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  • NRI Home Loans

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    NRI Home Loans

    The number of Indians moving abroad for studies, jobs or business opportunities has seen a massive surge in the last couple of decades. Historically, millions of Indians have settled abroad, primarily in North American and European countries. A couple of thousands have also been cashing in on employment opportunities in the Middle East.

    Tagged as NRIs (Non Resident Indians), this category of Indians are people who are domicile citizens of India with an Indian passport and have immigrated to another country for education, employment or any other legal purpose. There is another category of Indians whose ancestry makes them a PIO (Person of Indian Origin), who are not citizens of India. The magnitude of remittances from the NRI community is massive, owing to the number of people working on a long duration assignment abroad. Banks and Financial institutions provide exclusive banking and loan products based on specific requirement of NRIs.

    Leading Indian banks such as ICICI, HDFC, Axis, Kotak and SBI offer tailor made home loan scheme for NRIs at exclusive rates and terms. Financing is extended for a wide range of housing needs which includes purchase of flat/house/plot, construction and towards costs of renovating/repair of an existing home.

    Let us look at three leading players in the home loan sector which provide appealing home loan options for NRIs.

    Apply for Home Loan Online

    ICICI Bank NRI Home Loan:

    Country’s largest private sector bank, ICICI extends home finance options to NRIs looking at buying a house, construction, purchasing a plot and for other housing related needs.

    Fees and Charges

    A charge of 0.50 percent of the approved loan amount is deductible as processing fees. Surcharge and prevailing GST rates are applicable on the processing fee.

    Axis Bank NRI Home Loan:

    As a leading private sector bank in India, Axis offers tailor made home loan schemes for NRIs to help them realis their dream of owning or constructing a house and much more.

    Fees and Charges

    • Axis bank charges up to 1% of the loan amount (minimum of Rs.10,000) as processing fees, towards handling documentation.
    • No prepayment penalty is levied on home loans based on floating interest rates. A fee of 2% of the outstanding balance plus GST is applicable for prepayment of home loans based on fixed rates.

    State Bank of India NRI Home Loan:

    A banking mammoth, SBI is India’s biggest institution operating in the banking domain. True to its size, the bank offers a plethora of home loan options to NRIs based on specific needs such as purchase, construction and renovation.

    Fees and Charges

    Processing fee
    • Loan amount of up to 25 lacs: 0.25 percent, subject to a minimum of Rs.1,000.
    • From 25 lacs to 75 lacs: Rs.6,500. 75 lacs and above: Rs.10,000.

    Other pre and post sanction charges applicable on case to case basis. No prepayment penalty is levied on early closure of the home loan account.

    NRI Home Loan FAQ

    1. What are different types of housing loans available for NRI’s in India?

      Depending on the bank you’re applying with, financing is available for construction, purchase and renovation of a house or a flat. Loans are also available for purchasing land for residential use that should not be agricultural or farm land.

    2. Can I introduce a co applicant to enhance my loan amount? I am an NRI looking for buying a house in India.

      Most of the banks allow co applicants who by default becomes the co borrower. Some banks even make it mandatory to introduce a co applicant. They can be your spouse or immediate family members.

    3. Is foreclosure allowed? Will there be a penalty?

      NRI Home Loans can be foreclosed before the expiration of the original loan tenure. Penalty will be charged anywhere between 1 to 3% of the outstanding loan amount. Some banks do not charge a penalty for foreclosure. You can negotiate the charges at the time of application.

    4. I took a home loan from a reputed bank under their scheme for NRIs. Am I allowed to switch between fixed and floating interest rates during the loan tenure?

      Please inquire with the bank for more information. Most of the banks do offer the option of switching between fixed and floating that may come with a fee charged on the outstanding amount.

    5. Who is a Guarantor?

      A guarantor is a person who signs up as one who will stand as a surety. Most of the banks in India require a guarantor depending on the loan amount.

