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What is NRI Home Loan?
From a long-term asset creation perspective, the real estate sector continues to be one of the most preferred investment avenues for NRIs.
As per the Foreign Exchange Management Act (FEMA), NRIs are permitted to purchase residential properties in India. If you are residing overseas and planning to buy a home in India, you can easily avail an NRI Home Loan from IIFL Home Loans.
Along with financing support, we also provide expert legal and technical assistance as part of the home-buying journey, helping make the process smoother and more convenient.
Both salaried and self-employed NRIs residing in the following regions can apply for NRI Home Loans in India:
Eligible Countries & Regions
North America
USA and Canada
Middle East
UAE (Dubai, Sharjah, and Abu Dhabi only), Riyadh, Bahrain, Muscat, Kuwait, Saudi Arabia, Qatar, and Oman
East Asia
Singapore, Malaysia, Hong Kong, Japan, and Thailand
European Union Countries
All EU countries except Spain, Greece, Portugal, and Italy
Oceania
Australia and New Zealand
Documents Required for NRI Home Loan
The following documents are required for processing an NRI Home Loan application. Applicants may be asked to submit additional documents based on the property type, employment profile, or loan requirement.
Application & Identity Documents
- Duly filled application form with passport-size photographs
- Identity Proof
- Valid Passport / Visa
- Visa Card
Income & Financial Documents
- Last 3 months’ salary slips
- Appointment / Increment / Contract Letter
- 6 months’ repayment bank statements for existing loans
- Post office saving bank account statement
- Pension or family pension payment orders / PPOs issued by PSUs or Government
Property & Loan Documents
- Copy of receipt(s) of payment(s) made to the developer (if applicable)
- Copy of Sale Deed of the property
- Copy of complete chain documents of the property (as applicable)
- Copy of Allotment Letter / Buyer Agreement
- Copy of Agreement to Sell
Additional Supporting Documents
- Resident Power of Attorney
- KYC of Power of Attorney
- Life Insurance Policy
- Municipal or Property Tax Receipt
Address & Residence Proof
- Copy of Rental Deed or Title Document as foreign residence proof
- Latest Utility Bill
- Rent Agreement on Stamp Paper
- Residence Address Certificate
- Bank statements reflecting the borrower’s address
- Documents issued by Government departments of foreign jurisdiction or Foreign Embassy / Mission in India
- Letter from recognised public authority or public servant verifying residence and identity
- Letter of allotment of accommodation from employer
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 of 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 restricting entry into India.
The applicant should have a valid entry visa if appearing in person to submit the application.
Applicants with PIO / OCI status should provide a valid PIO / OCI card copy along with their foreign country passport.
Frequently Asked Questions (FAQ’s)
A Non-Resident Indian (NRI) is an individual who is a citizen of India or a person of Indian origin residing outside India.
To apply for an NRI Home Loan in India, applicants must meet the following criteria:
- Hold a valid Indian Passport and Entry Visa
- The passport should not carry a “No Entry” stamp
- PIO / OCI applicants must provide a valid PIO / OCI card along with a foreign country passport
NRIs residing and employed in the following regions can apply for an NRI Home Loan:
- North America: USA and Canada
- Middle East: UAE (Dubai, Sharjah, Abu Dhabi), Riyadh, Bahrain, Muscat, Kuwait, Saudi Arabia, Qatar, and Oman
- East Asia: Singapore, Malaysia, Hong Kong, Japan, and Thailand
- Europe: All EU countries except Spain, Greece, Portugal, and Italy
- Australia and New Zealand
Yes, appointing a Resident Indian Power of Attorney (POA) is mandatory for all NRI Home Loans, irrespective of the applicant’s presence in India.
Key points to note:
- The spouse cannot act as a POA holder
- A resident co-borrower can also be the POA
- The POA may be a co-applicant, but it is not mandatory if another co-applicant is part of the loan
Yes, NRIs can apply for a joint home loan with a family member. If the property is jointly owned, the resident family member may become the primary applicant, and their income will also be assessed for loan eligibility. EMI payments are generally made through the NRO account.
NRIs can avail tax benefits like resident Indians on both the principal and interest components of a home loan. If the applicant has taxable income in India, deductions can be claimed under Sections 24, 80C, and 80EE of the Income Tax Act.
