Non-Resident Indians, or NRIs are persons who are Indian nationals holding a valid Indian passport and do not reside in India. NRIs usually stay abroad to pursue their careers. So, what if you are an NRI and decide to purchase a home in India via a home loan? Whether it is a home that you want to visit often when you visit India or something that you want your family to stay in comfortably, a home in India is a milestone for many NRIs.

Do achieve this, can an NRI avail a home loan in India? The answer is a resounding yes. Read on to find out how you can apply for a home loan for NRI via various banks and non-banking financial companies.


NRIs have to meet certain requirements and prerequisites for their loan to be approved. The following are the eligibility criteria for NRIs applying for home loans.
  1. Work Experience: A minimum of 2 years of work experience at the present company is required for NRIs looking for home loans.
  2. Age: NRIs falling within the minimum age of 18 years and a maximum age of 60 years are eligible for home loans.
  3. Nationality: The person should be of Indian nationality and must hold a valid Indian passport.
  4. Prerequisite: The applicant NRI must also have a resident Indian co-applicant for the home loan who stays in India.

Residential Status

Loan issuing banks will most likely not approve your loan if you’ve been staying abroad for anything less than a year. Salaried NRIs must be residing abroad for a minimum of one year or more. However, if you’re self-employed, then the required stay abroad is 3 years or more.

Loan Tenure and Interest rates

The tenure for a home loan for NRIs varies from lender to lender with most banks offering a loan tenure for about 30 years. The NRI home loan interest rates vary from about 8.7% per annum to about 10% depending on the lender.

Required Documents

The following are the basic documents that are required for a NRI home loan. The specific documents may change from bank to bank.
  • Passport copies of applicant and co-applicant
  • Copy of work visa of applicant
  • Passport size photographs
  • Copy of employment contract detailing joining date, salary and designation
  • Overseas residential proof of applicant signifying that applicant has been staying there for the required amount of time (One year)
  • Last 3 months salary slips
  • Bank statement for last 6 months
  • Power of attorney
  • Property documents
  • PAN card copy of all applicants
Thus, it is absolutely possible for an individual not residing in the country to get hold of an NRI home loan in India. All they have to do is shop around for the best loan that suits their needs and apply for the home loan.

Learn more about your Home Loan Eligibility here.


The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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