Non-Resident Indians (NRIs) can realize the dream of buying their own home in India with an NRI home loan. NRI housing loans can be used for a variety of housing needs, such as the purchase of a flat/ house/ plot, construction of a house or renovation/ repair of an existing home. All top banks offer home loans to NRI customers at attractive interest and for flexible repayment terms. NRI home loan interest rate starts from as low as 6.80% per annum.
Also Read: Why should an NRI buy a house in India?
NRI Home Loan Interest Rate 2022
Home loan interest rates offered by top banks for NRIs are listed in the table.
| Banks | Interest Rate |
|---|---|
| SBI | 6.80% – 7.50% p.a. |
| HDFC Bank | 6.75% – 7.65% p.a. |
| ICICI Bank | 6.80% – 7.55% p.a. |
| Axis Bank | 6.90% – 8.55% p.a. |
| Bank of Baroda | 6.85% – 7.50% p.a. |
| PNB Housing Finance Limited | 9.25% – 11.50% p.a. |
| Canara Bank | 6.95% – 8.90% p.a. |
| Federal Bank | 7.65% – 7.80% p.a. |
| Bank of India Star Pravasi Home Loan | 6.90% p.a. onwards |
| Indiabulls | 8.65% p.a. |
SBI NRI Home Loan
Here are the features and benefits of SBI NRI home loan:
- Low interest rates
- No prepayment charges
- No processing fees
- Longer repayment tenure up to 30 years
- Home loan as overdraft
- SBI NRI home loan calculator for EMI calculation
| Particulars | Charges |
|---|---|
| Processing charge | 0.35% |
| Interest rate | 6.80% – 7.50% p.a. |
| Loan amount | Up to Rs. 30 lakh |
| Term | 25 years |
| Prepayment/ foreclosure charges | Nil |
HDFC NRI Home Loan
Features and benefits of HDFC NRI home loan are as under:
- Home loan for all NRIs, PIOs and OCIs
- Multipurpose loan for purchase of home/ flat/ plot or construction of the same
- Attractive interest rates
- Property search advisory services
| Particulars | Charges |
|---|---|
| Processing charge | 1.25% |
| Interest rate | 6.75% – 7.65% p.a. |
| Loan amount | Up to Rs. 30 lakh |
| Term | 25 years |
| Prepayment/ foreclosure charges | 2% |
ICICI Bank NRI Home Loan
Key features of ICICI NRI home loan are as under:
- Longer repayment tenure of up to 30 years
- Doorstep service in India till disbursement
- Option to choose between floating and fixed interest rates
| Particulars | Charges |
|---|---|
| Processing charge | 0.50% – 2% |
| Interest rate | 6.80% – 7.55% p.a |
| Loan amount | Up to Rs. 5 cr |
| Term | 30 years |
| Prepayment/ foreclosure charges | 0% – 4% |
Axis Bank NRI Home Loan
Key features of Axis Bank NRI home loan:
- Attractive interest rates & nominal processing fees
- Flexible repayment tenure from 1 to 25 years
- Complete transparency throughout the course of the loan
| Particulars | Charges |
|---|---|
| Processing charge | 1% |
| Interest rate | 6.90% – 8.55% p.a. |
| Loan amount | Up to Rs. 30 lakh |
| Term | 25 years |
| Prepayment/ foreclosure charges | Nil (floating rate), 2% (fixed rate loan) |
Bank of Baroda NRI Home Loan
- Hassle-free documentation process
- High margin of financing
- Longer repayment tenure
- Bank of Baroda NRI home loan up to Rs. 10 crore
| Particulars | Charges |
|---|---|
| Interest rate | 6.85% – 7.50% p.a. |
| Loan amount | Rs. 1 cr to Rs. 10 cr |
| Term | 30 years |
| Prepayment/ foreclosure charges | Nil |
PNB Housing Finance NRI Home Loan
- Attractive interest rates
- Multiple repayment options
- Countrywide branch network
- Known for transparency, integrity and ethics
| Particulars | Charges |
|---|---|
| Interest rate | 9.25% – 11.50% p.a. |
| Loan amount | – Up to 75 lakh: 80% of market value – Above 75 lakh: 75% of market value |
| Term | 25 years |
| Prepayment/ foreclosure charges | – |
Canara Bank NRI Home Loan
- Multipurpose home loan for NRIs & PIOs
- Guarantee of suitable resident Indian acceptable
- Multiple repayment options
| Particulars | Charges |
|---|---|
| Interest rate | 6.95% – 8.90% p.a. |
| Loan amount | – 4 times of annual gross income – Higher quantum 5 years of gross income can be considered subject to certain conditions |
| Processing fees | 0.10% subject to a minimum of Rs. 500/- and maximum of Rs. 10,000 |
| Prepayment/ foreclosure charges | No prepayment penalty in case of floating rate of interest |
Federal Bank NRI Home Loan
- Attractive interest rate starting from 7.65% per annum
- Minimal paperwork
- Easy repayment in EMIs
| Particulars | Charges |
|---|---|
| Processing charge | 0.50% of the sanctioned amount (subject to minimum: Rs. 3000 and maximum: Rs. 7500) |
| Interest rate | 7.65% – 7.80% p.a. |
| Loan amount | Up to Rs. 15 cr |
| Term | 20 years |
| Prepayment/ foreclosure charges | Nil to 3% of outstanding amount |
Bank of India Star Pravasi Home Loan
| Particulars | Charges |
|---|---|
| Processing charge | 0.25% of the loan amount (subject to min: Rs. 1500 and max Rs. 20,000) |
| Interest rate | 6.90% p.a. onwards |
| Loan amount | Up to Rs. 500 lakh |
| Term | 30 years |
| Prepayment/ foreclosure charges | – |
Indiabulls NRI Home Loan
- Maximum loan to value
- Zero prepayment charges
- Quick approval and disbursal
| Particulars | Charges |
|---|---|
| Processing charge | 1.00% onwards |
| Interest rate | 8.65% p.a. onwards |
| Loan amount | – |
| Term | – |
| Prepayment/ foreclosure charges | Nil |
Home Loan Eligibility for NRIs
While NRI home loan eligibility criteria vary from lender to lender, here are basic criteria you need to meet:
| Criteria | Details |
|---|---|
| Age | 18 to 70 years |
| Employment | Salaried or self-employed |
| Nationality | NRIs/ PIOs/ OCIs |
NRI Home Loan Eligibility Calculator
You can use the NRI home loan eligibility calculator to figure out how much loan you can get from a lender based on your monthly income, age, loan requirements, etc. Almost all lenders have an eligibility calculator, such as SBI NRI home loan calculator, ICICI NRI home loan calculator, HDFC NRI home loan calculator, etc. You just need to enter the required details to know your eligibility for a home loan online.
Tax Benefits of NRI Home Loan
An NRI who lives abroad and files his/her income tax returns in India can get a tax deduction on interest paid and repayment of his/ her home loan. NRIs can get up to Rs. 1.5 lakh deduction on repayment of principal under Section 80 of IT Act and up to Rs. 2 lakh on interest paid for a home loan.
At SBNRI, we help NRIs to buy, sell or rent properties in India without any hassle.
Also Read: Investment in India by NRI: Real Estate 2021
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
As an NRI, you can repay your home loan normally using your NRE and NRO accounts.
The maximum home loan tenure slightly varies from lender to lender. However, most lenders offer a home loan for up to a 30-year repayment period.
SBI NRI home loan interest rate in 2021 ranges from 6.90% to 7.50% per annum.
