A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • HDFC NRI Home loan

    HDFC Bank offers eligible Non-Resident Indian borrowers affordable housing loans at attractive interest rates starting at 6.75% p.a. with flexible repayment options on extended tenures up to 20 years. The processing fee ranges from Rs.3,000 to Rs.4,000 or up to 1.25% of loan amount. The floating rate NRI home loans offer the benefit of zero prepayment charges in case of partial or full repayments for individual borrowers. Women borrowers are also eligible for an interest rate concession of 0.05%.

    Interest Rates for Salaried and Self-Employed Individuals

    Description Salaried Self-Employed Professionals Self-Employed Non-Professionals
    NRI Home Loan Interest Rates 6.75% p.a. - 7.85% p.a. 6.75% p.a. - 7.85% p.a. 6.90% p.a. - 8.00% p.a.
    Loan Tenure Up to 20 years Up to 20 years Up to 20 years
    Processing Fee Up to 1.25% of the loans amount or Rs.3,000 Up to 1.25% of the loans amount or Rs.3,000 Up to 1.25% of the loans amount or Rs.4,500

    *All loans at the sole discretion of HDFC Ltd.

    Additional Charges and Fees

    Type Charge
    Check Dishonour Charges Rs.200
    Photocopy of Documents Up to Rs.500
    Disbursement Cheque Cancellation Charge (after disbursement) Up to Rs.200
    List of Documents Up to Rs.500
    Post Dated Cheque (PDC) Swap Up to Rs.200
    Change in Loan Term Up to Rs.500 plus applicable taxes
    Re-Appraisal of Loan after 6 Months (after sanction) Up to Rs.2,000 plus applicable taxes

    Eligibility

    Age 21-65 years
    Employment Type Salaried Self-employed professional Self-employed non-professional
    Resident Type Non-Resident Indian (NRI) Person of Indian Origin (PIO) Overseas Citizen of India (OCI)

    Documentation

    Documents Required for Salaried Applicants/Co-Applicants

    Identity Proof (any one)
    • Valid Passport (mandatory).
    • Valid Driving License.
    • Voter ID Card.
    • Aadhar Card.
    Address Proof (any one)
    • Voter ID Card.
    • Valid Driving License.
    • Aadhaar Card.
    • Valid Passport (mandatory).
    Income Proof
    • Copy of the Offer Letter/Appointment Letter/Employment Contract.
    • Bank Statements indicating salary credit for the last 6 months.
    • Bank Statements of the applicant’s Non-Resident External (NRE)/Non-Resident Ordinary (NRO) account in India for the last 6 months.
    • Salary Slips/Certificates indicating the applicant's name (as in the Passport), joining date, designation, salary, perquisites and passport number for the last 3 months.
    • Latest credit report issued by a recognised credit bureau.
    Property Documents
    • For Resale Homes:
    • Title deeds of the property along with the previous chain of documents.
    • Receipt of the initial payment made to the seller.
    • Copy of the Agreement to Sell (if applicable).
    • For Purchase of New Homes:
    • Receipt of payments made to the developer/builder.
    • Photocopy of Buyer Agreement/Allotment Letter.
    • For Construction of Homes:
    • Encumbrance Certificate of the property.
    • Title Deeds of the plot.
    • Photocopy/blueprints of the plan approved by local authorities.
    • Estimated cost of construction by a civil engineer or an architect.
    Other Documents
    • Copy of the valid resident Visa stamped on the passport.
    • Own contribution proof.
    • Occupational history.
    • Processing fee cheque in favour of ‘HDFC Ltd.’.
    • Dully filled home loan application form affixed with passport size. photographs of the applicants/co-applicants and signed across.

    Documents Required for Self-employed Applicants/Co-Applicants

    Identity Proof (any one)
    • Valid Passport (mandatory).
    • Aadhar Card.
    • Valid Driving License.
    • Voter ID Card.
    Address Proof (any one)
    • Voter ID Card.
    • Valid Driving License.
    • Aadhaar Card.
    • Valid Passport (mandatory).
    Income Proof
    • Copy of the Memorandum of Understanding (MoU).
    • Copy of commercial/trade license.
    • Balance Sheet and Profit & Loss Account Statements with Schedules/Annexures for the last 3 years (audited by a certified CA).
    • Current account statement of the business entity for the last 12 months.
    • Account statements of the individual’s NRO/NRE account in India for the last 6 months.
    • Latest credit report issued by a recognised credit bureau.
    Property Documents
    • For Resale Homes:
    • Title deeds of the property along with the previous chain of documents.
    • Receipt of the initial payment made to the seller.
    • Copy of the Agreement to Sell (if applicable).
    • For Purchase of New Homes:
    • Receipt of payments made to the developer/builder.
    • Photocopy of Buyer Agreement/Allotment Letter.
    • For Construction of Homes:
    • Encumbrance Certificate of the property.
    • Title Deeds of the plot.
    • Photocopy/blueprints of the plan approved by local authorities.
    • Estimated cost of construction by a civil engineer or an architect.
    Other Documents
    • Business Profile.
    • Copy of the valid resident Visa stamped on the passport.
    • Own contribution proof.
    • Details of other ongoing loans, if any, along with the loan sanction letter.
    • Processing fee cheque in favour of ‘HDFC Ltd.’.
    • Dully filled home loan application form affixed with passport size photographs of the applicants/co-applicants with signed across.

