NRI Home Loan

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.

North American - USA, Canada
Middle East Countries- U.A.E. (Dubai, Sharjah, Abu Dhabi, Only), Riyadh, Bahrain, Muscat, Kuwait, Saudi Arabia, Qatar, Oman
East Asian Countries- Singapore, Malaysia, Hong Kong, Japan, Thailand
All EU Countries( except – Spain, Greece, Portugal, Italy )
Australia and New Zealand

Let us lend you a helping hand in making your dream come true.

NRI Home Loan Features

Home Loan for NRI is available for the purchase of a new flat, repair, renovation or extension of the home, self-construction on land or for buying an existing flat or house.

Attractive Interest Rates

Make your home loan affordable with an attractive interest rate for an NRI home loan in India

Minimum documentation

Minimum and simple documentation for faster processing of the NRI home loan

Transparent & hassle-free process

Get complete clarity on the home loan processing fees, interest rates and other charges as applicable

NRI Home Loan Eligibility

Indian citizens staying abroad can qualify for an NRI Home Loan in India if they meet the following NRI loan eligibility criteria:

Any Indian citizen (salaried or self-employed) between the age group 18 to 75 years can apply for the loan
The applicant should hold a Valid Indian Passport.
The passport of the home loan applicant should not have a NO ENTRY stamp, prohibiting NRI applicants from entering the country.
Passport with Valid Entry Visa for NRI applicant where he is appearing in person for submitting the application.
Applicants with PIO / OCI status should have a Valid PIO / OCI Card copy in addition to a foreign country passport.

NRI Home Loan Documentation

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:

Basic Documents

Document type	Salaried	Self-employed
Application Form and passport size photographs	Yes	Yes
Address Proof Valid Passport / Visa Copy of Rental Deed or Title Document as Foreign Residence Proof	Yes	Yes
Identity Proof Visa Passport Visa Card	Yes	Yes
Resident Power of Attorney	Yes	Yes
KYC of Power of Attorney	Yes	Yes

Income & other documents:

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

Additional Documents

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

NRI Home Loan FAQs

Who qualifies as a Non-Resident Indian (NRI)?

'Non-resident Indian' is an individual who is a citizen of India or a person of Indian origin and who is not a resident of India.

What are the eligibility requirements for an NRI seeking a home loan?

Whether you are a Non-Resident Indian (NRI), Person of Indian origin (PIO), Overseas Citizen of India (OCI), you need to meet NRI loan eligibility to apply for NRI Home Loan in India

The Indian origin citizen should have a Valid Indian Passport & Valid Entry Visa
Passport should not have NO ENTRY stamp
PIO & OCI applicants should have a foreign country passport and a Valid PIO / OCI Card copy.

Which are the eligible countries where the NRI must be employed and residing?

The NRI seeking a home loan must be employed and residing in:

North American countries, including the USA, Canada and Middle East countries including UAE (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat, Kuwait, Saudi Arabia, Qatar and Oman
East Asian countries including Singapore, Malaysia, Hong Kong, Japan, Thailand
All EU Countries, excluding Spain, Greece, Portugal, and Italy
Australia and New Zealand

Is Power Of Attorney (POA) mandatory in NRI loans?

Yes, Resident Indian POA is a must in all NRI Home Loans, irrespective of whether the NRI applicant is present in India at the time of application or not.

The spouse cannot be a POA holder.
A resident co-borrower can also be the POA.
POA can be the co-applicant, but it's not mandatory for the POA to be co-applicant when there is another co-applicant in the loan.

Can I take a joint home loan as an NRI?

Yes. Being an NRI, you can jointly apply for a home loan along with your family member. In this case, if the asset is jointly owned, the family member will be the principal applicant, and his or her income will be taken into consideration post-assessment of various home loan eligibility factors. The EMI payments will be made from the NRO account.

What do the tax benefits for an NRI seeking a home loan in India?

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.

Own a home in India no matter where you stay
Attractive Interest Rates | Easy to apply | Transparent Processing