From a long-term asset creation perspective, the real estate sector has emerged as the most lucrative investment opportunity for the NRIs.
Foreign Exchange Management Act (FEMA) allows NRIs to purchase residential properties in India. If you're staying overseas and looking to fund the purchase of a property home in India, it's easy to opt for NRI Home Loan services from IIFL Home Loans.
We also render expert legal and technical counseling services as part of the home-buying process. Both salaried and self-employed NRIs residing in the following countries can avail of NRI housing loans in India.
Let us lend you a helping hand in making your dream come true.
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.
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 eligibility criteria:
Australia and New Zealand
North America - USA and Canada
East Asian Countries - Singapore, Malaysia, Hong Kong, Japan, Thailand
All EU Countries (except – Spain, Greece, Portugal, and Italy)
Middle East Countries - U.A.E. (Dubai, Sharjah, Abu Dhabi only), Riyadh, Bahrain, Muscat, Kuwait, Saudi Arabia, Qatar, Oman
'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.
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 NRI seeking a home loan must be employed and residing in:
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.
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.
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.