What is 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.

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.

North America - USA and 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, and Italy)
Australia and New Zealand

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

Key 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 and 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 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 to submit the application
Applicants with PIO / OCI status should have a valid PIO / OCI card copy in addition to a foreign country passport

Check Your Eligibility

NRIs residing in the
following countries
can avail of NRI Home Loan in India

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

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Salaried

Document Type	Salaried
Application Form and passport size photographs
Identity Proof Visa Passport Visa Card
Address Proof Valid Passport / Visa Copy of Rental Deed or Title Document as Foreign Residence Proof
Resident Power of Attorney
KYC of Power of Attorney
Income Proof and Other Documents Last 3 month's salary slip Appointment / Increment / Contract Letter Servicing any existing loans, then 6 months' repayment bank statements Copy of Receipt/(s) of payment/(s) made to the developer (if applicable)
Additional Documents Latest Utility bill Rent agreement on Stamp Paper Life Insurance Policy Municipal or property tax receipt Rent agreement on Stamp Paper Copy of Sale Deed of the property Residence address Certificate Post office saving bank account statement Documents issued by Govt. departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India Letter from a recognised public authority or public servant verifying residence and identity Letter of allotment of accommodation from the employer Pension or family pension payment orders or PPOs issued to retired employees by PSUs, Government Bank statements reflecting the address of borrowers of any commercial nationalised bank Copy of complete chain documents of the property (as applicable) Copy of the Allotment Letter / Buyer Agreement Copy of Agreement to Sell

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.