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.5 Crore*, or above.
Competitive Interest Rate
We offer competitive interest rates starting at 7.15%* 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.
8,300+ Approved Projects
You can choose your dream home from our wide range of 8,300+ 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 7.15%* 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 7.15%* 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:
- 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
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
