NRI Home Loan Eligibility Criteria in India

NRI Home Loans Eligibility Criteria: Overview

NRIs or Non-Resident Indians can avail of a customised Home Loan in India to facilitate the purchase of their dream home. NRIs are individuals who are citizens of India but reside outside of India.

If you are an NRI planning to purchase a property of your own in India, consider applying for the Bajaj Housing Finance NRI Home Loan to secure a sizeable amount at a competitive interest rate along with other benefits.

Benefits of NRI Home Loans

Apply for an NRI Home Loan with Bajaj Housing Finance and benefit from the following:

Sizeable Loan Amount

Eligible applicants can avail of a Home Loan of up to Rs.15 Crore*, or above.

Competitive Interest Rate

We offer competitive interest rates starting at 7.25%* p.a. for salaried applicants.

Long Repayment Tenure of 20 Years

Our long repayment tenure of up to 20 years (based on eligibility and approval) allows you to repay your Home Loan easily.

9,800+ Approved Projects

You can choose your dream home from our wide range of 9,800+ approved projects and enjoy hassle-free Home Loan processing.

What is NRI Home Loan Eligibility?

NRI Home Loan eligibility refers to the specific conditions that a Non-Resident Indian (NRI), Person of Indian Origin (PIO), Overseas Citizen of India (OCI), or Merchant Navy professional must meet to qualify for a Home Loan in India. These criteria help us assess the applicant’s financial stability, repayment capacity, and profile before approving the loan.

NRI Home Loan Interest Rates

Bajaj Housing Finance offers attractive interest rates on NRI Home Loans starting at 7.25%* p.a. for salaried applicants.

Eligibility Criteria for NRI Home Loan

Home Loans for NRIs are designed to meet all your needs. Moreover, a longer repayment tenure of up to 20 years, based on eligibility and approval, makes the housing loan experience hassle-free. Our easy-to-meet eligibility criteria for NRI housing loans are given below:

Applicants should be NRIs, Persons of Indian Origin (PIO), Overseas Citizens of India (OCI), or individuals in Merchant Navy services.
Applicant should be between 23 and 60 years** of age.
Applicant should have at least 3 years of total work experience (both in India and overseas) or more with a minimum 6 months of working experience overseas.
Applicant must have a regular monthly income.

**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit is subject to change, depending on the property profile.

Documents Required for NRI Housing Loans

Salaried NRIs can avail of Home Loans at interest rates starting as low as 7.25%* p.a. with minimal documentation. Having all documents ready will speed up the process of verification and approval. Here’s the list of documents NRIs must produce while availing of a Home Loan:

Mandatory Document

PAN Card or Form 97 (if the customer does not have a PAN Card)

Note: PAN Card is mandatory for financial applicants/co-applicants

Proof of Identity and NRI status

Valid Indian Passport
OCI Card/PIO Card
Valid Visa/Work Permit/Residence Permit

Additional Documents:

In case of Merchant Navy: Continuous Discharge Certificate (CDC)
In case of OCI/PIO customers: Valid passport issued by the country of the customer’s nationality

Proof of Address (any one of the below officially valid documents):

Indian Permanent Address Proof:

Valid Indian Passport
Driving Licence
Election/Voter’s Identity Card issued by the Election Commission of India
Job card issued under NREGA duly signed by an officer of the State Government
Letter issued by the National Population Register (NPR) containing name and address
Proof of possession of Aadhaar Number (to be obtained voluntarily)

Overseas Address Proof:

Valid Passport
OCI/PIO Card
Overseas Driving Licence
Overseas Leave and License agreement.
Utility bill (electricity/landline/piped gas/water bill; not more than 2 months old)
Document issued by Government Department of Foreign Jurisdiction (Work/Resident Permit, Social Security Card, Green Card, Population Register, etc.)
Letter issued by Foreign Embassy or Mission in India

Income Proof

Latest 3 months' salary slips
Latest 2 years' tax forms as per respective country norms (for example, USA – W2 Form/UK – P60)
Last 6 months' bank statements showing salary credits
Employment Contract/Appointment Letter
Previous employer Appointment letter & Relieving letter (if current employment < 1 year)
Latest/Future Contract Letter in case of Merchant Navy customer

Property Documents:

Fresh Property Purchase

Copy of Allotment Letter or Buyer’s Agreement
Cost Sheet issued by the developer
Receipts of initial payments made to the developer

Resale Property Purchase:

Title Deeds including previous chain of the property documents
Receipt(s) of initial payment(s) made to the seller
Copy of Sale Agreement (if already executed)/Draft Sale Deed

Overseas Bureau/Credit Report

Last 6 months' NRE/NRO account statement

Photographs

Recent passport-sized photos

Note: Additional documents may be requested at the time of loan processing.

Steps to Apply for NRI Home Loans

If you are an NRI and wish to avail of a Home Loan, you must be physically present in India. Additionally, you need to submit a signed physical application form. You must also provide self-attested copies of KYC, income, and other documents required during the loan processing.

*Terms and conditions apply

Frequently Asked Questions

The eligibility criteria to apply for an NRI housing loan are easy to meet. The following are the criteria:

Applicants should be NRIs, Persons of Indian Origin (PIO), Overseas Citizens of India (OCI), or individuals in Merchant Navy services.
Applicant should be between between 23 and 60 years** of age.
Applicant should have at least 3 years of total work experience (both in India and overseas) or more with a minimum 6 months of working experience overseas.
Applicant must have a regular monthly income.

Yes, an NRI, PIO, or OCI can apply for Home Loans in India. NRI Home Loans are designed exclusively for NRIs to meet their housing needs. The repayment tenor for NRI housing loans is up to 20 years with special permission so that you can repay your Home Loan conveniently.

Keep the following list of documents handy for speedy documentation:

KYC documents such as a valid passport, tax documents, and proof of birth date. A PAN Card is a mandatory document.
Copy of valid PIO/ OCI Card in case of PIO/OCI customers
Employment documents such as a valid visa with a work permit, ID card issued by the current employer, appointment letter, and salary certificate
Income documents such as salary slips for the last 6 months, annual income statements, and tax return copies for the last 2 years (if applicable)
Recent passport-sized photographs