varies from place to place. It is always advisable to select the correct locality before investing in a property. Here are the some of the basic elements to get an Home Loan for an NRI in India.

  1. Eligibility Criteria: NRIs who are salaried or self-employed professionals and have a regular source of income are generally eligible for home loans in India. Different banks may have specific criteria, so it is always advisable to check with various lenders to find one that suits your situation.

  2. Property Eligibility: The property you wish to purchase should be eligible for a home loan. Most banks have a list of approved projects and builders. Additionally, the property must be in a city or location approved by the lender.

  3. Documentation: NRIs need to provide certain documents to apply for a home loan in India, including:

    • Passport and visa copies.

    • Overseas residential proof.

    • Employment contract and latest salary slips (for salaried NRIs).

    • Business establishment proof and income tax returns (for self-employed NRIs).

    • Bank statements of NRE/NRO accounts to demonstrate financial stability.

    • Power of Attorney (POA) document authorizing someone in India to act on your behalf for loan-related formalities.

  4. Loan Amount and Tenure: The loan amount and tenure depend on various factors, including your income, repayment capacity, and the bank's policies. Generally, banks may offer up to 75% of the property value if the value is more than 75 lakhs & 80% of the property value if the property value is in between 30 Lakhs to 75 Lakhs. Bank finances upto 90% of the property value if it is within 30 lakhs.

  5. Interest Rates: Interest rates for NRIs might be slightly higher than those for Indian residents. It's essential to compare rates offered by different banks and choose the one that suits you best.

  6. Repayment: NRIs can repay the loan through NRE/NRO accounts or remittances from abroad. The loan repayments should be in Indian currency (INR).

  7. Prepayment and Foreclosure: Understand the prepayment and foreclosure policies of the lender. Some banks may have penalties for prepayment, while others may allow partial or full prepayment without any charges.

  8. Application Process: The application process for NRI home loans is similar to that of resident Indians. You can visit the bank branch in India or apply online through the bank's website.

    Contact LoanDrishti Team for getting an NRI Home Loan very easily.
    Email: Hello@LoanDrishti.com
    Tele: +91 83691 99470