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Loan Basics: A guide to NRI home loans

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One of the most sought-after investments for Non-Resident Indians (NRIs) is buying property back home.

  • At a time when the Indian rupee is weakening against the US dollar, taking a home loan in India could be a good option for the NRIs rather than using up all the money earned in the foreign currency.
  • Are NRIs allowed to take a home loan in India? Yes, they have. “NRI Home Loans” are offered both by banks and Non-Banking Financial Companies (NBFCs).

Paper work

  • For the documentation process, a copy of your passport, visa and employment related documents such as your three to six month salary slips, appointment letter, and employment contract if any and address proof are mandatory.
  • Loan tenor and interest rate
  • Earlier there were differences in the interest rate charged for a NRI home loan and for the ones offered to resident Indians. But now the rates are the same. “The Home Loan Rates and other charges like processing fee for NRI home loans are the same as offered to resident Indian.

Can the NRI who repays the home loan also avail of tax benefits? Most of the NRIs who are currently serving their home loans are not aware of the tax implications on their loan repayment.

  • They just earn their incomes abroad and repay their loan.
  • [Source: http://www.thehindubusinessline.com/portfolio/beyond-stocks/loan-basics-a-guide-to-nri-home-loans/article7880720.ece]

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