    NRI Home Loan Reviews

    • Bank Bazaar Home Loan
      "Reliable"
      0.5 4.0/5 "Great!"
      Bankbazaar people helped me a lot to get my home loan. Whatever the commitment they have promised i met the same. I have been using bankbazaar for the first time. I came to know bankbazaar through the Google search. Customer services was prompt.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • Punjab National Bank Home Loan
      "Hopeless Loan services from PNB"
      0.5 2.0/5 "Expected more"
      Lots of issues i have faced with PNB housing when i purchase a loan from them. I have not received my loan on time. After lots of trouble, before i get the customer. Interest rates are nominal like other banks. The documentation process was only went smooth. There were nothing is proper with them
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Bankbazaar is very responsive"
      0.5 5.0/5 "Blown Away!"
      I'm quite happy with the bankbazaar. Best thing is that we can able to see the interest rate what bank is provide in that customer can identify that which bank is comfortable for them. This easy to compare the interest rates. Through Internet only i came to know about bankbazaar. Its been around 2 years since I'm using bankbazaar. Very spontaneous response to the customer all the time. They will resolve customer issue immediately.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Punjab National Bank Home Loan
      "They are not do the loan it on time. "
      0.5 3.5/5 "Pretty good"
      Their is no best features in this PNB Housing. It took lot of time to disburse the loan. It took 20 days to give the loan. They were having some trouble with the documents. They were not asking the some documents after that only they asked. Whenever i asked the reason, they said different reasons. Normally, if all the documentation completed, then it will take only 5 days to disburse the loan. They told me that the process fee is 5500. Apart from the processing fee, they are charging some other service charges. When the loan is about to disburse the loan they asked me 1500 extra for stamp paper charges. They were transparent at all.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      I have to thank bankbzaar team personally. From the bankbazaar website for selecting the the right person my home loan purpose. It helps for the good position in a right time. They are not involved much but even though they chose me the right bank. So, without looking into other possible i straight way i have gone with bankbazaar. I can choose the right bank without any mental tension.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2018
    • Indiabulls Home Loan
      "100% supporive and Guidance from Indiabulls"
      0.5 4.5/5 "Excellent!"
      I have not gone through the interest rates and processing fee compare to the other banks. I'm trusting that they will given less interest rates according to the market rate. The people who are working with Indiabulls are very supportive and helpful. The one who is looking for the property they are very helpful from the registration. I have got the loan on time as per committed date. The team was very co-operative. I don't have any suggestion to improve wise that.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Good Services"
      0.5 4.5/5 "Excellent!"
      Bankbazzar is more convenience. Honestly i have never scrolled the most of the pages. First i have purchased a health insurance from bankbazaar website. It is been 3 years i have been using the website. This is my 2nd transaction with the bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • Sundaram BNP Paribas Home Finance Limited Home Loan
      "It takes time but you will get loan"
      0.5 3.5/5 "Pretty good"
      It took 1.5 months to get the loan. Actually they said it is zero processing fee. But they have charged me around Rs. 40000. I'm expected that some charges but not around 50K. The people are very friendly who is working over there. I have applied a balance transfer of Rs. 43 lakhs and the top up of Rs. 7 lakhs. Interest rate is 8.13% whatever they have originally agreed. The process is too lengthy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • Tata capital Home Loan
      "So far so Good"
      0.5 2.5/5 "Just OK"
      Whenever the interest fluctuation, they wont inform me. Whenever I'm going to do for balance transfer, that time they will reduce the interest rates. I'm paying the EMI of Rs. 37000 per month. I have applied the loan amount of Rs. 34 lakhs but i have received the amount of Rs. 24 lakhs. I'm not much aware of the interest rates. The processing is fee little bit high.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "All the option available under one stop"
      0.5 5.0/5 "Blown Away!"
      They send me the voucher whatever the have promised. I have never tried withe Amazon. I have not seen the website so keen. I'm using the bankbazaar website for 1time for the home loan because whenever I'm looking for the loan i saw the bankbazaar advertisement in online. I really never used this for a long time. The processing a home loan experience was awesome. There doing a good job as per my experience.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 14, 2018
