Home > NRI Home Loan > Overview
From a long-term asset creation perspective, the real estate sector has emerged as the most lucrative investment opportunity for the NRIs.
FEMA allows NRIs to purchase residential properties in India. If you're staying overseas & looking to fund the purchase of a property home in India, it's easy to opt for an NRI Home Loan services from IIFL Home Loans.
As part of the home buying process, we also render expert legal and technical counselling services. Both salaried and self-employed NRIs residing in the following countries can avail of NRI housing loan in India.
Let us lend you a helping hand in making your dream come true.
Make your home loan affordable with an attractive interest rate for an NRI home loan in India
Minimum and simple documentation for faster processing of the NRI home loan
Get complete clarity on the home loan processing fees, interest rates and other charges as applicable
Indian citizens staying abroad can qualify for an NRI Home Loan in India if they meet the following NRI loan eligibility criteria:
At IIFL Home Loans, the NRI Home Loan documentation process is minimum that makes the home loan process simple and faster. To apply for the loan, you need to submit the below list of documents:
Document type | Salaried | Self-employed |
---|---|---|
Application Form and passport size photographs | Yes | Yes |
Address Proof
|
Yes | Yes |
Identity Proof
|
Yes | Yes |
Resident Power of Attorney | Yes | Yes |
KYC of Power of Attorney | Yes | Yes |
Document type | Salaried | Self-employed |
---|---|---|
Last 3 months' salary slip | Yes | Yes |
Last 3 months' salary slip | Yes | Yes |
Form 16 & IT returns | Yes | Yes |
Appointment / Increment / Contract Letter | Yes | Yes |
Servicing any existing loans, then 6 months' repayment bank statements | Yes | Yes |
Copy of Receipt/(s) of payment/(s) made to the developer (if applicable) | Yes | Yes |
Document type | Salaried | Self-employed |
---|---|---|
Latest Utility bill | Yes | Yes |
Rent agreement on Stamp Paper | Yes | Yes |
Life Insurance Policy | Yes | Yes |
Municipal or property tax receipt | Yes | Yes |
Rent agreement on Stamp Paper | Yes | Yes |
Copy of Sale Deed of the property | Yes | Yes |
Residence address Certificate | Yes | Yes |
Post office saving bank account statement | Yes | Yes |
Documents issued by Govt. departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India | Yes | Yes |
Letter from a recognised public authority or public servant verifying residence and identity | Yes | Yes |
Letter of allotment of accommodation from the employer | Yes | Yes |
Pension or family pension payment orders or PPOs issued to retired employees by PSUs, Government | Yes | Yes |
Bank statements reflecting the address of borrowers of any commercial nationalised bank | Yes | Yes |
Copy of complete chain documents of the property (as applicable) | Yes | Yes |
Copy of the Allotment Letter / Buyer Agreement | Yes | Yes |
Copy of Agreement to Sell | Yes | Yes |
NRIs can avail similar tax benefits on principal and interest components of home loans like the resident Indians. In case an NRI has a taxable income in India, he or she can claim deductions on a home loan as per Section 24, 80C and 80EE of the Income Tax Act.
A Step Towards Sustainable Future: Green Affordable Housing, Policy & Finance