A home is a magic world to stay close to your loved ones, a place for peace, happiness, warmth, and happiness. Whether you are an Indian resident or a non-resident Indian who wishes to come back to your motherland, a house of your own is a must to experience a sense of peace, completeness, and togetherness. Owning the house of your dreams is an achievement in itself. The lender understands this and the sentimental values attached to a home and lends different types of home loans to Indian residents as well as non-resident Indians at attractive home loan interest rates.
A home loan is funding advanced by the lender against the security of the house pledged by the borrower. In other words, it is a secured loan taken to purchase your dream house. Where the fundamentals of the home loan remain the same, there might be a difference in its processing, and home loan eligibility criteria when it comes to differentiating between a housing loan for NRI in India with a home loan for Indian residents. For instance, several lenders might require the physical presence of the NRI at the time of home loan application, while some may demand the NRI hold a graduate degree, while others may have a clause to have a home loan co-applicant who is an Indian resident. (Read- 4 important benefits of applying for joint home loans) Let’s find out in detail how a home loan for NRI in India differs from the home loans in India for Indian residents.
|Parameter||Indian Resident Housing Loan||NRI Housing Loans|
|Definition – As per section 6 of the Income Tax Act||Indian Resident – Indian resident is a person residing in India for more than 182 days in a year or residing in India for a minimum of 365 days in the immediately preceding 4 years and a minimum of 60 days in the current financial year.||NRI – A NRI is a person of Indian origin residing abroad, who stays in India for less than 182 days in a financial year or less than 60 days and 365 days in 4 preceding previous years.|
|Availability||The home loans are provided to all Indian residents.||Home loans are provided to all non-resident Indians, other than the citizens of the countries namely, Iran, North Korea, Cuba, Syria, Sudan, and Cremia regions of Ukraine, Pakistan, Bangladesh, Sri Lanka Afghanistan, China, Nigeria, Hong Kong, Bhutan, Nepal, or Macau.|
|Housing loan tenure||Up to 30 years is the housing loan maximum tenure for Indian residents.||Up to 20 years is the maximum tenure for home loan for NRIs.|
|Home loan interest rate in India||Interest rates of home loans for residents are slightly lower than the NRI home loan rates.||Home loan interest rates for NRI in India are slightly higher. NRI home loan interest rates are 0.20% – 0.50% higher than the housing loan interest rates for Indian residents.|
|Guarantor/Power of attorney||Not required.||Power of attorney is mandatory.|
|Account opening||Not mandatory with all banks.||NRE/NRO accounting is mandatory.|
|Repayment of housing loan||An Indian resident can serve his EMI through his regular savings bank account.(Read the difference between EMI & Pre-EMI)||An NRI has to serve his EMI only through his NRE/NRO account.|
|Turnaround time||10-15 working days.||20-25 working days.|
|Minimum salary required||Rs. 20,000/- p.m.||Minimum salary for NRI home loan in rupees is Rs. 1,50,000/- p.m. in|
|Documents scrutiny||Document scrutiny is easy and faster.||Document scrutiny is detailed and time-consuming.|
|Housing loan eligibility||Indian resident eligibility can be calculated on various products such as salary multiplier, banking surrogate, etc. (Learn more on ICICI Bank’s banking surrogate product)||NRI home loan eligibility cannot be enhanced using products such as salary multiplier, express home loan, or banking surrogate, etc.|
|For a detailed list of documents required for home loans kindly refer to the links. |
* Documents required for home loan for salaried persons –
-> builder property
-> Resale property.
* Documents required for home loan for self-employed –
-> Proprietorship firm
-> Partnership firm
-> Private Ltd. Company
|Extra documents required for NRI home loan which includes visa papers, passport copy, attestations from the embassy, etc. To get a detailed list of NRI home loan documents kindly refer to the links. Documents required for NRI home loan|
Listing some of the popular banks which provide the best NRI home loans in India.
|ICICI NRI Home Loan||HDFC NRI Home Loan (HDFC Ltd.)||Canara Bank NRI Home Loan||HDFC Bank NRI Home Loan|
|Axis Bank NRI Home Loan||Kotak NRI Home Loan||Bank Of Baroda NRI Home Loan||SBI NRI Home Loan|
|PNB NRI Home Loan||Federal Bank NRI Home Loan||Indian Bank NRI Home Loan||IOB NRI Home Loan|
|South Indian Bank NRI Home Loan||Citibank NRI Home Loan||LIC NRI Home Loan||Yes Bank NRI Home Loan|
|Bank Of India NRI Home Loan||Union Bank Of India NRI Home Loan||IDBI NRI Home Loan|
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