Who is a Non-Resident Indian (NRI)?

Non Resident Indian (NRI) means a person who has gone out of India or who stays outside India, in either case for or on taking up employment outside India, or for carrying on outside India a business or vocation outside India.

Do you require permission of RBI Before to acquire a property in India?

An NRI buying an immovable property in India does not require any special permission.

Home Loans

What should be the age and qualification for availing home loan?

The minimum age of eligibility for an NRI is 18 years and it goes up to 60 years or retirement age (whichever is earlier) at the time of loan maturity. The age criterion may vary from bank to bank and other lenders

Can an NRI apply for home loan at Indian banks?

Yes, NRIs can avail home loans from Indian banks to purchase a property. The procedure to avail a home loan remains more or less the same as applicable to any resident Indian.

What is the eligibility criteria required for NRI to purchase a property in India?

The eligibility is calculated in the same way as it is done for resident Indians with special emphasis on:
- Age & Qualifications
- Current job profile and work experience
- Chances of continuing abroad for the loan tenure
- Chances of servicing the loan with an extended tenure in case the applicant needs to return to India

What kinds of properties an NRI can avail home loans for?

To purchase a house which is either ready to move in, under construction or bought from another owner, an NRI can avail home loans for:
- For construction of a property on a plot of land by self
- To purchase a plot allotted by a society/development authority
- For the purpose of renovation or improvement of an existing property in India

What are the documents needed for home loans?

Documents such as copies of passport, valid visa and work permit, contract of employment, work experience certificate, salary certificate and statements of non-resident external (NRE) or non-resident ordinary (NRO) accounts are usually required.


What are the payment options available for repayment of loans?

The housing loan needs to be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from other financial accounts as may be permitted by RBI. Generally, payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI regulations.

Can an NRI sell his residential /commercial property?

An NRI can sell residential/commercial property in India to a person resident in India, an NRI or a PIO. Repatriation of sale proceeds of residential / commercial property purchased by NRI / PIO

Can NRI repatriate the sale proceeds of immovable property? If so, what are the terms?

In case of residential properties, the repatriation of sale proceeds is restricted to not more than two such properties, if the property was purchased from funds held in an NRE Account. Additionally, the amount repatriated out of India should not exceed the amount paid for acquisition of the immovable property in the foreign exchange received through normal banking channels or from the funds held in FCNR or NRE Account.

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