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

    NRI Home Loans are available with lowest interest rate starting from 6.85% p.a. You can take an NRI housing loan 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.

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    NRI Home Loan Interest Rate May 2021

    Banks Interest Rates
    SBI 6.90% - 7.50% p.a.
    Bank of Baroda 6.85% - 7.20% p.a.
    PNB Housing Finance Limited 7.50% - 9.70% p.a.
    Axis Bank 6.90% - 8.55% p.a.
    HDFC Ltd. 6.90% - 8.00% p.a.
    Canara Bank 6.90% - 8.90% p.a.
    Federal Bank 7.90% - 8.05% p.a.
    Bank of India Star Pravasi Home Loan 6.90% onwards
    Indian Overseas Bank 7.05% - 7.30% p.a.
    Indiabulls 8.99% p.a.
    ICICI NRI Home loan 6.90% - 8.05% p.a.

    Compare: Today's Home Loan Interest Rate

    1. BOI Star Pravasi Home Loan:
      • Loans available for both salaried and self-employed individuals
      • Flexible repayment option of up to 30 years
      • High margin of financing of up to Rs.5 crore
      • Attractive rate of interest
      Interest Rate 6.90% p.a. onwards
      Loan Amount Rs.30 lakh
      Tenure 25 years
      Foreclosure/Prepayment Charges Nil
      Processing Fee 0.25%
      EMI Rs.21,012
    2. SBI NRI Home Loan
      • Low interest rates
      • Loans available for both salaried and self-employed individuals
      • No hidden charges
      • No prepayment penalties
      • Repayment tenure of up to 30 years
      • Processing fee waived till May 31
      Interest Rate 6.90% to 7.50% p.a.
      Loan Amount Rs.30 lakh
      Tenure 25 years
      Foreclosure/Prepayment Charges Nil
      Processing Fee 0.35%
      EMI Rs.21,012
    3. HDFC NRI Home Loan
      • Minimal paperwork
      • Home Loan Services available in the country you reside
      • Property Search Advisory Services available
      Interest Rate Starts from 6.90% p.a.
      Loan Amount Rs.30 lakh
      Tenure 25 years
      Foreclosure/Prepayment Charges 2%
      Processing Fee 1.25%
      EMI Rs.21,012
    4. Axis Bank NRI Home Loan
      • Competitive interest rates
      • Minimal processing fees
      • Repayment tenure of up to 25 years
      • Minimal documentation required
      Interest Rate Starts from 6.90% p.a.
      Loan Amount Rs.30 lakh
      Tenure 25 years
      Foreclosure/Prepayment Charges Nil (floating rate loan) 2% (fixed rate loan)
      Processing Fee 1%
      EMI Rs.21,012
    5. PNB Housing Finance Limited NRI Home Loan
      • Attractive interest rates
      • Multiple repayment options
      • Hassle-free documentation and quick disbursal
      • Robust service delivery model
      Interest Rate 7.50% p.a. onwards
      Loan Amount Rs.30 lakh
      Tenure 25 years
      Foreclosure/Prepayment Charges -
      Processing Fee -
      EMI Rs.26,734
    6. ICICI NRI Home loan
      • Repayment tenure of up to 30 years
      • Specifically designed for NRIs looking to purchase or construct a house/property
      • Minimum income of 26,000 USD for Merchant Navy employees and 42,000 USD and 84,000 AED for others
      Interest Rate 6.90% p.a. onwards
      Loan Amount Rs.5 crore
      Tenure 30 years
      Foreclosure/Prepayment Charges 0% - 4%
      Processing Fee 0.50% - 2%
      EMI Rs.19,758
    7. IOB NRI Home Loan
      • Competitive interest rates
      • Loans available for construction, purchase, and renovation
      • Flexible repayment tenures
      • High margin of financing
      • Hassle-free documentation process
      Interest Rate 7.05% p.a. onwards
      Loan Amount Rs.15 lakh
      Tenure 15 years
      Foreclosure/Prepayment Charges 0% - 2%
      Processing Fee 0.50%
      EMI Rs.13,524

    Other Fees and Charges for NRI's

    Processing Fee Up to 2% of the loan amount
    Foreclosure Charges Up to 4% of the total outstanding
    Loan Conversion Fees As per the bank’s discretion
    Cheque Return Charges Up to Rs.500 per instance
    Duplicate Statement Issuance Charges Up to Rs.250 per instance
    Title Documents Photocopy Issuance Charges Up to Rs.250 per instance
    Duplicate NOC Issuance Charges Up to Rs.500 per instance
    Credit Report Issuance Charges Up to Rs.50 per instance

    NRI Home Loan Eligibility

    Age 18 to 70 years
    Type of Employment Salaried or Self-employed
    Nationality NRI

    NRI Home Loan Eligibility Calculator

    Your home loan eligibility depends on various factors like your monthly income, current age, credit score, fixed monthly financial obligations, credit history, retirement age, etc. NRI Home Loan Eligibility Calculator helps you figure out how much loan you can get from a bank based on the mentioned parameters. The online tool is easy to use and hassle-free. All you need to do is enter the details as required. With just one click you will get to know how much loan you are eligible for.

