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NRI Home Loans FAQs

For what types of property can an NRI take a home loan?

An NRI can take a home loan at the following circumstances:

  • - For purchasing a house or apartment, constructed or to-be-built in India
  • - For self-constructing a home on a plot in India
  • - For renovating or improving an existing property in India
  • - For financing for the purchase of a plot in India

When will an NRI become eligible for taking a home loan in India?

Note that, the home loan eligibility of an NRI will be calculated in the same way as it’s done for the resident Indians. However, more emphasis will be put on the following factors:
- Qualification: Most frequently, you will be expected to be a graduate
- Current job profile
- Past working experience
- The possibility of continuing working abroad
- The possibility of servicing the home loan, in case you are returning back to India

Are there any tax benefits to NRI home loans?

No, there will be no tax benefits to NRIs on NRI home loans unless he/she file tax returns in India on income generated in India and thus, become eligible to enjoy tax benefits as mentioned by your bank.

What are the documents needed for getting an NRI home loan?

Normally, an NRI will have to submit additional documents when compared to the resident Indians when applying for home loans. The documents will include:
- Identity proof (PAN Card along with Passport and Visa / Work Permit)
- Residence proof (Utility bills like telephone, electricity or water bill / Registered Rent Agreement)
- Salary slips (last 3 months)
- Bank account statement for the last six months for the salary account
- Savings Proof - Saving accounts, Fixed Deposits, NRE/NRO account, Demat account statement, etc.
- Tax returns (e.g., P60 in the UK)
- latest Employment Contract
- Consumer Credit Check report e.g., Experian/Equifax report in the UK or USA
- Pan Card Copy or Pan Number

You would also need to provide the original Power of Attorney at the time of disbursement (unless you plan to be in India at the time of disbursement), usually drawn in favour of your parents, siblings, wife, or children.

What is Power of Attorney (POA) in NRI home loans and when to use it?

Power of Attorney (POA) is something which will allow you to grant another person the power to make decisions pertaining to your property. There are two types in this:
- General POA: This is a situation in which you can confer general rights of your property to someone else. By using this, the POA holder could sell, lease, and/or sub-lease your property.
- Special POA: This is a situation where the chosen person will be given only a specific right by you.

NRIs could make use of POA facility to get their properties registered by a trusted person during their stay abroad.

How can an NRI repay his/her home loan in India?

Repayment of NRI home loans will be carried out as “Equated Monthly Installments (EMIs)”, which will include principal and interest computed on monthly rests. NRIs can pay their monthly instalments by issuing cheques from their NRE or NRO accounts or giving a Direct Debit Mandate in favour of your NRI home loan lender and also give them four post-dated cheques from the account.

 

In case you are making a part-disbursement of your loan, then the monthly interests will be computed only on the disbursed amount. This payment would have to be made every month-end and the payment would have to be made by you by post-dated cheques.

Can an NRI pre-close a home loan in India?

Yes, an NRI can pre-close a home loan by making a lump sum payment towards part/full payment. However, some pre-closure charges will be applied to it.

How to apply for a NRI home loan in India with HDFC?

Before you decide to apply for an NRI home loan in India with HDFC, use our "Search & Compare NRI Home Loans" widget on this page to find the cheapest home loan provider as per your eligibility. If you see HDFC offering the best interest rate on NRI home loans in India, then register your interest with us. We'll then contact you within one business day to understand your requirement in detail and explain the next steps along with a list of documents required.

 

They require the self-attested photocopies of the below-listed documents. If your spouse/parents are also a co-owner of the property, then they would be required to become a co-applicant in the loan. HDFC would require the same list of documents from the co-owner too.
1. Last 3 months Payslips.
2. Last year tax return statement (e.g., P60 in the UK).
3. Bank account statement for the last six months of your salary account.
4. Savings Proof - Savings account, Fixed Deposits, NRE/NRO account, Demat account statement, etc.
5. Consumer Credit Check Report (e.g., Experian, Equifax, etc.)
6. Passport & Visa Copy
7. Utility bill for Address Proof (Original Bank Statement which comes to your house, Electricity bill, etc)
8. Pan Card Copy or Pan Number
9. HDFC NRI Home Loan application form duly filled and signed along with 1 photograph
10. Last 6 months bank statements of bank accounts from where any installment is paid for any loans that you currently have (if applicable).

 

You can send the documents to us and post verification, we'll share the documents with HDFC. On receipt of the documents, HDFC will sanction the loan and arrange for the file to be disbursed from the nearest HDFC office in India, where your Power of Attorney is located or where you wish to avail the disbursement.

