Introduction
Many non-resident Indians (NRIs) have always a dream to own property in their home country. To this end, most Indian banks and NBFCs that deal in home loans have been designing specific home loan products such as the NRI salaried home loan.
NRI Home Salaried Loans Benefits
NRI home loans come with several benefits designed to make the process of purchasing property in India smoother and more convenient:
Interest Rates: While several factors may be considered as facilitating NRIs’ access to housing loans, a major one is the ability to compete for interest rates that are affordable for home ownership in India.
Repayment Options: There are several repayment methods, which cater to the flexibility afforded to borrowers by empowering money through EMIs and bullet repayments as per one’s financial capacity of the cardholder, who is an NRI.
Advisory Services: Almost all the banks engage themselves in providing home loan advisory services which include property search consultants, legal and technical consultants, and information on project by the developers.
Convenience: NRIs can go for home loans online with the loans being disbursed with the help of a Power of Attorney (POA) holder, no visit to India required
Options for Loans / Banks / NBFCs
| Banks /Nbfc | R.O.I | Processing Fees | Loan
Amount |
Cibil Score | Apply Now |
| HDFC Bank Home Loans | 8.55% – 10% (Reducing Per Annumn) | 0.5% – 1% | 5.00 Lacs and above | 650 or above | https://referloan.in/loans/hdfc-bank-home-loan |
| Kotak Bank Home Loan | 8.85% – 10% (Reducing Per Annum) | 0% – 0.25% | 20.00 Lacs and above | 700 or above | https://referloan.in/loans/kotal-bank-home-loan |
| Bank of India Home Loan | 8.6% – 10.75% (Reducing Per Annumn) | 0.5% – Rs.10000 | 10.00 Lacs and above | 675 or above | https://referloan.in/loans/bank-of-india-home-loan |
| Canara Bank Home Loan | 9.35% – 13.8% (Reducing Per Annumn) | 0% – 0% | 10.00 Lacs and above | 675 or above | https://referloan.in/loans/canara-bank-home-loan |
| Aavas Housing Home Loan | 10% – 18% (Reducing Per Annum) | 1% – 1.5% | 25.00 Lacs – 5.00 cr | 650 or above | https://referloan.in/loans/aavas-bank-home-loan |
| Bajaj Housing Finance Home Loan | 8.55% – 10% (Reducing Per Annum) | 0.2% – 0.5% | 5.00 Lacs – 75.00 cr | 650 or above | https://referloan.in/home-loan/bajaj-housing-finance |
| PNB Housing Home Loan | 8.85% – 14% (Reducing Per Annum) | 0.25% – 0.5% | 5.00 Lacs – 20.00 cr | 625 or above | https://referloan.in/loans/pnb-hfl-loan-home-loan |
| Shri Ram Housing Finance Home Loan | 11.6% – 13% (Reducing Per Annum) | 1% – 1.25% | 10.00 Lacs – 1.00 cr | 650 or above | https://referloan.in/loans/shri-ram-housing-finance-home-loan |
| We Rize Home Loan | 10.1% – 18% (Reducing Per Annum) | 0.5% – 1% | 5.00 Lacs – 75.00 Lacs | 650 or above | https://referloan.in/loans/we-rize-home-loan |
| Mahindra Finance Home Loan | 9.1% – 15% (Reducing Per Annum) | 1% – 3% | 3.00 Lacs – 75.00 Lacs | 650 or above | https://referloan.in/loans/mahindra-finance-home-loan |
| L & T Finance Services Bank Home Loan | 8.6% – 9.5% (Reducing Per Annum) | 0.25% – Rs.10000 | 30.00 Lacs – 3.00 cr | 650 or above | https://referloan.in/lnt-financials-services-home-loan |
| Tata Capital Home Loan | 8.7% – 11% (Reducing Per Annum) | 0.2% – 0.5% | 30.00 Lacs – 7.00 cr | 750 or above | https://referloan.in/loans/tata-capital-home-loan |
| Aditya Birla Home Loan | 9% – 11% (Reducing Per Annum) | 0.5% – 1% | 25.00 Lacs – 25.00 cr | 675 or above | https://referloan.in/loans/aditya-birla-home-loan |
| Piramal Finance Home Loan | 10.6% – 14% (Reducing Per Annum) | 1% – 1.5% | 30.00 Lacs – 5.00 cr | 650 or above | https://referloan.in/loans/piramal-finance-home-loan |
| Hero Housing Home Loan | 10.1% – 11% (Reducing Per Annum) | 0.5% – 1% | 20.00 Lacs – 5.00 cr | 650 or above | https://referloan.in/loans/hero-housing-home-loan |
| Indiabulls Finance Home loan | 9.5% – 10% (Reducing Per Annum) | 1% – 1.5% | 20.00 Lacs – 5.00 cr | 675 or above | https://referloan.in/loans/indiabulls-finance-home-loan |