    NRI Home Loan Documents Required For salaried applicants

    Identity proof Valid passport or Visa card
    Income proof Latest 3 months’ salary slips
    Last 6 months’ bank statements
    Latest Form 16 and IT returns
    Appointment or contract letter
    POA details
    6 months’ Domestic NRE/NRO account statements
    Property-related papers Copy of the buyer agreement and receipt of the payment made to the builder (for new homes)
    Title deeds, receipt of the payment made to the builder, and copy of the agreement to sell (for resale homes)
    Title deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction)
    Other documents Employment details
    Proof of own contribution
    Last 6 month’s bank statement to show if there are any other loans
    Your and co-applicant’s passport-size photo with signature
    Processing fee cheque towards the bank

    NRI Home Loan Documents Required For self-employed applicants

    Identity proof Aadhar card, voter ID, passport, or valid Visa copy
    Income proof Income Tax Returns along with details of your businesses’ and your income for the last 3 years
    Balance sheet and profit and loss account statements for the last 3 years
    Last 6 years’ current account statements of your business and your savings account statements
    Property-related papers Copy of the buyer agreement and receipt of the payment made to the builder (for new homes)
    Title deeds, receipt of the payment made to the builder, and copy of the agreement to sell (for resale homes)
    Title deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction)
    Other documents Business profile
    Form 26 AS (latest)
    Proof of own contribution
    Partnership deed (if applicable)
    Details of your and your businesses’ ongoing loans (if any)
    Your and co-applicant’s passport-size photo with signature
    List of Directors and Shareholders of the company with shareholding details

    Tax Benefits of NRI Home Loans

    Under Section 80C of the Income Tax Act, 1961, NRIs are eligible for tax benefits on home loans if they file income tax returns in India. This tax deduction is for the interest component of the home loan and the principal component.

    If your home for which you have taken the home loan for is lying vacant in India, you can avail the following tax benefits on your home loan:

    Interest component: Deduction of up to Rs.2 lakh on the interest amount repayments

    Principal component: Deduction of up to Rs.1.5 lakh on the principal amount repayments

    If the home has been rented out, then the entire interest payable component can be claimed as a tax deduction on your home loan.

    FAQ’s

    1. Can I make a joint application for a home loan?

      Of course, you can. Actually, it is always recommended to make a joint application. It will help reduce the burden of interest on your shoulders. Also, some banks offer concession on the interest rate for women applicants.

    2. How can I repay the loan?

      You can repay the loan through normal banking channels like NRE and NRO accounts.

    3. I have been living outside India for the last 6 months. Can I take an NRI home loan?

      No, you have to stay more than a year and show your overseas employment or business details for the same to get the loan.

    4. How much of financing can I get?

      You can get financing ranging from 75% to 90% of the total property cost with NRI home financing plans. However, the final amount offered is at the sole discretion of the bank and will be based on your annual income, type of property you are planning to buy, and other such factors.

    5. What's the maximum tenure I can get?

      The loan tenure may differ from bank to bank. However, most banks offer loans for a tenure of up to 30 years.

    6. What do banks consider while sanctioning a home loan?

      Banks consider the following:

      • Your annual income
      • Number of years you have been staying overseas
      • Your business details, including the number of years it has been operational overseas
      • Your credit score
      • The type of property you are planning to purchase or construct
      • Status of existing loans
      • The co-applicant's credit score and other details
      

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    NRI Home Loan Reviews

    • HDFC Limited
      "Worst possible experience for NRI home "
      0.5 0.5/5 "Unacceptable"
      Absolutely don't go to hdfc for an NRI home loan. They are bunch of incompetent unhappy employees who don't have a clue on what they are supposed to be doing. They can't understand even a simple bank statement from a US bank. Don't waste your time. Go to one of the other Banks in India. After asking for a ton of documents and wasting 2 months of my time, I withdrew my loan application and paid the builder from my own funds. Every other day, I get an email asking to call and the person I am looking for is never available to take my call. They take a message over the photo but never call back. By far the worst bank for NRI home loans in my opinion. Funny thing is I had taken an NRI home loan from hdfc in the past and paid off the loan 5 years ahead of time. Between myself and my wife we make a decent amount of money. We own 7 independent homes in USA and 5 more in India. We get a rent of more than Rs 1 lakh in India per month which is more than enough for the EMI. Totally avoid this bank
      Was this review helpful? 19
      , hyderabad
      Reviewed on Mar 03, 2020
    • Bank of Baroda
      Bank of Baroda
      "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
      "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? 8
      , hyderabad
      Reviewed on Aug 09, 2016
    • HDFC Limited
      "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? 6
      , hyderabad
      Reviewed on Aug 02, 2016
    • Kotak
      "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? 10
      , bangalore
      Reviewed on Dec 15, 2015
    • Indiabulls
      "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? 1
      , mumbai
      Reviewed on Sep 29, 2014
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