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The income, employment status, educational qualifications and the amount of loan applied for play an important role in deciding the maximum loan eligibility.

A loan to value ratio of 80-85% is generally sanctioned.

Banks lend for a maximum tenure of 30 years.

The age limit criteria range between 21-70 years.

The salaried and self-employed individuals are allowed NRI home loans.

It is good to know some important eligibility and other criteria required to avail of an NRI home loan.

What are the eligibility and other requirements for an NRI home loan?

Construction of property on an owned piece of land or even modifying the existing property can also be considered for home loans. What kind of properties are allowed under NRI home loans?Īll kinds of built and under-construction properties are allowed under NRI home loans. The Reserve Bank of India (RBI) defines an NRI as "An Indian citizen who holds a valid Indian passport and stays abroad for employment or carrying out business or vocation under circumstances indicating an intention for an uncertain duration of stay abroad.” So those eligible for home loans under this category would be those employed or carrying out business outside India.Īll banks and financial institutions go by this definition of NRI. You can apply for NRI home loans and get attractive interest rates on a monthly reducing basis. Here is a list of 5 banks that offer the best deals on home loans for Non-resident Indians.

Many top banks, NBFCs, and lending institutions offer home loans for non-resident Indians who reside outside the country due to work or business reasons. NRI home loans help people who reside outside the country to buy homes/lands in India.