With an affordable home loan, NRIs can buy their dream home in India. NRIs can avail a home loan at an affordable rate of interest from IIF to buy a house or property in India. IIFL NRI home loan can be availed by salaried and self-employed applicants alike for various purposes that include the purchase of a new flat, renovation or extension of an existing home, or purchase of an existing flat or house, and purchase of land for construction of a flat or house.
Also Read: Why should an NRI buy a house in India?
IIFI NRI home loan interest rate 2021
Listed are the IIFL home loan rate and other charges:
| Particulars | Fees/ charges |
|---|---|
| NRI home loan interest rate | 8.70% p.a. onwards |
| Processing charges | Up to 1.25% of the loan amount |
| Prepayment charges | – For individual borrower: No part/ full prepayment charges – For non-individual borrower: 5% within the 12 months of disbursement and 1% afterwards for part prepayment. 5% within the 12 months of loan disbursal and 3% after the 12 months of disbursal. |
| Tenure | – 20 years for the loan amount up to Rs. 75 lakh – 15 years for the loan amount above Rs. 75 lakh |
| Account statement charges | Nil |
| Late payment charges | 36% of the outstanding EMI |
IIFL home loan eligibility criteria
IIFL offers a home loan to salaried and self-employed NRIs who meet the following eligibility criteria:
- Applicants aged between 18 to 70 years
- PIOs/ OCIs with a valid foreign passport
- NRIs with a good credit score
IIFL offers home loans only to NRIs residing in the USA, Canada, European Countries (except – Spain, Greece, Portugal, Italy), East Asian Countries, Middle East, Australia and New Zealand.
NRI housing loan from IIFL is available for the purchase of a new flat, renovation/ repair/ extension of the house, purchase of an existing flat or house. NRIs purchasing land for the construction of a house need to keep the following points in mind:
- The land should be used for the residential purpose only
- The premise should be located within municipal limits
- The land purchased should be a non-agricultural (non-farm) land
Documents required for IIFL home loan for NRIs
NRI customers need to submit the following documents to make the loan application process simpler and fast:
For salaried applicants
- Duly filled NRI home loan application
- Identity proof:
- Photocopy for valid passport
- Photocopy of valid visa
- Photocopy of Rent Deed or title document for foreign residence proof
- Any of the following documents:
- Driving license
- Photo identity card issued by Govt. body
- Valid Indian passport
- Voter’s ID card
- Aadhaar card
- Pan Card
- Letter from public authority or public servant verifying the identity of the customer (not more than 30 days old)
- Address proof: Any of the following
- Valid passport
- Valid visa
- Photocopy of Rent Deed or title document as a residence proof abroad
- Any of the following
- Letter from a recognized authority or public servant that verifies your identity and address
- Rent agreement on stamp paper
- Latest utility bill
- Bank statement from any commercial nationalized bank reflecting your address
- Credit card statement (not more than 3-month old)
- Copy of Life Insurance Policy
- Residence address certificate/ letter by employer on company’s letterhead
- A copy of Sale Deed of the property, if owned
- Municipal or property tax receipt
- Post office/ savings bank statement
- PPO (Pension Payment Order) issued by the Govt. department or Public Sector Undertakings, should contain address
- Documents issued by Govt. department of foreign jurisdiction and letter issued by Foreign Embassy
- Income proof
- Bank statement of NRE/ NRO and foreign account for the last 6 months
- Salary slips of the last 2 months
- Appointment letter/ increment letter/ contract letter
- Valid work permit
- Other documents: All of the following documents
- Copy of the complete chain of documents of the property
- Copy of the Agreement to Sell (if applicable)
- Copy of Buyer Agreement/ Allotment Letter (if applicable)
- Copy of receipt of payments made to builder (if applicable)
For self-employed applicants
- Duly filled NRI home loan application
- Identity proof:
- Photocopy for valid passport
- Photocopy of valid visa
- Photocopy of Rent Deed or title document for foreign residence proof
- Any of the following documents:
- Driving license
- Photo identity card issued by Govt. body
- Valid Indian passport
- Voter’s ID card
- Aadhaar card
- Pan Card
- Letter from public authority or public servant verifying the identity of the customer (not more than 30 days old)
- Address proof: Any of the following
- Valid passport
- Valid visa
- Photocopy of Rent Deed or title document as a residence proof abroad
- Any of the following
- Letter from a recognized authority or public servant that verifies your identity and address
- Rent agreement on stamp paper
- Latest utility bill
- Bank statement from any commercial nationalized bank reflecting your address
- Credit card statement (not more than 3-month old)
- Copy of Life Insurance Policy
- Residence address certificate/ letter by employer on company’s letterhead
- A copy of Sale Deed of the property, if owned
- Municipal or property tax receipt
- Post office/ savings bank statement
- PPO (Pension Payment Order) issued by the Govt. department or Public Sector Undertakings, should contain address
- Documents issued by Govt. department of foreign jurisdiction and letter issued by Foreign Embassy
- Address proof for business applicants
- Shop and establishment certificate
- SEBI Registration Certificate
- Trade license certificate
- SSI Registration Certificate
- PAN Card/ VAT Registration/ Sales Tax Certificate
- Memorandum of Association (MOA) for companies/ Partnership Deed (for firm)
- Professional qualification (certificate and degree)
- Registration number issued by ROC
- Income proof
- Bank statement of NRE/ NRO and foreign account for the last 6 months
- Valid work permit
- Other documents
- Copy of the complete chain of documents of the property
- Copy of the Agreement to Sell (if applicable)
- Copy of Buyer Agreement/ Allotment Letter (if applicable)
- Copy of receipt of payments made to builder (if applicable)
Also Read: Investment in India by NRI: Real Estate 2021
Fill the form to apply for a home loan
If you want to get a home loan in India, you can get in touch with us. We at SBNRI are here to help you out with everything related to home loans and other financial and legal services required by NRIs.
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FAQs
Features of NRI home loans vary from lender to lender. While some lenders charge low interest rates, others may not charge any prepayment fees, for example IIFL doesn’t charge part/ full prepayment fee. Hence, you must compare all features by multiple banks.
Yes, IIFL is one of the best lenders in the market. It offers a home loan at a competitive interest rate starting from as low as 8.70% per annum for up to 20 years. IIFL doesn’t charge any prepayment charges.
Yes, NRIs need to provide a Power of Attorney (POA) if they are not in India for conducting transactions. NRIs need a special POA which is registered and notarized, not a general power of attorney to execute property transactions.
Similar to residents, NRIs can also get a home loan in India. Almost all banks and NBFCs (Non-Banking Financial Companies) offer a home loan to NRIs (Non-Resident Indians) who fulfil the eligibility criteria and submit the required documents.
NRI customers can apply for a home loan online through IIFL’s website or call IIFL NRI customer care number 1860 267 3000.
