NRIs can avail home loans in India on any residential property or plots purchase and constructing house with attractive NRI home loans interest rates and fee options. Availing the NRI home loan in India through Loanzzones is easy with an online Home Loan application process and quick turnaround time
Applicant staying abroad can give power of Attorney to any family member or friends they trust. Power of Attorney (POA) will allow applicant to grant another person the power to make decisions pertaining to your property.
If NRI applicant want to pre-close a home loan by making a lump sum payment towards part/full payment many Banks offer pre-close with applicable charges.
NRI Home Loan can be availed
– For purchasing a house or apartment, constructed or to-be-built in India
– For self-constructing a home on a plot in India
– For renovating or improving an existing property in India
– For financing for the purchase of a plot in India
Who are considered under NRI Home Loan?
| Eligibility Criteria | Salaried or Self-Employed |
| Work Experience | Minimum 2 years of work experience in present company |
| Age Criteria | Minimum: 18 years Maximum: 60 years/retirement age |
| Loan Tenure | Up to 30 years |
| Loan Amount | Depends on the borrower’s profile |
| Interest Rate | 8.70% onwards |
| Prepayment Charges | Nil to maximum of 2% |
| Late Payment Charges | 1% to 3% |
| Nationality | Indian |
| Resident Type | Non-Resident Indians (NRI) or Persons of Indian Origin (PIOs) |
Documents Required
| Banks Provide Home Loan for NRIs | Interest Rate | Processing Fee |
| SBI | 7.95% p.a. onward | Up to 0.25% of the loan amount |
| HDFC Bank | 8.00% p.a. onwards | Up to 1.25% of the loan amount or ₹3,000 whichever is higher+applicable tax |
| ICICI Bank | 8.95% p.a. onwards | 0.5% of the loan amount + applicable Service Tax and Surcharge |
| Axis Bank | 8.80% p.a. onwards | Up to 1% of the loan amount subject to a minimum of Rs.10,000/- |
| LIC Housing Finance | 8.70% p.a. onwards | As applicable from time to time |
| DHFL Housing Finance | 10.00% p.a. onwards | Upto Rs. 5,000 + document charges + Applicable GST |
| Bank of Baroda | 8.10% p.a. onwards | 1% of loan amount (minimum Rs.7500) with maximum Rs.1,50,000/- |
| Kotak Mahindra Bank | 8.90% p.a. onwards | Nil (floating) & up to 1.25 (Fixed) |
| Indiabulls Housing Finance | 8.80% p.a. onwards | 0.50 to up to Rs. 10,000 |
| Canara Bank | 8.35% p.a. onwards | 0.10% subject to a minimum of Rs. 500 and maximum of Rs. 10,000 |
