Home Loan For NRI In India is provided by most major banks in the country and financial institutions. Here is the complete guide for NRI Home Loan. Read More - https://www.wisenri.com/home-loan-checklist-for-nris/

1. NRIs can buy residential as well as commercial property in India but they can't buy agricultural
land. NRIs can also buy multiple properties too.
Non- Resident Indians can take a loan to buy the property just like Resident Indians. Just like for
resident Indians, 70%-90% of the value of the property can be funded by a loan. The remaining
amount has to be funded by the NRIs personal resources. It is important to note here that the
remaining amount has to be paid in INR. It cannot be in any other currency.
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NRI Home Loan Checklist
NRI Home Loans are provided by most major banks in the country and financial institutions.
Here is a checklist of requirements for NRI home loans.
NRI Home Loan India Eligibility Criteria:

2. Age – Most banks expect the applicant to be between the ages of 24-60 years. For example, Axis
Bank wants the applicant to be at least 24 years old and ICICI bank has the minimum age at 25
years.
Work Experience - Banks expect the applicant to be abroad for at least 6 months. ICICI Bank
expects a one-year period before applying for a loan. Different banks have different tenure
expectations.
Income - Banks require a minimum income level to apply for a loan. Axis Bank expects the
income to be equivalent to at least AED 5000 per month for GCC countries and income to be
equivalent to at least USD 3000 per month for the USA and Other Countries The income level is
different for different countries and types of employment.
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Documents Required for Home Loan
Identity Proof:
Any identity card such as PAN, Passport, Aadhaar Voter ID or Driving License
Address Proof:
Any document with your address in India - Passport, Aadhaar, Voter ID, Telephone Bill or
Driving License
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Income Proof:
- Any of the following -
Salary Slips (Salary Credits), Appointment Letter, Bank Statement where salary is received
If the NRI is self-employed, then validated financial statements.
- IT Returns
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Property Transaction Documentation:
- Property documents such as Agreement for Sale, Property Allotment letter
- Permission for construction (if applicable).

3. - Loan Application documentation
- Receipts of payment made if any.
- Insurance policy documentation
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Loan Amount/Charges:
Different banks have different thresholds for the loan amounts.
For example, SBI offers a minimum loan amount of Rs. 3,00,000.
Usually, banks offer loans up to 70%-80% of the property value.
Processing fees range from 0.25% to 3%. There are penalties for late payment and for pre-
payment of the entire loan amount
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4. NRI Home Loan Interest Rate
Banks Interest Rate
SBI 6.90% -7.50% p.a.
Bank of Baroda 6.85% -7.20% p.a.
PNB Housing Finance
Limited
7.50% -9.70% p.a.
Axis Bank 6.90% -8.55% p.a.
HDFC Ltd. 6.90% -8.00% p.a.
Canara Bank 6.90% -8.90% p.a.
Federal Bank 7.90% -8.05% p.a.
Bank of India Star Pravasi
Home Loan
6.90% onwards
Indian Overseas Bank 7..05% -7.30% p.a.
Indiabulls 8.99 % p.a.
Tax Benefits of NRI Home Loans
Section 80C of the Income-Tax Act, 1961 allows for tax benefits if one is an NRI and is filing
taxes in India. The tax deduction is for both interest and the principal portions of the loan.
If your house, the property is lying vacant in India, and you have a bank loan against it. You can
avail the following tax benefits.
Interest component: Deduction of up to Rs.2 lakh on the interest amount repayments
Principal component: Deduction of up to Rs.1.5 lakh on the principal amount repayments
If the home has been rented out, then the entire interest payable can be claimed as a tax
deduction on your home loan.
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NRI Home Loan Repayment:
An NRI can repay the housing loan through remittances made from abroad through normal
banking channels or through an NRE account/NRO account or out of rental income derived from
the property.
The loan can be repaid in Indian Rupees only.
Repayment tenure can be between 20 years -30 years. For example, the loan tenure in the case of
ICICI Bank depends on educational qualifications.

5. PNB has a repayment tenure of a maximum period of 15 years in case of home
purchase/construction and 10 years in case of home improvement.
There might be some other requirements or documentation depending on the bank from where
the loan is disbursed. Check with your bank to understand the exact requirements, eligibility,
features, and conditions.
If you are an NRI & have any questions regarding a Home loan for NRI in India- add them in
the comment section.