NRI Home Loans Eligibility Criteria: Overview
NRIs or Non-Resident Indians can avail of a customised Home Loan in India to facilitate the purchase of their dream home. NRIs are individuals who are citizens of India but reside outside of India.
If you are an NRI planning to purchase a property of your own in India, consider applying for the Bajaj Housing Finance NRI Home Loan to secure a sizeable amount at a competitive interest rate along with other benefits.
Eligibility Criteria for NRI Home Loan
Home Loans for NRIs are designed to meet all your needs. Moreover, a longer repayment tenor of up to 20 years, based on eligibility and approval, makes the housing loan experience hassle-free. Our easy-to-meet eligibility criteria for NRI housing loans are given below:
- 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 and 60 years** of age.
- Applicant should have at least 3 years of total work experience (both in India and overseas) or more with a minimum 6 months of working experience overseas.
- Applicant must have a regular monthly 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 Housing Loans
Salaried NRIs can avail of Home Loans at interest rates starting as low as 8.50%* p.a. with minimal documentation. Having all documents ready will speed up the process of verification and approval. Here’s the list of documents NRIs 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: Additional documents may be requested at the time of loan processing.
Steps to Apply for NRI Home Loans
If you are an NRI and wish to avail of a Home Loan, you must 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
Frequently Asked Questions
The eligibility criteria to apply for an NRI housing loan are easy to meet. The following are the 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 between 21 and 60 years** of age.
- Applicant should have at least 3 years of total work experience (both in India and overseas) or more with a minimum 6 months of working experience overseas.
- Applicant must have a regular monthly income.
Yes, an NRI, PIO, or OCI can apply for Home Loans in India. NRI Home Loans are designed exclusively for NRIs to meet their housing needs. The repayment tenor for NRI housing loans is up to 20 years with special permission so that you can repay your Home Loan conveniently.
Keep the following list of documents handy for speedy documentation:
- 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
