A "low interest" loan shouldn't mean you have very little interest in paying it back!
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.
| Banks | Interest Rates |
| SBI | 7.55% - 8.05%. |
| Bank of Baroda | Contact the bank |
| PNB Housing Finance Limited | 8.24% - 11.15% |
| Axis Bank | 9.9% p.a. onwards. |
| HDFC Ltd. | Contact the bank |
| Canara Bank | 7.35% p.a. onwards |
| Federal Bank | 9.55% p.a. onwards. |
| Bank of India Star Pravasi Home Loan | Contact the bank. |
| Indian Overseas Bank | 7.05% p.a. onwards. |
| Indiabulls | 7.60% onwards. |
Compare: Today's Home Loan Interest Rate
| Interest Rate | Contact the bank |
| Loan Amount | Rs.30 lakh |
| Tenure | 25 years |
| Foreclosure/Prepayment Charges | Nil |
| Processing Fee | 0.25% |
| EMI | Rs.21,012 |
| Interest Rate | 7.55% to 8.05% p.a. |
| Loan Amount | Rs.30 lakh |
| Tenure | 25 years |
| Foreclosure/Prepayment Charges | Nil |
| Processing Fee | 0.35% |
| EMI | Rs.21,012 |
| Interest Rate | Contact the bank |
| Loan Amount | Rs.30 lakh |
| Tenure | 25 years |
| Foreclosure/Prepayment Charges | 2% |
| Processing Fee | 1.25% |
| EMI | Rs.21,012 |
| Interest Rate | Starts from 9.9% 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 |
| Interest Rate | 8.24% p.a. onwards |
| Loan Amount | Rs.30 lakh |
| Tenure | 25 years |
| Foreclosure/Prepayment Charges | - |
| Processing Fee | - |
| EMI | Rs.26,734 |
| 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 |
| 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 |
| Age | 18 to 70 years |
| Type of Employment | Salaried or Self-employed |
| Nationality | NRI |
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.
| 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 |
| Identity proof | Aadhar card, voter ID, passport, or valid Visa copy |
| Income proof | Income Tax Returns along with details of your business 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 |
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.
You can repay the loan through normal banking channels like NRE and NRO accounts.
The loan tenure may differ from bank to bank. However, most banks offer loans for a tenure of up to 30 years.
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.
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.
No, you have to stay more than a year and show your overseas employment or business details for the same to get the 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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