Home Loan Process - NRI

NRI's are eligible to apply / avail financial assistance, in the form of home loans, for purchase of residential property in India. Most of the financial institutions like HDFC, LIC housing or most nationalized or private banks offer home loans for NRI's.

Loan features are no different from what is offered to resident indians, but, documents and eligibility may differ.

Here a brief checklist from most of the banks;

  • The applicant must be an Indian passport holder
  • Banks fund up-to 85% of the property cost.
  • Loan eligibility depends on the repayment capacity, which considers the number of dependents, income, age and other income.
  • Repayment period is usually 15 years with an exemption of a few banks which goes up-to 20 years.
  • The security for the loan would be the mortgage of the property financed, you will have to deposit the original title deeds of the property to the bank.
  • If you are salaried, you should be working for at least a year overseas.
  • If you are self employed, you should be overseas for at least for 3 years.
  • Local guarantors may be required for a few cases.
  • You will need to have a power of attorney done before you apply for a home loan.

Checklist of Documents:

  • Application with photograph
  • Employment letter
  • Pay Stubs
  • Passport details
  • Visa details
  • Overseas bank account statements
  • Address proof
  • NRE/NRO accounts in India
  • A credit bureau report from your overseas country
  • Property related documents
  • Cheque or DD for processing fee.