    • Punjab National Bank Home Loan
      "Good Customer Service"
      0.5 4.0/5 "Great!"
      Unfortunately i have not say the exact amount. When i process for the loan they said Rs. 8000 for Processing fee. I have got a longer tenure. Overall, I'm happy about the services. I never had to go their office for a loan. The processing was quick. I have got a loan within 12 days. They have inform all the charges to the customer. They have charged me around Rs. 3500 for application fee.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Keep up the Good work"
      0.5 5.0/5 "Blown Away!"
      The customer care services of Bankbazaar follow up me on regular basis. Varieties of products list is comprehensive which is good. I have been seeing the website for 1 year. I have started using recently. For any kind of financial kind of information i will use bankbazaar website. Whenever i'm searching the financial products the bankbazaar page will come in a first place.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2018
    • HDFC Limited Home Loan
      "Easy to get loan from HDFC"
      0.5 5.0/5 "Blown Away!"
      The Overall Home loan experience is good. I have taken a home loan amount of Rs. 27 Lakhs. I'm paying the EMI of Rs. 25000. I have opted the tenure of 25 years. They are offering a 8.5% interest rates but for me they charged me 9.5%. For the processing fee they charged me around 30K. Within a month i have got my loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Great Experience with Bankbazaar"
      0.5 5.0/5 "Blown Away!"
      They have informed every step of my Home loan process. I have received all the details via SMS and mails. Thanks for helping me to get home loan. But banking people not giving any proper intimation about home loan. I just find out bankbazaar through google search. When i searching for the home loan from that I'm using bankbazaar website. Maximum its been 2months. From the bankbazaar side, i don't have any issues so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Punjab National Bank Home Loan
      "My bad luck thas the reason i have selected PNB."
      0.5 1.0/5 "Really Bad"
      They have not informed me about the EMI charges and other service charges. Now the loan is processed through client till date. I have not got the loan because of the registration has not done but EMI has started without any prior intimation to me. If have informed all things before to me, it would be fine. I have sent mail to the concern team but no action taken on that. Their is no proper communication from the PNB housing team.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Its been a Good Service from Bankbazaar"
      0.5 4.0/5 "Great!"
      I don't face any issue while i have applied the home loan with bankbazaar. This is the 1st time I've used bankbazaar website. I have got the Amazon Gift voucher after my home loan approval. I'm using Bankbazaar website for past 2 months. Everything is fine with Bankbazaar
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 14, 2018
    • ICICI Bank Home Loan
      "Good Services from ICICI for Home loan"
      0.5 5.0/5 "Blown Away!"
      The Processing fee is very much comfortable with ICICI Bank. Overall, the documentation process is good. I got the loan in the stipulated time like within 1 week. They have offered a interest rate of 8.50%. They have charged me around Rs. 5000 as processing fee. I have got hassle free services from ICICI bank.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 14, 2018
    • ICICI Bank Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken home loan from the Icici bank . Documentation and approval took 20 days . As am not satisfied with the rate of interest which is high . They have processing fees cartages which is quiet nominal one. They gave tenure period of 20 years which gets auto debited from bank. Their customer service and response is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 14, 2018
    • Bank of India Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with BANK OF INDIA 6 years back. The loan amount was 9,80,000 and the interest rate was satisfactory . The tenure period was 20 years .The process was very fast and easy . The customer service and responses was amazing . They haves sanctioned the loan with the committed time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • DHFL Home Loan
      "Not Satisfactory"
      0.5 2.0/5 "Expected more"
      It has been almost an year i have taken this home loan, the experience with them has not been good. There has not been a proper guidance given by them during th process where they did not explain me about the floating and fixed interest rate. And also the process has taken more time than usual and the loan amount has not been satisfactory.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2018
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