A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • NRI Home Loans is Rated as "Just OK" by 6 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    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.

    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 of Baroda Home Loan
      "Worst bank ever"
      0.5 0.5/5 "Unacceptable"
      I took a NRI home loan from Ambawadi Branch, Ahmedabad. can't even handle local, BOB is not even eligible to be a local bank forget about international. I have NRI home loan and savings account with them. First of all they told us they can do all paperwork in 15 days it took over a month for them to do everything. after the loan is done. it is impossible to get hold of anyone who can answer your question over the phone. they cut the phone or never pick up, never answer any email ever. really Frustrating. So beware before you open account here or take a loan. go somewhere else
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Feb 15, 2017
    • HDFC Limited Home Loan
      "Worst Customer experience -very disappointed - Don't take it"
      0.5 0.5/5 "Unacceptable"
      I took NRI loan from HDFC in London. Their staff are pretty rude and unresponsive. They are worst than SBI. They have hidden quite a number of things - e.g., whenever i gave a cheque in London office for prepayment, they send the cheque to India and only the date when they receive the cheque in India is considered as payment date. For one of my prepayment, they took almost 10 days against their SLA of 5 days. And the worst part is that they charged simple interest for that. One time, they calculated wrong EMI and sent to the bank for processing. It bounced because of lack of funds and several charges were levied. I am chasing bank for 3 months for their mistakes but I am not getting enough response. Worst experience. Overall, I feel that they hide a lot of facts and try to take as much money as possible from thecustomers.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Aug 09, 2016
    • HDFC Limited Home Loan
      "Fraud HDFC"
      0.5 0.5/5 "Unacceptable"
      I took NRI loan. It's a big mistake. I should never have taken. The staff are rude. There are many hidden charges. They hide simple interest charges of prepayment. They accept prepayment cheques in London on a certain date (X) and they take 10 days to send the cheques to Delhi. So, you will get charged 10 days of extra simple interest. The communication of the staff is extremely poor. They won't say any details of hidden charges. If they overcharge by mistake, they take ages(even months) to even start acknowledging the problem. I wouldn't recommend thinking of HDFC when you avail NRI loans. Highly fraudulent institution. I had SBI loan in the past. I think they are much better.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Aug 02, 2016
    • Kotak Home Loan
      "Best for home loan.."
      0.5 5.0/5 "Blown Away!"
      Without any payslips they approved the home loan. For NRI customers banks are offering up to 24% of rate but here in Kotak Mahindra bank they offered me like 9%. Kotak was happily processed the loan. For NRI customers Kotak will be best option for loans.
      Was this review helpful? 5
      , bangalore
      Reviewed on Dec 15, 2015
    • Indiabulls Home Loan
      "Customized home loan for NRI"
      0.5 3.0/5 "Satisfactory"
      I had no idea about a different home loan schemes for NRIs until a colleague advised to me check the various NRI home loan schemes for the NRIs. The loan officer at IBHFL assessed my financial credential and based on my needs offered me a customized home loan plan. I am glad that the EMI is affordable also the repayment option is quite flexible.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 29, 2014
    • Bank Bazaar Home Loan
      "Review number: 4538"
      0.5 5.0/5 "Blown Away!"
      Its been great experience with bankbazaar.com. They are fast, warm, quick responsive. I opted for NRI home loan. When my loan approved from HDFC LTD, bankbazaar.com contacted me in order to receive bonus check. ( Although I was not sure about bonus check as my disbursement delayed by few days and I thought I may not get bonus check by bankbazaar ).But they surprised me by sending check to my address.Great Experience & since I got cheapest loan offer I must say 'Most Economical Experience'.
      Was this review helpful? 0
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