Dreaming of owning property in India? As an NRI, you can absolutely get a home loan! At Today Finserv Consulting India, we simplify the process for NRIs to secure home financing while living abroad.
NRI Home Loan Eligibility: Who Can Apply?
Qualifying as an NRI Borrower
✔ Indian passport holders working abroad
✔ Minimum employment: 1-2 years overseas
✔ Minimum salary: Varies by lender (typically $25,000+ annually)
✔ Age limit: 21-60 years (varies by bank)
Key Features of NRI Home Loans
Special Benefits for NRIs
- Loan Amount: Up to 80% of property value
- Tenure: Up to 20-25 years
- Interest Rates: Slightly higher than resident loans (0.25-0.75%)
- Repayment: Must be in INR through NRE/NRO accounts
Required Documents for NRI Home Loans
Essential Paperwork
- Passport and visa copies
- Employment contract
- Salary slips (last 3-6 months)
- Bank statements (NRE/NRO accounts)
- Power of Attorney (if needed)
5 Crucial FAQs About NRI Home Loans
1. Can NRIs get 100% home loan financing?
No, maximum LTV is typically 75-80% for NRIs (higher down payment required).
2. What’s the best way to repay as an NRI?
Through:
✔ NRE account (tax-free repayments)
✔ NRO account (taxable in India)
✔ Foreign remittances
3. Can NRIs get tax benefits on home loans?
Yes! NRIs can claim:
✔ Section 24 deductions (up to ₹2 lakh interest)
✔ Section 80C benefits (₹1.5 lakh principal)
4. Is Power of Attorney mandatory?
Recommended if you can’t be present for registration, but not always mandatory.
5. Can NRIs buy any property in India?
Yes, except:
✖ Agricultural land
✖ Plantation property
✖ Farm houses
Smart Tips for NRI Borrowers
Do’s and Don’ts
✅ Do compare multiple NRI loan offers
✅ Do maintain good CIBIL score (650+)
✅ Do understand all currency conversion charges
❌ Don’t delay EMI payments (affects Indian credit score)
❌ Don’t ignore RBI/FEMA regulations
Why Choose Today Finserv for NRI Home Loans?
We specialize in helping NRIs:
✔ Get best interest rates from top lenders
✔ Complete documentation remotely
✔ Understand all legal requirements
✔ Manage repayments efficiently
Ready to invest in Indian real estate? Contact our NRI loan experts today!
