How to get a NRI home loan?

Now, there is such a thing as an NRI loan. The only difference between a normal loan and an NRI loan is that an NRI loan is provided to NRIs living outside of India. NRIs can apply for business and house loans in India. Many NRIs now-a-days are working to purchase property in India so that they can have a piece of the growing real estate market. They take out home loans in order to purchase the property that they want and then wait and sell it for profits later.  When you walk into a bank in India, there are officers there that specialize in helping only NRIs to get a loan. There are also real estate areas just for NRIs in places like Delhi and Mumbai.

Most of the banks will help you to buy businesses, apartment flats, resorts, and luxuary villas. If you are an NRI that is trying to apply for a loan in India, you must:

–         Be at least 21YOA

–         Be no older than 65YOA

–         You must have lived outside of India for at least 1 year or if you own a business, you must have lived outside of India for at least 3 years.

The best way to go about it for NRIs now is to buy a property/flat and rent it out so that the payment for the rent can be put towards your repayment for your loan that you took out.  In order to apply for a loan, you will need to small passports size photos and the initial application. Generally, the interest rates for NRIs are around 11% to 15% per year. There is generally a larger down payment that is needed for an NRI housing loan.

The amount of loan given to an NRI varies with each person. The bank will look at a person’s age and income to decide the amount that they are willing to give. They will give you up to ten years to pay back the loan in most cases.

The documents that you will later need to provide to the bank include: all housing documents and receipts for everything that you buy, copy of your employment records, and a proof of Identity.

Now that you know all about NRI loans, it is time to get started. There are some steps you have to take in order to be prepared so that the process goes more smoothly. The first step you will have to take would be to obtain your PAN card. Every NRI applying for a loan is required to state there Permanent Account Number (PAN). You can get one while staying abroad outside of India, you just need to visit a good broker. An example of one would be:


If you go through the broker mentioned above for PAN card, they can help you with the next steps too. The process is simplified through them.