    Features of HDFC NRI Home Loans

    • HDFC Bank offers affordable housing loans to eligible NRIs, PIOs and OCIs who are looking to:
    • Purchase a house/flat from private developers.
    • Construct a new property on a plot allotted by development authorities.
    • Purchase properties from development authorities such as Delhi Development Authority (DDA), Maharashtra Housing and Area Development Authority (MHADA), etc.
    • Eligible borrowers can avail innovate housing loan schemes at attractive rates of interest.
    • HDFC Bank offers Home Loan Advisory Services in the country where the applicant is residing. This includes technical and legal counseling which shall help in making the right decision.
    • The lending institution also provides insights on prospective real estate projects, location, and offers to help make the right home buying decision suitable for you.

    HDFC NRI Home Loans for Middle-East NRIs

    Home Loans

    HDFC's home loans for NRIs can be availed by Non-Resident Indians (NRIs), those who have an Overseas Citizenship of India (OCIs), those who are a Person of Indian Origin (PIOs), as well as those employed in the Merchant Navy. The loan can be availed to purchase a house or a flat in approved projects in India. It can also be used for construction of a residential unit or to purchase already constructed homes. The interest rates offered are attractive.

    Advisory services for the loans are available in the country where the NRI is residing. The minimum age for availing the loan is 18 while the maximum age is 65. Both salaried and self-employed individuals can apply for the loan. The maximum funding is up to 90% of the property value. The maximum repayment term is 20 years although this can be on the discretion of the bank based on the customer's profile.

    Home Extension Loans

    HDFC's Home Extension Loans can be availed by both new and existing NRI customers of the bank. This can be used to extend the house or add additional rooms to a house. It can be applied for individually or jointly. The maximum funding that will be disbursed is 90% of the construction estimate. The maximum loan repayment term is 20 years or till retirement, whichever is lower. Tax benefits are also available for both the principal and interest component of the home extension loan under the Income Tax Act, 1961.

    House Renovation Loans

    The HDFC House Renovation Loan can be availed by improving or renovating homes situated in India that belong to new and existing NRI customers of the bank. This can include home improvement work such as painting, flooring, tiling, plastering, etc.

    The loan can be applied for jointly or individually with all the home owners being listed as co-applicants on the home loan. Up to 100% of the renovation estimate will be offered as funding. The renovation can be done in a house, row house, or apartment. The principal component of the house renovation loan is eligible for tax benefits under the Income Tax Act, 1961.

    Plot Loans

    HDFC Plot Loans for NRIs can be availed by NRIs to purchase a plot through direct allotment or to purchase a resale plot in India. This is available for both self-employed and salaried individuals. The maximum loan repayment tenure for this plot loan is 15 years.

    Balance Transfer

    HDFC's Balance Transfer for home loans for NRIs can be availed to transfer an outstanding home loan amount from another financial institution to HDFC for lower interest rates. It is available for those who have a minimum 12 months of regular repayment of their home loan. The maximum repayment tenure is 30 years or till the retirement age, whichever is sooner.

    Tax benefits are also available for both the interest and principal components of the loan under the Income Tax Act, 1961. A top-up loan of up to Rs.50 lakh can also be availed along with the balance transfer loan. Those who have an under-construction property can also avail a balance transfer loan.

    FAQ's

    1. What is the Agreement to Sell?

      ‘Agreement to Sell’ is an important legal document in property transactions. It records the understanding between the seller and buyer during the transaction of the concerned property. The document also includes all property-related information such as the price of the property, date of possession, area, etc.

    2. What is the Tranche Based EMI Repayment scheme?

      In order to help home loan borrowers save on the Pre-EMI interest, HDFC Bank offers Tranche Based EMI option on home loans availed for under-construction properties. The option allows borrowers to decide the instalments to be made until the time of possession of the property. In case the customer wishes to pay more than the interest, the additional amount shall be directed towards the principal repayments. The Tranche Based EMI option allows you to clear your home loan debt sooner by starting your EMIs before the possession of the property.

    3. Is it mandatory to insure the property?

      Yes, the bank required the property in question to be insured properly against hazards such as fire, floods, etc. during the loan tenure. While insuring the property, you will be required to make HDFC the beneficiary of the policy. You will all be required to provide the bank with evidence on an annual basis or as requested.

    4. I had availed the home loan when I was an NRI. How will my loan be reassessed if I am relocating back to India?

      The bank will reassess your repayment capacity based on your residential status and provide you with a revised schedule for repayments in case you relocate back to India. The revised interest rates will be based on the prevailing rates applicable to the residents in India depending on the type of loan you have availed. The new rates shall be applicable only on the outstanding principal amount after relocation. You would be issued a letter confirming the same.

    5. Is it necessary to be physically present in India while availing an NRI home loan?

      No, it is not mandatory to be physically present during submission of your loan application or disbursal of your loan. You can consider appointing a Power of Attorney acceptable by HDFC. Your Power of Attorney can apply and avail the housing loan on your behalf.

    6. What is the maximum loan amount I am eligible for?

      The bank considers various aspects such as your monthly income, repayment capacity, credit score, creditworthiness, etc. before deciding on the maximum home loan amount you are eligible for. Other factors that banks investigate are your loan repayment track record in case you have other ongoing loans, the number of dependants, income of the co-applicants, assets, liabilities, savings history, and occupational stability.

      

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