NRI Home Loans: The Complete Guide (2023)

As an NRI, buying a new home for your family in India or renovating your family's home can feel like fulfilling a life purpose. Find out more about NRI home loans and how they work with popular banks in India.

First, here are some Indian banks that offer NRI specific home loans. This list is not exhaustive and is not in any particular order:

  • axis bench
  • Industrial Credit Investment Bank of India
  • State Bank of India
  • HDFC-Bank
  • Bank of Baroda
  • Commonwealth Bank
  • Bank of India
  • PNB

To see how each bank compares, here is a handy chart comparing each bank's NRI home loans:

ProviderhappenInterest rate (annual interest rate)Electromagnetic InterferencecostCredit amountcredit term
axis benchMust be an NRI, PIO or OCI and meet income requirements. Must be at least 24 years old6,75-12 %Interest Rate and Major Axis Bank PMI Calculator calculated monthlyUp to 1% of the loan amount, maximum 10,000 rupeesINR 3 - INR 75 and up1-25 years old
International Federation of Industrial IndustriesEmployees have at least one year's professional experience. The income requirements must be metstart at6,70 %Calculate interest and principal monthly0.50% of the loan amount30-5 million rupeesup to 30 years
State Bank of IndiaApplicants are between 18 and 60 years oldstart at6,70 %Monthly SBI EMI Calculator for Interest and Principal0.40% of the loan amount with a minimum of Rs 10,000 and a maximum of Rs 30,00030-75 rupees and moreup to 30 years
HDFC-BankMust be between 21 and 65 years old. Must meet income requirementsstart at6,70 %Flexible EMI Available HDFC NRI EMI CalculatorUp to 1.25% of the loan amountMore than 750,000 rupeesup to 30 years
Bank of BarodaMust be between 21 and 70 years oldstart at6,75 %Monthly calculated Interest Rate and Central Bank of Baroda PMI Calculator0.50% of the loan amountUp to Rs. 1 croreup to 30 years
Commonwealth BankThe maximum age at the end of the term of office is 55 years. PIO/OCI required co-applicants residing in Indiastart at7,65 %Simple Commonwealth Bank EMI Calculator0.50% of the loan amount, minimum 10,000, maximum 20,000 0.45,000up to 15 millionup to 20 years
Bank of IndiaSuitable for employees, self-employed and professionalsstart at6,85 %EMI can be adjusted according to repayment ability0.25% of the loan amount with a minimum of Rs 1,500 and a maximum of Rs 1,500. Rs 20,000Up to 5 million rupeesup to 30 years
PNBThe maximum age at the end of the term is 70 years. Work abroad for at least 1 yearstart at6,75 %PNB Bank's monthly calculated interest and capital PMI calculator0.50% of the loan amountMore than 750,000 rupeesup to 30 years
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How to choose the right home loan for NRI

Choosing the right home loan can help you get your loan faster, save money, and make your loan easier to manage. Here are some factors to consider when trying to find the NRI home loan that is right for you:

Loan Amount and EMI

In most cases, the size of your loan will be based on the cost of the property you want to buy or the cost of building renovations. It is considered as a percentage of the cost and can vary between70-90 %Depends on the crowd. When you submit a loan application, you must provide an estimated cost and supporting documents.

Most banks offer an EMI option that allows borrowers to make equal repayments over the life of the loan. It's a good idea to use the EMI calculator on the bank's website to try different loan amounts, interest rates, and tenors.


First, make sure that the loan you are applying for is specifically for non-resident Indians so that your income and supporting documents are appropriate.

Next, make sure you meet the income requirements to apply for a loan. Also, check which situations require co-applicants residing in India. Remember, if you're applying together, your earning spouse can help make your application more compelling.


The first thing to consider is the interest rate on your loan. The lower the interest rate the better, but be sure to look at the bigger picture.

Even if banks offer low interest rates, banks charge additional fees and charges. Also, talk to your bank representative about different ways to lower your interest rate without increasing fees or tenure, such as adding a co-applicant.

Consider whether you can get a flexible repayment schedule or if there is an early repayment fee. Flexibility can put you at ease and help you through life's ups and downs. However, this stability can also feel good if you prefer to know a fixed amount for the loan term right from the start.

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Home insurance can be another factor to consider. Many Indian banks offer optional home insurance with NRI home loans.

Axis Bank NRI Home Loans

  • Easy to manage applications
  • Tailored term from 1-25 years
  • Specific loans for self-employed NRIs

Axis Bank NRI Home Loans are tailored to your needs with a smooth process for easy online loan application. However, depending on your region, there are monthly income requirements for applicants and a minimum work experience is required.

ICICI Bank NRI Home Loans

  • For new construction or home renovations
  • No Indian co-applicant required
  • No penalty for prepayment

ICICI offers NRI home loans that can be used for new home purchases, renovations or home loans. Each has a different tenure and can serve as either an employed NRI or a self-employed NRI, provided work experience and income requirements are met. ²

State Bank of India NRI Home Loans

  • Also suitable for PIO and OCI
  • The applicant must be under 60 years old
  • No penalty for prepayment

SBI provides home loans to NRIs for the purchase of houses or investment property. SBI can offer some of the lowest fees and also offers discounted rates for female applicants.

HDFC Bank NRI Home Loans

  • For new construction or home renovations
  • A network of experts to support you
  • Flexible repayment with either a fixed or variable interest rate

HDFC is a popular home loan bank with NRIs for renovating or buying a home or single family home. There are flexible repayment options and automatic EMI payments, but there is a fee for early repayment. ⁴

Bank of Baroda NRI Home Loans

  • For a property, a house or a renovation
  • The amount of the loan depends on the applicant's location in India
  • Various NRI home loans offered

The Bank of Baroda offers NRIs a range of home loans to choose from and you can also get a free credit card for a year when you borrow Rs 200,000 or more. The Bank of Baroda also does not require a co-applicant and you can apply online. ⁵

Commonwealth Bank NRI Home Loans

  • For building a house, improving or buying land
  • Minimum income requirement: 50,000 rupees per month
  • Partial or full prepayment possible

The Commonwealth Bank offers NRI home loans that can be used to build a new home, purchase land or landscaping an existing home. Commonwealth Bank loans can cover up to 85% of costs, and simple EMIs make payments even easier. ⁶

Indian Bank NRI home equity loan

  • The loan amount depends on the purpose and use
  • The application may have to be made in person at a branch
  • Variable rate plan with no upfront payment required

Indian banks offer home loans to NRIs for home renovation or construction. With a weak online presence, it is best to visit an Indian bank branch to ensure you qualify for a home loan. ⁷

PNB NRI Home Loan

  • Loan amount of 75-90% of the cost, depending on the amount
  • Apply in person at a PNB branch
  • Instant loans are available online for those who qualify

PNB offers home loans for the renovation or new construction of houses. The application process may require you to apply in person and provide your educational qualifications, but PNB Bank offers deferrals on existing PNB home loans. ⁸

Sources used in this article:

  1. axis bench
  2. International Federation of Industrial Industries
  3. SBI
  4. HDFC
  5. Bank of Baroda
  6. Commonwealth Bank
  7. Bank of India
  8. PNB

All sources verified as of April 4, 2022

This publication is for general informational purposes only and is not intended to cover all aspects of the subject matter discussed. It is not advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action based on the content of this publication. The information in this publication does not constitute legal, tax or other professional advice by Wise Payments Limited or its affiliates. Prior results do not guarantee similar results. We assume no liability, either express or implied, for the accuracy, completeness or timeliness of the content of the publication.


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