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Apply for NRI Home Loan - NRI Housing Loan - Nri loans India

NRIs too can avail home loans for purchase of residential property. They can purchase a house and can even take loan for self-construction on a plot and also for renovation/improvement of an existing residential property in India.

Like resident Indians, NRIs can avail up to 80-85 per cent of the cost of residential property as a home loan. However, the down payment should be directly remitted from abroad through normal banking channels or from non-resident external (NRE) account and/or non-resident (ordinary) (NRO) account in India. EMI payments too should be remitted from any of these accounts.

In the case of NRIs, however, there is a stress on certain pre-requisites such as qualifications, current job profile, past experience, probability of continuing abroad for the loan tenure and probability of servicing the loan with an extended tenure in case of return to India. The Loan-To-Value (LTV) ratio for NRI customers varies from one bank to another, though the manner of calculation is the same in case of a regular home loan.

The income taken into account for calculating the home loan eligibility is the repatriable income plus any income in India. For NRIs working in countries that restrict repatriation such as African countries, only the repatriable portion of the income is considered for calculating loan eligibility.

Though the regular home loan tenures can be up to 25 years, loan tenure for NRIs is normally 10-15 years. Along with the standard documents required for a home loan, NRIs need some additional documents such as the appointment letter and contract, labour card (if employed in the Middle East), salary certificate, bank statements and income tax returns filed in the country of residence.

The documents needed for obtaining NRI home loans are::

  • Passport and Visa
  • A copy of the appointment letter and contract from the company employing the applicant.
  • The labor card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East Salary certificate (in English) specifying name, date of joining, designation and salary details.
  • Bank Statements for the last six months

Maximum Loan:

The maximum amount of the loan depends on few factors that include: customer's profile, financial background, repayment capacity, and of course the home loan tenure which takes into calculation the retirement age as well. The repayment is generally done in EMIs.

List of Classified documents for Salaried Employed NRI Applica

  • Copy of valid passport showing VISA stamps
  • Copy of valid visa / work permit / equivalent document supporting the NRI status of the proposed account holder
  • Overseas Bank A/C for the last 3 months showing salary credits
  • Latest contract copy evidencing Salary / Salary Certificate / Wage Slips

List of Classified documents for Self Employed NRI Applica

  • Passport copy with valid visa stamp
  • Brief profile of the applicant and business/ Trade license or equivalent document
  • 6 months overseas bank account statement and NRE/ NRO account
  • Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts)

Property Documents:

  • Original title deeds tracing the title of the property for a minimum period of the last 13 years.
  • Encumbrance Certificate for the last 13 years.
  • Agreement of sale /construction, if any
  • Receipts for payments made for purchase of the dwelling unit
  • Approved plan / license.
  • ULC clearance /conversion order etc.
  • Receipts for having invested the margin money through normal banking channels from the Non-Resident (External) account in India and / or the Non-Resident (Ordinary) account in India.
  • Latest tax paid receipt.
  • Allotment letter from the co-operative society / association of apartment owners.
  • Agreement for sale / sale deed /detailed cost estimate from Architect / Engineer for property to be purchased / constructed /extended / improved.
  • Copy of approved drawings of proposed construction/purchase/extension.

Additional documents to be submitted by Person of Indian Origin

  • Photocopy of PIO card. If the PIO card is not available, photocopies of any of the following documents:
  • The current passport, with birthplace as 'INDIA'
  • The Indian passport, if held by the individual earlier.
  • Parents/grandparents Indian passport/birth certificate/marriage certificate substantiating the individuals claim as a person of Indian origin is provide NRI HOME LOAN services to all over India specifically in Metropolitan cities like Hyderabad, Pune, Bangalore, Chennai, New Delhi, Noida, Gurgaon, Thane, Nasik ,Mumbai, Navi Mumbai, Kolkata, Ghaziabad, Indore, Chandigarh, Indore, Kochin, Surat, Vadodara and every main cities in India.

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