faqs

Home Loan Eligibility

Minimum age: 21 years
Regular source of income (employed or self-employed)
Loan must close before the age of 65
Minimum 6 months of income proof required

Who is an NRI (Non-Resident Indian)?

An NRI is an Indian citizen living abroad for employment, business, or any other long-term purpose. This also includes individuals deputed by Indian government bodies or those working with UN organizations. Overseas citizens of Indian origin are also considered NRIs.

What if I’ve already purchased the property?

If purchased within the last 3-6 months, you can apply for a regular home loan with tax benefits.
If the purchase is over 6 months old, the loan will be treated as a Loan Against Property, with higher interest rates and no tax benefits.

Who is a PIO (Person of Indian Origin)?

A PIO is someone (excluding citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan) who:

Held an Indian passport at any time, or
Has a parent or grandparent who was a citizen of India under the Constitution of India or the Citizenship Act, 1955.

Can NRIs buy property in India?

Yes, NRIs, PIOs, and foreign citizens can invest in residential and commercial properties in India with general permission from the Reserve Bank of India (RBI).

Can NRIs purchase commercial properties in India?

Yes, NRIs can buy both residential and commercial properties (except agricultural land, farmhouses, and plantation properties). Payments must come via foreign remittances or from NRE/FCNR accounts, with a declaration submitted to the RBI using Form IPI.

Yes, NRIs can sell residential or commercial properties without RBI approval. If selling to another PIO, the payment must come from NRE/FCNR accounts within 90 days of purchase or final payment.

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Can Indian banks provide home loans to NRIs and PIOs?

Yes, Indian banks and financial institutions (like HDFC, LIC Housing Finance, and IDBI) provide home loans to NRIs and PIOs in Indian Rupees, with a maximum repayment period of 15 years.

Can close relatives repay the home loan on behalf of NRIs/PIOs?

Yes, close relatives in India can repay these loans on behalf of the NRI/PIO.

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