| IDFC Bank Home Loan | 8.95% – 9.25% (Reducing Per Annum) | 1% – 1.5% | 10.00 Lacs – 5.00 cr | 680 or above | https://referloan.in/loans/idfc-bank-home-loan |
| ICICI Bank Home Loan | 8.7% – 10% (Reducing Per Annum) | 0.25% – 0.5% | 50.00 Lacs and above | 700 or above | https://referloan.in/loans/icici-bank-home-loan |
| Axis Bank (Asha Home Loan) | 10% – 14% (Reducing Per Annum) | 0.5% – 1% | 5.00 Lacs – 1.00 cr | 700 or above | https://referloan.in/loans/axis-bank-asha-home-loan |
| Yes Bank Home Loan | 10% – 11% (Reducing Per Annum) | 0.25% – 1% | 50.00 Lacs – 10.00 cr | 700 or above | https://referloan.in/loans/yes-bank-home-loan |
| Standard Chartered Home Loan | 8.6% – 10% (Reducing Per Annum) | 0.5% – 1% | 25.00 Lacs – 25.00 cr | 700 or above | https://referloan.in/loans/standard-chartered-home-loan |
| Yes Bank Home Loan (Small Segment) | 10% – 11% (Reducing Per Annumn) | 1% – 1.25% | 5.00 Lacs – 3.00 cr | 680 or above | https://referloan.in/loans/yes-bank-home-loan-small-segment |
| DCB Bank Home Loan | 9.85% – 14% (Reducing Per Annum) | 0.5% – 1% | 30.00 Lacs – 3.00 cr | 650 or above | https://referloan.in/loans/dcb-bank-home-loan |
| SBI Bank Home Loan | 8.6% – 10.4% (Reducing Per Annum) | 0% – Rs.10000 | 10.00 Lacs and above | 650 or above | https://referloan.in/loans/sbi-home-loan |
| Central Bank of India Home Loan | 8.6% – 10.4% (Reducing Per Annum) | 0% – Rs.20000 | 10.00 Lacs and above | 700 or above | https://referloan.in/loans/central-bank-home-loan |
General Eligibility and Document Required for This Type of Loan
Eligibility
-
- Resident status: The Applicant has to be an NRI, PIO, OCI
- Age: Age between 21 years by 65 years of age.
- Employment:Minimum overseas experience required is six months and total work experience as minimum of two years.
- Income:This depends on which country it is, and the minimum net monthly income is as follows. For instance, in the GCC countries it was AED 6000 and other countries including the United States of America it was USD 3500.
Net Monthly Income
- For GCC Countries – AED 6000 – p.m. (or equivalent)
- Other Countries & USA – USD 3500 -p.m. (or equivalent)
- For Merchant Navy – USD 2500 p.m. (9 months CDC subject to avg. of 2 years)
Documents Required:
-
- Proof of Identity: PAN card, Aadhaar card.
- Address Proof: any utility bill or rent agreement.
- Business Proof: Registration certificate, the business license.
- Bank Statements, Bank Statement, Income Tax Return and Profit Loss A/c
- Other documents : visa copy, oic card Person of Indian origin (PIO)
How Referloan Can Help
ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients as per the need.
This is how ReferLoan can help!
- Tailored Loan Option:Customised home loans that healthy your monetary state of affairs, with aggressive interest fees designed for salaried people.
- Documentation:The procedure of focussing on your perfect domestic could be made less complicated with trouble-free office work and steerage at sure points.
- Fast Approvals: Quick approval approaches ensure you don’t need to wait long to steady your loan.
- Payback Plans:Quick approval strategies assure which you may not should wait a prolonged time to get your loan accredited
Frequently Questions
- Which categories of people are allowed to borrow for NRI home loan?
The NRIs, PIOs, and OCIs who draw their income through a regular salary and fulfill the standard benchmark set by the concerned lender regarding home loan eligibility in India are allowed to apply for home loans for NRIs.
- What is necessary from the applicant that has to be presented while going for NRI home loan?
- Work contract and pay stub
- Income tax returns & bank statements – foreign & Indian.
- Other official document – overseas address proof/India address proof
- Power of attorney in case it is needed.
- Is it anyhow possible for an NRI to get a joint home loan?
Yes, NRIs can take a joint housing loan along with family member perhaps spouse or parents in India or themselves being an NRI.