✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50% Check Eligibility

Home Loans for NRI refer to Non-Resident Home Loans, which are custom made especially for NRIs (Non resident Indian), PIOs (Persons of Indian Origin), and OCIs (Overseas Citizenship of India) who want to purchase property in India. This includes buying residential property, land for construction of a home, and repair or renovation of an existing property. Individuals can get this loan either under the regular home loan services or through various lenders or financial institutions which offer NRI housing loans under the diversified category of home loans. The minimum rate of interest for an NRI home loan starts at 6.90% and the maximum tenure available is 30 years.

NRI Home Loan Interest Rate 2024

Here is a list of interest rates offered by various popular institutions for home loans for NRI. Compare and Apply for the best home loan for NRI in India as per the requirement -

Lender Institution

Interest Rate (p.a.)

PNB Housing Finance

6.99% - 16.50%

Union Bank of India

6.90% - 8.85%


7.10% - 7.95%


6.65% - 7.65%


7.00% - 8.10%

Axis Bank

7.00% - 7.35%

Bank of Baroda

6.90% - 8.60%

Kotak Mahindra Bank

7.00% onwards

Godrej Housing Finance

6.94% - 9.99%

Disclaimer: The borrowing rates mentioned above are subject to constant change owing to factors internal and/or external to the lender. You must always check the current prevailing interest rates before applying for a top up loan.

NRI Home Loan Benefits

There are various benefits that an NRI can enjoy along with the home loan , some of them are -

  • Interest Rates- Banks and other financial institutions offer very low and attractive interest rates which is very beneficial for the NRIs.

  • Type of Interest Rate - The NRIs get to choose the type of house loan interest rate - fixed and floating interest rate, as per their suitability.

  • Other Services - Along with the home loan fund, NRIs also get free-of-cost accident insurance till the maturity of the loan.

  • Easy Process - The procedure for availing home loan for NRI is very simple and easy. It also comes with a doorstep facility till disbursement in India.

  • You can also opt for a part-prepayment service without paying any additional charges in the NRI account for a home loan.

Fees and Charges for NRIs

Here is the list of fees and charges that an applicant has to pay during the NRI home loan procedure.



Processing Fee

2% of the loan amount

Foreclosure Charges

4% of the total amount outstanding

Cheque Return Charges

Rs. 500

Loan Conversion Fees

As per the bank’s discretion

Duplicate Statement Issuance Charges

Rs. 250


Rs. 250

Duplicate NOC Issuance Charges

Rs. 500 per instance

Credit Report Issuance Charges

Rs. 50 per instance

NRI Home Loan Eligibility

The eligibility criteria for NRI housing loan differs from lender to lender, here are some of the basic eligibility parameters -

  • The applicant must be either a Non-Resident Indian(NRI), Person of Indian Origin (PIO) or Overseas Citizen of India (OCI).

  • The minimum and maximum age of an NRI home loan applicant must be between 18 - 70 years.

  • The applicant must be either a salaried employee or a self-employed individual.

  • The credit score of the applicant must be 750 or above. The applicants with higher credit scores have a higher chance of getting an NRI home loan approved.

  • There are a few other factors like income stability, resident country, qualification, asset and liability ratio, etc. These all also play a major role in the reviewing of application of a home loan for NRI.

NRI Home Loan Eligibility Calculator

The eligibility for home loan is influenced by various factors like -

  • Monthly Income

  • Age

  • Credit Score

  • Fixed Financial Obligations

  • Credit history and behavior

  • Retirement Age

These all factors contribute to the calculation of NRI home loan eligibility. This calculator enables you to find out how much loan you can avail of. The calculator is user-friendly and works without any chaos.

To check your home loan eligibility for NRI, you need to fill in the required information like income occupational status, etc. and click on submit. The amount of loan that you can avail of as an NRI home loan will be displayed on your screen.

NRI Home Loan Documents Required for Salaried applicants

The important documents that a salaried applicant must submit along with the NRI housing loan application form are -

  • Income Proof - Salary Slips of last 3 months, Bank Statements of last 6 months, Form 16 and Income Tax returns, Appointment Letter, POA information, Domestic NRE/NRO account statements of last 6 months

  • Identity Proof - Visa Card, Valid Passport

  • Property Documents - Buyer Agreement, Payment Receipt (in case of new homes), Title Agreement (in case of resale home), Title Contract of the land (in case of new home construction)

  • Other Documents - Occupation Information, Own Contribution Proof, Documents related to existing loans, Processing fee cheque, Passport Size photograph with signature

  • Passport-size Photographs

NRI Home Loan Documents Required for Self-Employed applicants

The important documents that an NRI self-employed applicant must submit along with the application form are -

  • Identity Proof - Visa Card, Valid Passport, Voter ID, Aadhaar Card

  • Property Documents - Buyer Agreement, Payment Receipt (in case of new homes), Title Agreement (in case of resale home), Title Contract of the land (in case of new home construction)

  • Income Proof - IT Returns of last 3 years, Business Details, Balance Sheet of last 3 years, P&L of last 3 years, Bank statements of both current and savings account of last 6 years

  • Other Documents - Profile and Field of business, Latest Form 26 AS, Own Contribution Proof, Documents related to existing loans, Processing fee cheque, Passport Size photograph with signature, Partnership Agreement (if applicable), List of Directors and Shareholders

  • Passport-size Photographs

NRI Personal Guarantor Documents

In case you have an NRI Personal Guarantor on your NRI housing loan, you will also have to submit the following documents -

  • Visa Copies of the Guarantor

  • Passport Copies of the Guarantor

  • Latest income documents of the Guarantor

  • Address Proof of the Guarantor

Home Loan Balance Transfer Facility for NRIs

Home loan balance transfer facility enables NRIs with existing home loans to transfer the outstanding loan amount to another lender with a lower interest rate. This helps them in cutting down the overall cost of interest. Though it is a very beneficial facility for the borrowers, it is important to remember that before letting you transfer your NRI home loan, the new lender will conduct a comprehensive analysis regarding your credit worthiness.

Tax Benefits for NRI Home Loans

According to Section 80C of the IT Act of 1961, the NRIs who file their income tax returns in India are eligible to enjoy tax benefits on their NRI housing loans. The home loan tax deduction is for both interests as well as the principal component of the home loan.

In case the home for which you have taken an NRI home loan is vacant, you can get to enjoy the following tax benefits -


Rs. 2 lakh deduction on interest amount


Rs. 1.5 lakh deduction on the principal amount.


The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort. 

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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NRI Housing Loan FAQs

Can NRI take a home loan in India?

You can get an NRI home loan only if you have stayed in India for more than a year. You will also have to showcase the proof of your employment overseas (if a salaried employee) or business information (if self-employed).

Which bank is best for NRI home loans in India?

There are various popular and reliable banks like SBI, Bank of Baroda, PNB, Axis Bank, HDFC, Canara, etc which are trusted lenders.

What do banks consider while sanctioning an NRI home loan?

Banks consider various factors like -

  • Monthly Income

  • Age

  • Credit Score

  • Fixed Financial Obligations

  • Credit history and behavior

  • Retirement Age.

  • Foreign Nation you stayed in

  • Type of property

  • Existing Loans Status

How much home loan can I get as an NRI?

The loan amount is majorly decided by the price of the property. It can range between 75% to 90% of the property. The loan amount is also influenced by factors like your income, property type, etc.

Can I make a joint application for a home loan?

Yes, you can make a joint application for an NRI home loan. This is very beneficial as it reduces the burden of interest as well as banks also offer women concessions on interest rates.

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