Things NRIs Need To Keep In Mind To Get A Home Loan In India

So you’ve left the land of your forefathers for greener pastures. You’ve worked hard and finally attained that title of an NRI. How can an NRI go about procuring a home loan to buy a house in India? ### Key Eligibility Criteria: 1. **Nationality**: You must hold a valid Indian passport and have lived out of India for at least 50% of the previous financial year (defined by RBI and FEMA). 2. **Age**: You must be at least 25 years old and less than 60 years of age (or should not have taken retirement) at loan maturity. 3. **Education**: Salaried NRIs must be graduates or diploma holders. Self-employed NRIs need an SSC equivalent. Education proves reliability. 4. **Duration**: Maximum duration for NRI home loans is 15 years, though some banks offer up to 20 years based on discretion. 5. **Interest Rates**: NRIs often pay a slightly higher rate (0.25% to 0.5% more) than local residents as they are expected to earn more. 6. **Income**: You need a minimum monthly/annual income, which varies by country of residence. ### Conclusion Banks have simplified the process significantly. As long as you meet the eligibility criteria related to age, education, and income, acquiring your dream home in India is very much possible.