NRI Home Loan Interest Rate 2021: Top 10 Lenders

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.   

NRI Home Loan Interest Rate 2021: Top 10 Lenders
NRI Home Loan Interest Rate 2021

Also Read: Why should an NRI buy a house in India?

NRI home loan interest rate 2021

Home loan interest rates offered by top banks for NRIs are listed in the table.

BanksInterest Rate
SBI6.80% – 7.50% p.a.
HDFC Bank6.75% – 7.65% p.a.
ICICI Bank6.80% – 7.55% p.a.
Axis Bank6.90% – 8.55% p.a.
Bank of Baroda6.85% – 7.50% p.a.
PNB Housing Finance Limited9.25% – 11.50% p.a.
Canara Bank6.95% – 8.90% p.a.
Federal Bank7.65% – 7.80% p.a.
Bank of India Star Pravasi Home Loan6.90% p.a. onwards
Indiabulls8.65% p.a. 
NRI Home Loan Interest Rate 2021

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
ParticularsCharges
Processing charge0.35%
Interest rate6.80% – 7.50% p.a.
Loan amountUp to Rs. 30 lakh
Term 25 years
Prepayment/ foreclosure chargesNil
SBI NRI home loan interest rate & other charges

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
ParticularsCharges
Processing charge1.25%
Interest rate6.75% – 7.65% p.a.
Loan amountUp to Rs. 30 lakh
Term 25 years
Prepayment/ foreclosure charges2%
HDFC NRI home loan interest rates

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 
ParticularsCharges
Processing charge0.50% – 2%
Interest rate6.80% – 7.55% p.a
Loan amountUp to Rs. 5 cr
Term 30 years
Prepayment/ foreclosure charges0% – 4%
ICICI Bank NRI home loan interest rates & other charges

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
ParticularsCharges
Processing charge1%
Interest rate6.90% – 8.55% p.a.
Loan amountUp to Rs. 30 lakh
Term 25 years
Prepayment/ foreclosure chargesNil (floating rate), 2% (fixed rate loan)
Axis NRI home loan interest rates

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
ParticularsCharges
Interest rate6.85% – 7.50% p.a.
Loan amountRs. 1 cr to Rs. 10 cr
Term 30 years
Prepayment/ foreclosure chargesNil
Bank of Baroda NRI home loan interest rates & other charges

PNB Housing Finance NRI home loan

  • Attractive interest rates
  • Multiple repayment options 
  • Countrywide branch network
  • Known for transparency, integrity and ethics
ParticularsCharges
Interest rate9.25% – 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
PNB Housing Finance NRI home loan interest rates & other charges

Canara Bank NRI home loan

  • Multipurpose home loan for NRIs & PIOs
  • Guarantee of suitable resident Indian acceptable 
  • Multiple repayment options
ParticularsCharges
Interest rate6.95% – 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 fees0.10% subject to a minimum of Rs. 500/- and maximum of Rs. 10,000
Prepayment/ foreclosure chargesNo prepayment penalty in case of floating rate of interest
Canara Bank NRI home loan interest rates & other charges

Federal Bank NRI home loan

  • Attractive interest rate starting from 7.65% per annum
  • Minimal paperwork
  • Easy repayment in EMIs
ParticularsCharges
Processing charge0.50% of the sanctioned amount (subject to minimum: Rs. 3000 and maximum: Rs. 7500)
Interest rate7.65% – 7.80% p.a.
Loan amountUp to Rs. 15 cr
Term 20 years
Prepayment/ foreclosure chargesNil to 3% of outstanding amount
Federal Bank NRI home loan interest rates & other charges

Bank of India Star Pravasi Home Loan

ParticularsCharges
Processing charge0.25% of the loan amount (subject to min: Rs. 1500 and max Rs. 20,000)
Interest rate6.90% p.a. onwards
Loan amountUp to Rs. 500 lakh
Term 30 years
Prepayment/ foreclosure charges
Bank of India Star Pravasi home loan interest rates & other charges

Indiabulls NRI home loan

  • Maximum loan to value
  • Zero prepayment charges
  • Quick approval and disbursal
ParticularsCharges
Processing charge1.00% onwards
Interest rate8.65% p.a. onwards
Loan amount
Term 
Prepayment/ foreclosure chargesNil
Indiabulls NRI home loan interest rates & other charges

Home loan eligibility for NRIs

While NRI home loan eligibility criteria vary from lender to lender, here are basic criteria you need to meet:

CriteriaDetails
Age18 to 70 years
Employment Salaried or self-employed
NationalityNRIs/ PIOs/ OCIs
NRI home loan eligibility criteria

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.

Also Read: Investment in India by NRI: Real Estate 2021

NRI Home Loan – Interest Rates 2021, Eligibility

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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