NRI Home Loan
An NRI Home Loan is a financial product designed specifically for Non-Resident Indians (NRIs) to purchase property in India. It allows you to fulfill your dream of owning a home in your homeland, even if you reside abroad.
An NRI Home Loan lets Non-Resident Indians buy, construct or renovate property in India, with interest rates starting from 7.15% p.a. It covers purchase of a flat, house or plot, along with renovation and repair costs, giving NRIs a straightforward way to invest in a home back in India.
NRI Home Loan Interest Rates
Banks | Interest Rates |
7.25% p.a. onwards | |
7.20% p.a. onwards | |
8.50% p.a. onwards | |
8.00% p.a. onwards | |
7.75% p.a. onwards | |
7.15% p.a. onwards | |
9.15% p.a. onwards. | |
7.75% p.a. onwards | |
7.35% p.a. onwards. | |
Indiabulls is now Sammaan Capital Ltd | 8.75% onwards. |
Compare: Today's Home Loan Interest Rate
Note: Interest rates updated on September 2026.
BOI Star Pravasi Home Loan
- Loans available for both salaried and self-employed individuals
- Flexible repayment option of up to 30 years
- High margin of financing of up to Rs.5 crore
- Attractive rate of interest
Interest Rate | 7.75% p.a. onwards |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | Nil |
Processing Fee | 0.25% |
EMI | Rs.22,655 |
SBI NRI Home Loan
- Low interest rates
- Loans available for both salaried and self-employed individuals
- No hidden charges
- No prepayment penalties
- Repayment tenure of up to 30 years
- Processing fee waived (check with bank for current offers)
Interest Rate | 7.25% p.a. onwards |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | Nil |
Processing Fee | 0.35% |
EMI | Rs.21,690 |
HDFC NRI Home Loan
- Minimal paperwork
- Home Loan Services available in the country you reside
- Property Search Advisory Services available
Interest Rate | 7.75% p.a. onwards |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | 2% |
Processing Fee | 1.25% |
EMI | Rs.22,655 |
Axis Bank NRI Home Loan
- Competitive interest rates
- Minimal processing fees
- Repayment tenure of up to 25 years
- Minimal documentation required
Interest Rate | Starts from 8.00% p.a. |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | Nil (floating rate loan) 2% (fixed rate loan) |
Processing Fee | 1% |
EMI | Rs.23,155 |
PNB Housing Finance Limited NRI Home Loan
- Attractive interest rates
- Multiple repayment options
- Hassle-free documentation and quick disbursal
- Robust service delivery model
Interest Rate | 8.50% p.a. onwards |
Loan Amount | Rs.30 lakh |
Tenure | 25 years |
Foreclosure/Prepayment Charges | - |
Processing Fee | - |
EMI | Rs.24,157 |
IOB NRI Home Loan
- Competitive interest rates
- Loans available for construction, purchase, and renovation
- Flexible repayment tenures
- High margin of financing
- Hassle-free documentation process
Interest Rate | 7.35% p.a. onwards |
Loan Amount | Rs.15 lakh |
Tenure | 15 years |
Foreclosure/Prepayment Charges | 0% - 2% |
Processing Fee | 0.50% |
EMI | Rs.13,524 |
Other Fees and Charges for NRI's
Processing Fee | Up to 2% of the loan amount |
Foreclosure Charges | Up to 4% of the total outstanding |
Loan Conversion Fees | As per the bank's discretion |
Cheque Return Charges | Up to Rs.500 per instance |
Duplicate Statement Issuance Charges | Up to Rs.250 per instance |
Title Documents Photocopy Issuance Charges | Up to Rs.250 per instance |
Duplicate NOC Issuance Charges | Up to Rs.500 per instance |
Credit Report Issuance Charges | Up to Rs.50 per instance |
NRI Home Loan Eligibility
Age | 18 to 70 years |
Type of Employment | Salaried or Self-employed |
Nationality | NRI |
Several lenders, including Bank of India under its Star Pravasi scheme, extend NRI home loan eligibility to Persons of Indian Origin (PIOs) as well as Non-Resident Indian citizens, subject to the usual income and documentation checks.
NRI Home Loan Eligibility Calculator
Your home loan eligibility depends on various factors like your monthly income, current age, Credit Score, fixed monthly financial obligations, credit history, retirement age, etc. NRI Home Loan Eligibility Calculator helps you figure out how much loan you can get from a bank based on the mentioned parameters. The online tool is easy to use and hassle-free. All you need to do is enter the details as required. With just one click you will get to know how much loan you are eligible for.
