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  • Non-Resident Indian (NRI) is a citizen of Indian, who remains overseas for employment/ carrying on business or profession outside Indian or remains overseas under circumstances showing an intention for an uncertain duration of stay overseas is an NRI. An NRI is spared from tax on income outside India. … A resident can attain NRI status by staying overseas for more than 182 days
  • Person of Indian Origin (PIO) (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who –at any time, held an Indian passport, or
  • Who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
  • Any person of full age and capacity

    • Who is a citizen of a different country, but was a citizen of India at the time of, or at any time after, the beginning of the constitution, or
    • Who is a citizen of another country, but was qualified to become a citizen of India at the time of the commencement of the constitution, or
    • Who is a citizen of another country, but belongs to an area that became part of India after the 15th Day of August, 1947.
    • Who is a child of such a citizen, or
    • A person, who is minor child of a person mentioned in previous clause
      Provided that no person, who is or had been a citizen of Pakistan, Bangladesh shall be capable

Why NRI should purchase Property in India?

There is a wise saying “There should be always two people working in your family a) yourself and b) your money”. So along with you, your money also should work for you and your family.                                     

But with very limited lucrative investment opportunities abroad, NRIs always look for having good investment opportunities in India. Here in India, they should have a healthy and ideal mix of investment instruments in their portfolio, which should consist of different financial instrument, different equity products as well as property investment. Property Investment is a major part of the NRI investment portfolio. Besides having an emotional attachment with property, this is best wealth maximization tool, which helps them in building a substantial and robust financial corpus for their future. Property investment, if selected wisely, has the potential of beating all other investment instruments in terms of return in the longer run. Thanks to the several recent acts and measures taken by the Government of India, which has eased the norms for NRI investment in India. Thus making the NRI investment in Indian real estate a lucrative proposition. However, it is very important to understand the laws and financial requirements while purchasing the property in India.

NRI who is eligible for Home Loan?

Broadly categorized, Non-Resident Indians qualifying for NRI housing loans are: 

  • Indian citizens, who stay abroad for employment or for carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad.
  • Government servants, who are posted abroad on duty with the Indian missions and similar other agencies, set up abroad by the Government of India where the officials draw their salaries out of Government resources.
  • Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organization (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP)
  • Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.
  • For signing up as an Overseas Citizen of India.

Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes.

Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account.

Home Loan for NRI

If you are an NRI, acquiring a home loan in India can be a complicated and confusing process. Here, this information will help you to understand the process of getting home loans in India.

Document Required

The documentation needed for home loans for NRI may vary from bank to bank. However, the common and basic documentation for a salaried and self-employed home loan is as follows. This is just the indicative documentation and additional documents may be asked for depending upon bank policy

For Self Employed Applicants

Frequently Asked Questions

Here at MakanMoney, we have a dedicated team of experts who guide our NRI clients efficiently to enable them to invest in Indian real estate. We are qualified enough to manage our NRI customer’s investment portfolio by balancing the high growth investment option with a safer one. Here, at MakanMoney, we not only help NRI clients to buy the properties but also liquidate it at right time ensuring the higher return on his investment

1) Can I make a joint application for a home loan?

Ofcourse, you can. Actually, it is always recommended to make a joint application. It will help to reduce the burden of interest on your shoulders. Also, some banks offer concession on the interest rate for women applicants.

2) How can I repay the Loan?

You can repay the loan through normal banking channels like NRE and NRO channels.

3) I have been living outside India for the last 6 months. Can I take an NRI loan?

No, you have to stay more than a year and show your overseas employment or business details for the same to get the loan.

4) How much % of financing can I get of property value?

You can get financing ranging from 75% to 90% of the total property cost under the NRI home loan plan. However, the amount offered is at the sole discretion of the bank and will be based on your annual income, type of property you are buying, bank policy for NRI home loan and other such factors.

5) What is the maximum tenure I get for home loan?

The loan tenure may differ from bank to bank, however, most banks offer a loan for a tenure of up to 15 years.

6) Can I get the home loan on commercial property in India?

Many banks are adverse of financing to home loans for commercial property for NRI.

7) What are the factors banks consider while sanctioning the NRI home loan?
  1. Your annual income
  2. No of years you have been staying overseas.
  3. Your Business details, nature of the business, and a number of years it has been operational overseas.
  4. Your credit score.
  5. Country where you are doing a job or business.The type of property you are planning to purchase or construct.
  6. Any existing loan and liabilities.
  7. The co-applicant credit score and other details.

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