NRI Home Loan Interest Rates: Overview
Financial institutions and banks offer customized Home Loans to NRIs (Non-Resident Indians) with exclusive features and benefits. With customer-centric policies, the investors are now looking forward to investing in property for residential or investment purposes. A flexible Home Loan tenor of up to 20 years, based on your profile and approvals, makes repayment of Home Loans easy ensuring that you are debt-free sooner.
Eligible NRI applicants who are salaried can now avail of a housing loan at an interest rate starting at 8.50%* p.a. for salaried applicants.
NRI Home Loan Interest Rates in India
NRI Home Loans are offered to NRIs, PIOs, individuals in Merchant Navy services, and OCIs at competitive interest rates starting at 8.50%* p.a. for salaried applicants based on profile and eligibility. With EMIs starting as low as Rs.759/Lakh*, applicants can repay their Home Loan conveniently.
For a complete list of our housing loan interest rates, click here.
Processing Fees and Charges for NRI Home Loan
NRI housing loans can be availed of at nominal fees. For more details on fees and charges, refer to the list below:
Processing Fee: Up to 4% of the loan amount + GST as applicable
EMI Bounce Charges: Refer to the table provided below for the full break-up
Penal Interest: Click here to know about the penal charges
EMI Bounce Charges
| Loan Amount | Charges |
|---|---|
| Up to Rs.15 Lakh | Rs.500 |
| Rs.15 Lakh – Rs.30 Lakh | Rs.500 |
| Rs.30 Lakh – Rs.50 Lakh | Rs.1,000 |
| Rs.50 Lakh – Rs.1 Crore | Rs.1,000 |
| Rs.1 Crore – Rs.5 Crore | Rs.3,000 |
| Rs.5 Crore – Rs.10 Crore | Rs.3,000 |
| More than Rs.10 Crore | Rs.10,000 |
For a complete list of fees and charges, click here.
Eligibility Criteria for NRI Home Loan
Home Loans for Non-Resident Indians (NRIs) are tailored to meet all their housing needs. Salaried NRI applicants, including PIOs, Merchant Navy service individuals, and OCIs, can avail of a Home Loan at an interest rate starting as low as 8.50%* p.a. The eligibility criteria for NRI housing loans are straightforward to meet. To avail of an NRI Home Loan, you must meet the following eligibility criteria:
- Applicants should be NRIs, Persons of Indian Origin (PIO), Overseas Citizens of India (OCI), or individuals in Merchant Navy services
- Applicant should be between 21 to 60 years** of age
- Applicant’s total work experience (both in India and overseas) should be 3 years or more with a minimum 6 months of working experience overseas
- Applicant must have a regular salaried income
**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit is subject to change, depending on the property profile.
Documents Required for NRI Home Loan
NRIs can apply for a Home Loan with minimal documentation. Preparing all documents beforehand speeds up verification and approval. Below is the list of documents you must produce while availing of a Home Loan:
- KYC documents such as a valid passport, tax documents, and proof of birth date. A PAN Card is a mandatory document.
- Copy of valid PIO/ OCI Card in case of PIO/OCI customers
- Employment documents such as a valid visa with a work permit, ID card issued by the current employer, appointment letter, and salary certificate.
- Income documents such as salary slips for the last 6 months, annual income statements, and tax return copies for the last 2 years (if applicable)
- Recent passport-sized photographs
Note that additional documents may be required at the time of loan processing.
Step-by-Step Guide to Apply for NRI Home Loans
If you are an NRI, planning to avail of a Home Loan in India, note that you need to be physically present in India. Additionally, you need to submit a signed physical application form. You must also provide self-attested copies of KYC, income, and other documents required during the loan processing.
*Terms and conditions apply.
NRI Home Loan Interest Rates: FAQs
NRIs, PIOs, individuals working in the Merchant Navy, and OCIs can avail of Home Loans at interest rates starting as low as 8.50%* p.a. for salaried individuals, based on their profile and eligibility. Salaried applicants can enjoy the convenience of EMIs starting from as low as Rs.868/Lakh*.
If you are an NRI looking to apply for a housing loan, know that the fees charged by lenders are quite reasonable. To know about our fees and charges, please click here.
- KYC documents such as a valid passport, tax documents, and proof of birth date. A PAN Card is a mandatory document.
- Copy of valid PIO/ OCI Card in case of PIO/OCI customers
- Employment documents such as a valid visa with a work permit, ID card issued by the current employer, appointment letter, and salary certificate.
- Income documents such as salary slips for the last 6 months, annual income statements, and tax return copies for the last 2 years (if applicable)
- Recent passport-sized photographs
