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NRI Home Loan

 

NRI Home Loan – Eligibility, Loan Terms and Conditions

Loan Criteria Details
Eligibility

  • NRIs gainfully employed abroad (who have put in a minimum period of confirmed service / experience of 2 years - including previous employment / experience and confirmed in the present employment) with a residual contract period of service for at least three more years.

  • NRI professionals with a regular monthly income are also eligible.

  • Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years.
Purpose
  • For purchase or construction of a house / flat / repair / renovate or alter an existing house / flat. The scheme is extended to OCI card holders (Overseas Citizenship of India), NRI (Non-Resident Indians) and PIO (Person of Indian Origin).
Quantum of Loan
  • 60 times of Gross Monthly Income subject to availability of  40% Net Take Home pay on Gross Monthly Income after deduction of EMI for the proposed loan, apart from other deductions
  • For Repairs & Renovation: Rs.300 lakhs (Max.)
Margin
  • For Loans upto Rs. 30 lakhs : 10%
  • For Loans above Rs.30 lakhs upto Rs.75 lakhs: 20%
  • For Loans above Rs.75 lakhs: 25%
  • For Repairs & Renovation: 30%
Interest Rate Click here
Processing Fee Click here
Repayment
  • Loans for purchase / construction of House / Flat: Max. 20 years (including holiday period)
  • Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat. The repayment may be made by way of remittance from abroad or from other domestic sources including rental income from the property etc. Repayment of instalment of Home Loan, interest and other charges, if any can be made by close relatives through their bank account directly to the borrower’s loan account.
Prepayment charges
  • NIL
Security
  • Equitable Mortgage of Property purchased / constructed out of loan proceeds.
  • Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
  • CERSAI registration (at Applicant’s cost) to be done
Documents to be submitted for processing the application
  • Completed Application Form with passport size photograph.
  • Salary Certificate.
  • Proof of other income like rent, interest on investment, if any.
  • Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
  • Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
  • Agreement of Sale / Sale Deed.
  • Approved Building Plan.
  • Title Deed Documents for 30 years.
  • Proof of title in the Revenue Records. (Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost).
  • Passport copy with page containing visa stamping
  • Copy of work permit
  • Employment contract copy (an English translation duly attested by employer/consulate/embassy/our foreign branches , if it is in any other language).

  • Copy of certificate of Tech/Professional qualification to be obtained

  • Copy of identity card issued by the employer
  • Copy of continuous discharge certificate in respect of applicants employed in merchant navy.
  • Brief write up about employment profile for the last 3 years
  • Brief write up about the company /institution where employed i.e. constitution, activity, employee base, net profit etc.
  • Statement of overseas Bank account for the last six months which reflect salary credit, savings etc.
  • General Irrevocable Power of Attorney (PoA) including the power to create Mortgage, if applicable, duly stamped and notarized / attested by Indian Embassy / consulate and adjudicated in India from the concerned embassy/consulate before sanction
  • Attested copy of address proof mentioning the current overseas address such as Utility Bill, Driving Licence, ID Card, Labour Card, Social Card etc. issued by the authorities in that country or latest Bank Statement showing overseas address.
  • Additional documents for PIOs.
  • A photocopy of the PIO card or any of the under noted documents
  • Current Passport indicating place of birth in India
  • Indian Passport if held earlier
  • Parents’ or grandparents’ passport with details therein substantiating his claim of being a PIO                                                                                                        All overseas documents are to be attested by Indian Embassy or Notary Public  of that country or by the competent authority of that country
Value addition
  • Group Insurance cover: At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant).
  • The Premium amount will be financed as a seperate loan instead of financing as a part of the loan.
Insurance
  • Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.

Apply for loan (Click Here)

Frequently Asked Questions (FAQs)

Find answers to commonly asked questions about Indian Bank Home Loans.
1. What is a Home Loan?

A Home Loan is a secured loan provided by Indian Bank to help customers purchase, construct, renovate, or extend a residential property.

2. Who is eligible to apply for an Indian Bank Home Loan?

Salaried individuals, self-employed professionals, business owners, NRIs (where applicable), and other eligible applicants who satisfy the bank's lending criteria can apply.

3. What types of properties can be financed?

Home Loans are available for purchasing new or resale houses, construction of houses, home renovation, extension, and other eligible residential properties.

4. What is the current Home Loan interest rate?

Home Loan interest rates are subject to change based on RBI guidelines, applicant profile, credit score, and prevailing bank policies. Please refer to the Interest Rates section for the latest applicable rates.

5. What documents are required?

Applicants generally need identity proof, address proof, income proof, bank statements, property documents, passport-size photographs, and any additional documents requested by the bank.

6. How much Home Loan can I get?

The eligible loan amount depends on your income, repayment capacity, property value, credit history, and the bank's lending norms.

7. How can I calculate my Home Loan EMI?

You can use the Indian Bank Home Loan EMI Calculator available on our website to estimate your monthly EMI based on the loan amount, interest rate, and repayment tenure.

8. What is the maximum repayment tenure?

The repayment tenure depends on the applicable Home Loan scheme and the borrower's eligibility, as per the bank's prevailing guidelines.

9. Can I prepay or foreclose my Home Loan?

Yes. Home Loan prepayment and foreclosure are permitted subject to the applicable terms and conditions of the bank.

10. Are there any processing charges?

Processing charges, if applicable, are levied as per the bank's prevailing schedule of charges.

11. Can I apply for a Home Loan online?

Yes. You can apply online through the Indian Bank website or visit your nearest Indian Bank branch for assistance.

12. Are there any tax benefits?

Eligible borrowers may claim tax benefits on principal repayment and interest paid under the applicable provisions of the Income Tax Act.

13. How long does Home Loan approval take?

Loan approval depends on timely submission of documents, eligibility verification, legal scrutiny, technical evaluation, and property assessment.

14. Can I transfer my existing Home Loan from another bank?

Yes. Subject to eligibility and the bank's prevailing guidelines, customers may transfer their existing Home Loan to Indian Bank.

15. Whom should I contact for further assistance?

You may visit your nearest Indian Bank branch or contact our customer support for assistance regarding Home Loans.

(Last modified on:Jul 23, 2026 at 07:03:53 am)