Loan Help

Eligible NRI Categories

• Indian citizens residing abroad for employment, business, or any indefinite purpose.
• Government employees posted abroad with Indian missions, drawing salaries from Government resources.
• Officials deputed abroad with foreign governments or agencies like the World Bank, IMF, WHO, and ESCAP.
• State Government or PSU officials on temporary assignments abroad.

Home Loan Uses

Home loans are available for various purposes, including the purchase of new or resale residential properties and the construction of new houses or flats. You can also get a loan for home improvement, extension, or renovation.

Eligibility Criteria

• Age: The minimum age to qualify for a loan is typically 21 years.
• Education: A graduate degree is a common requirement.
• Employment: You must be a salaried or self-employed individual with a steady income abroad. Most lenders require a minimum of three years of overseas work experience.
• Income: Minimum income requirements vary, but a stable income is always evaluated.
• Co-applicants: You can apply individually or with co-applicants, who can be your spouse, parents, or major children. All co-owners of a property must be co-applicants.

Loan Terms

• Loan Amount: Lenders typically provide a loan amount between 75% and 90% of the property cost. The loan amount depends on your income and the value of the property.
• Loan Tenure: You can opt for a loan period of up to 20 to 30 years, depending on the lender and your profile.
• Interest Rates: NRIs should expect slightly higher interest rates compared to resident Indians, as they are considered higher-risk borrowers.

RBI Directives

• Repayment of NRI home loans must be made through Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts.
• The repayment of the loan can also be made through international money transfers from overseas.

Required Documents

NRIs need to furnish additional documents compared to resident Indians. These include:

• Identity & Status Proof: Valid passport and visa copies. A valid work permit is also required. If you are a PIO or OCI, a valid card is needed.
• Income Proof: Latest salary slips, bank statements (NRE/NRO and overseas), and income tax returns.
• Employment Proof: Appointment or employment letters, work contracts, or Continuous Discharge Certificate (for those in the Merchant Navy).
• Property Documents: Allotment letter, buyer agreement, and title deeds. Approved building plans and other required clearance certificates are also necessary.
• Power of Attorney (POA): It is desirable to appoint a relative as a POA holder to act on your behalf in India.