 

In case you are unable to go to India to sign the loan agreement to complete the loan documentation process, you will be required to issue a Power of Attorney in favour of a local attorney who could sign the loan agreements on your behalf. I am attaching the soft copy of the POA form. The POA document needs to be notarized either by Indian High Commission or a local notary public and then sent to your local attorney who needs to get the document notarized/adjudicated on a judicial stamp paper as per the local laws of the state.

 

You will also be required to verify your passport, visa and address proof by either visiting HDFC overseas/India office or getting a copy of these documents notarized from a local Notary Public or India High Commission.
Loan to value ratio for HDFC NRI Home Loans will be 80%/75% (depending on the property cost and loan amount) and for Land Loans, it will be 70% (Subject to valuation by HDFC legal and technical team.

 

The loan extended is a rupee loan in India and all repayments to HDFC (fees + monthly instalments) must be sourced from your NRE/NRO bank account. In case you do not already have an NRE /NRO account in India then you will need to open one.

 

HDFC can also sanction a loan on the basis of your income even if you have not identified the property. That way you could budget your property purchase with the comfort of having a loan sanction. The loan will be valid for the next 6 months and can be extended if you have still not identified the property. A reappraisal fee of Rs. 2000 plus taxes are applicable for the reappraisal of the loan.

How to apply for a NRI home loan in India with Indiabulls?

Before you decide to apply for a home loan in India with Indiabulls, use our "Search & Compare NRI Home Loans" widget on this page to find the cheapest home loan provider as per your eligibility. If you see Indiabulls offering the best interest rate on home loans in India, then register your interest with us. We'll then contact you within one business day to understand your requirement in detail and explain the next steps along with a list of documents required.

 

Note that, the home loan in India for NRIs is a rupee loan and all repayments (fees + monthly instalments) will be sourced from your NRE/NRO bank account. In case you do not already have an NRE /NRO account in India then you will need to open one or convert your existing Indian resident saving account into NRE/NRO account before disbursement.

 

If based on the case details, you could be approved for a home loan with Indiabulls, then you will be asked to email the scan copies of the below-listed documents for both the applicants (main and co-applicant) to RupeeBoss. A co-applicant is a must for an application to Indiabulls irrespective of income appraisal and property ownership/co-ownership. Your spouse, parents or siblings could be a co-applicant.

 

1. Last 3 months Payslips.
2. Last year tax return statement or tax deduction certificate issued by the employer (alike Form 16 in India, P60 in the UK and W2 in US). If in case Tax deducted at source is not applicable – annual tax assessment if tax is paid at own end (Notice of assessment in Singapore)
3. Bank account statement for the last six months of their salary account.
4. Last 6 months bank statements of Indian bank accounts from where any instalment is paid for any loans that they currently have (if applicable).
5. NRE/NRO account statement for latest 6 months
6. Savings Proof - Savings account, Fixed Deposits, NRE/NRO account, Demat account statement, etc.
7. Consumer Credit Check Report (e.g., Experian, Equifax, etc.)
8. Passport & Visa (or OCI) Copy
9. Utility bill for Address Proof (Original Bank Statement which comes to your house, Electricity bill, etc) and tenancy agreement copy for overseas rented accommodation (applicable if the applicant lives in a rented property overseas)
10. Pan Card Copy
11. Aadhar Card (if available)
12. Indiabulls NRI Home Loan application form duly filled and signed along with 1 photograph.

 

You will also need to transfer Rs. 1180 to Indiabulls for proceessing the application. Their account details are as follows:
- Account name: India-bulls Housing Finance Ltd
- Account number: 910020027047211
- Bank Name: Axis Bank Ltd
- Address: SCO No- 29, Sector 14, Gurgaon
- IFSC Code: UTIB0000056
- MICR: 110211008
- Account Type: CURRENT

 

Post verification of the application, Rupeeboss will email the documents to Indiabulls NRI office in Delhi. On receipt of the documents and assessment, Indiabulls will sanction or decline the loan.

 

If the loan is sanctioned, then Indiabulls will arrange for the file to be disbursed from the nearest Indiabulls office in India, where your Power of Attorney (POA) is located or where you wish to avail the disbursement. You're required to issue a Power of Attorney in favour of a local attorney who could sign the loan agreements on your behalf. If you're based overseas, then the POA document in the attached format needs to be notarized either by Indian High Commission or a local notary public. If you're planning to travel to India, then also a POA is a must (except if a customer is based in England and UAE) and it can be notarised by a local notary in India. The notarised POA then needs to be sent to your local attorney who needs to get the document notarized/adjudicated on a judicial stamp paper as per the local laws of the state. This is required to witness the ACCEPTANCE by POA holder (with nominal stamp papers).

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