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A Basic Guide To Nri Home Loans

By Author: Aishwarya Mahurkar
Total Articles: 291

As an NRI, an individual has several options to consider investing in. Out of all the options, property has always been a popular choice for many. Several factors like a high income and the high conversion rate of the foreign currency against the rupee has made it favourable for such individuals to invest. With the right financial assistance one can easily get the property one desires.


The ideal option for such a financial assistance is the NRI home loan. Several financial institutes offer this beneficial credit that is designed exclusively to suit the needs of any NRI. Take a look at this guide to this home loan for NRI’s to know more.

NRI eligibility


The NRI home loan has certain eligibility criteria’s that need to be satisfied. Some of the criteria’s include minimum age and minimum years of work experience abroad. The range of these criteria often varies across different financial institutes. The range of eligibility age includes 18 to 60 years. For the term of work experience, the tenure should be more than 2 years of work experience. Some financial institutes also demand a minimum term of 3 years stay abroad before processing the application for this loan.


Document process

Like any other loan application, one would need to submit certain set of documents. For the NRI home loan, they include a copy of one’s passport, visa and employment related documents such as three to six month salary slips. In addition to this, one would also need to provide an appointment letter, employment contract if any and address proof. Although the applicant can submit these documents to the nearest financial institute branch, the verification process will only happen in the home branch.

Loan tenor

Since most NRI’s have a high income rate, this reflects on the factors taken into consideration of the loan. In this case, it reflects on the tenure of the loan. As per the standard home loans, the tenure for the NRI home loan, lasts between 10 to 15 years, provided by most financial institutes.

Interest and other relatable rates

There is not much difference in the interest rates of the NRI home loan and the local home loan. The only difference between these two loans comprise of 0.25 to 0.5% more. Additionally, even the service and processing fees are comparatively low as to the local rates.
Repayment protocols

When it comes to repaying the NRI home loan, there are certain restrictions put into place. The borrower can only repay the loan amount through the NRI accounts, which includes either the NRE or the NRO account. This remittance can be only done through the value of the Indian currency alone. Additionally, there is no charge for prepayments, with a few exemptions from certain financial institutes.

Author Bio :

The author is a seasonal writer on topics of finance and the home loan at an affordable rates sector. Through her writing, she articulates aspects that are important to people availing facility such as NRI home loan, home loan eligibility criteria that help to make the best decision.

Total Views: 101Word Count: 505See All articles From Author

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