NRI Home Loan Documents Required For salaried applicants
Identity proof | Valid passport or Visa card |
Income proof | Latest 3 months’ salary slips Last 6 months’ bank statements Latest Form 16 and IT returns Appointment or contract letter POA details 6 months’ Domestic NRE/NRO account statements |
Property-related papers | Copy of the buyer agreement and receipt of the payment made to the builder (for new homes)Title deeds, receipt of the payment made to the builder, and copy of the agreement to sell (for resale homes)Title deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction) |
Other documents | Employment details Proof of own contribution Last 6 month’s bank statement to show if there are any other loans Your and co-applicant’s passport-size photo with signature Processing fee cheque towards the bank |
NRI Home Loan Documents Required For self-employed applicants
Identity proof | Aadhar card, voter ID, passport, or valid Visa copy |
Income proof | Income Tax Returns along with details of your business and your income for the last 3 years Balance sheet and profit and loss account statements for the last 3 years Last 6 years’ current account statements of your business and your savings account statements |
Property-related papers | Copy of the buyer agreement and receipt of the payment made to the builder (for new homes) Title deeds, receipt of the payment made to the builder, and copy of the agreement to sell (for resale homes) Title deeds of the plot, proof of no encumbrances on the property, and construction estimate as given by the architect (for home construction) |
Other documents | Business profile Form 26 AS (latest) Proof of own contribution Partnership deed (if applicable) Details of your and your businesses’ ongoing loans (if any) Your and co-applicant’s passport-size photo with signature List of Directors and Shareholders of the company with shareholding details |
Tax Benefits of NRI Home Loans
NRIs who file income tax returns in India can claim tax benefits on a home loan under two separate provisions: Section 80C of the Income Tax Act, 1961 covers the principal repayment, while Section 24(b) covers the interest paid on the loan.
If your home for which you have taken the home loan for is lying vacant in India, you can avail the following tax benefits on your home loan:
Interest component: Deduction of up to Rs.2 lakh on the interest amount repayments
Principal component: Deduction of up to Rs.1.5 lakh on the principal amount repayments
If the home has been rented out, then the entire interest payable component can be claimed as a tax deduction on your home loan.
FAQs on NRI Home Loan
1. What is an NRI Home Loan?
An NRI Home Loan is a housing loan designed for Non-Resident Indians to purchase, construct or renovate property in India. It lets NRIs invest in Indian real estate while living and earning abroad, with terms broadly similar to a resident home loan.
2. Who is eligible for an NRI Home Loan?
Eligibility for an NRI Home Loan generally covers salaried and self-employed Indian citizens living abroad, along with eligible Persons of Indian Origin, subject to a minimum age and income criteria. Each lender sets its own NRI Home Loan eligibility norms based on occupation, country of residence and income stability
3.How can I repay an NRI Home Loan?
NRI Home Loan repayments are usually made through normal banking channels such as NRE and NRO accounts held in India. Some lenders also accept repayment through direct remittances from the borrower's overseas bank account.
4. What is the maximum tenure for an NRI Home Loan?
The maximum tenure for an NRI Home Loan varies by lender, though most banks offer repayment periods of up to 30 years. A shorter tenure reduces the total interest paid but increases the monthly instalment.
5. How much financing can I get with an NRI Home Loan?
Most lenders typically finance a majority of the property's cost under an NRI Home Loan, with the borrower expected to fund the remaining amount. The exact loan amount sanctioned depends on the applicant's income, the property type and the lender's internal policy.
6.Can I apply for an NRI Home Loan jointly?
Yes, an NRI Home Loan can be taken jointly, and lenders generally encourage joint applications since they can improve repayment capacity. Some lenders also offer a marginally lower interest rate on an NRI Home Loan when a woman is a co-applicant.
7.Are Persons of Indian Origin eligible for an NRI Home Loan?
Yes, several lenders extend NRI Home Loan eligibility to Persons of Indian Origin (PIOs) in addition to Non-Resident Indian citizens, subject to the usual income and documentation checks. Applicants should confirm PIO eligibility for the NRI Home Loan with their chosen lender before applying.
8.What do lenders check before approving an NRI Home Loan?
Lenders assess an NRI Home Loan application based on the applicant's annual income, years of overseas residence and employment stability, along with their credit score and existing debt obligations. The property being purchased or constructed and the co-applicant's profile, if any, are also considered.
9.Can NRIs claim tax benefits on an NRI Home Loan in India?
Yes, NRIs who file income tax returns in India can claim tax deductions on both the principal and interest components of an NRI Home Loan, similar to resident borrowers. These benefits fall under separate sections of the Income Tax Act, so it is worth confirming the applicable limits with a tax advisor.
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