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  • NRI Home Loan

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  • 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.
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    Comparison of NRI Home Loans for all Banks

    Banks Interest Rates
    SBI NRI Home Loan
    • 8.60% p.a. to 9.30% p.a. (term loan)
    • 8.65% p.a. to 9.45% p.a. (Maxgain)
    Bank of Baroda NRI Home Loan Starts from 8.65% p.a.
    PNB Housing Finance Limited NRI Home Loan 10.10% p.a. to 13.50% p.a.
    Axis Bank NRI Home Loan Starts from 8.90% p.a.
    HDFC NRI Home Loan 8.70% p.a.to 9.50% p.a.
    Canara Bank Home Loan for NRIs Starts from 8.70% p.a.
    Federal Bank NRI Housing Loan Starts from 8.75% p.a.
    Andhra Bank Housing Loan Scheme to NRIs Starts from 1-Year-MCLR + 0.05% p.a.
    Bank of India Star Home Loan Starts from 1-Year-MCLR + 0.15 %
    Indian Overseas Bank NRI Home Loan Starts from 8.70% p.a.
    Indiabulls Home Loan for NRIs 8.80% p.a. to 12.00% p.a.

    *MCLR = Marginal Cost of Funds-based Lending Rate)

    BOI Star Home Loan – Best Long-term Home Loan for NRIs

    Key Highlights
    • 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 concession for women applicants
    Interest Rate Loan Amount Tenure Foreclosure/Prepayment Charges Processing Fee EMI
    8.85% p.a. onwards Rs.30 lakh 25 years Nil 0.25% Rs.24,868

    SBI NRI Home Loan – Best Low Interest Rate NRI Home Loan

    Key Highlights
    • 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
    • Interest rate concession for women applicants
    • Processing fee waived till May 31
    Interest Rate Loan Amount Tenure Foreclosure/Prepayment Charges Processing Fee EMI
    8.60% p.a. onwards Rs.30 lakh 25 years Nil 0.35% Rs.24,359

    HDFC NRI Home Loan – Best NRI Home Loan for Women

    Key Highlights
    • Interest rate concession for women
    • Minimal paperwork
    • Home Loan Services available in the country you reside
    • Property Search Advisory Services available
    Interest Rate Loan Amount Tenure Foreclosure/Prepayment Charges Processing Fee EMI
    Starts from 8.70% p.a. Rs.30 lakh 25 years 2% 1.25% Rs.24,562

    Axis Bank NRI Home Loan — Best NRI Home Loan for Salaried Individuals

    Key Highlights
    • Competitive interest rates
    • Minimal processing fees
    • Repayment tenure of up to 25 years
    • Minimal documentation required
    Interest Rate Loan Amount Tenure Foreclosure/Prepayment Charges Processing Fee EMI
    Starts from 8.90% p.a. Rs.30 lakh 25 years Nil (floating rate loan) 2% (fixed rate loan) 1% Rs.24,971

    PNB Housing Finance Ltd NRI Home Loan – Best NRI Home Loan for Self-employed/Businessman

    Key Highlights
    • Attractive interest rates
    • Multiple repayment options
    • Hassle-free documentation and quick disbursal
    • Robust service delivery model
    Interest Rate Loan Amount Tenure Foreclosure/Prepayment Charges Processing Fee EMI
    10.30% p.a. onwards for self-employed. Rs.30 lakh 25 years - - Rs.27,898

    IOB NRI Home Loan – Best NRI Home Loan for Construction and Renovation

    Key Highlights
    • Competitive interest rates
    • Loans available for construction, purchase, and renovation
    • Flexible repayment tenures
    • High margin of financing
    • Hassle-free documentation process

    For Construction

    Interest Rate Loan Amount Tenure Foreclosure/Prepayment Charges Processing Fee EMI
    Starts from 8.70% p.a. Rs.20 lakh 15 years - 0.50% Rs.19,930

    For Renovation

    Interest Rate Loan Amount Tenure Foreclosure/Prepayment Charges Processing Fee EMI >
    Starts from 8.70% p.a. Rs.1 lakh 1 year - 0.50% Rs.8,731

    Other Fees and Charges

    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

    Eligibility

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

    Documentation 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

    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

    FAQ’s

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

    Of course, you can. Actually, it’s 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?

    • 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

    • 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
      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? 5
      , 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? 8
      , 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? 1
      , mumbai
      Reviewed on Sep 29, 2014
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