Eligibility criteria for NRI home loans

Aadi Sharma
August 18, 2008

The eligibility requirement for a NRI home loan varies from lender to lender. A summary of these is listed below:





  • Must be over 21 years of age


  • Maximum Age:



    • As a salaried applicant, maximum age limit is 60 years or retirement age (whichever is earlier), at the time of loan maturity.


    • As a self-employed applicant, maximum age limit is 65 years or retirement age (whichever is earlier), at the time of loan maturity






      • If an NRI he/she must have a valid Indian Passport


      If a Person of Indian Origin (PIO) he/she must have a valid foreign passport


      Employment eligibility:




    • SBI says that the applicant must be employed abroad for at least 2 years


    • Citibank will offer home loans to salaried individual with at least 2 years of work experience of which at least 12 months is as an NRI.


    • ICICI Bank says that if the applicant is salaried he should have been abroad for a minimum period of 1 year, and if the applicant is a self-employed person, he should have been abroad for a minimum period of 3 years.




  • Must have a valid job contract or work permit


  • Income eligibility



    • SBI says that it can offer home loans to NRI’s with Minimum net monthly income (NMI) of US$ 500 or minimum Net Annual Income (NAI) of US$ 6000/- (or its equivalent in any other foreign currency)


    • Citibank requires a minimum salary of USD 36000 or CAD (Canadian Dollars) 48000 per annum.


    • ICICI bank has linked income eligibility with Loan tenure. For a NRI home loan up to 5 years tenure the minimum required income is USD 30,000 per annum. For a loan of 6 years and above duration, the minimum income requirement creeps up to USD 42,000 per annum.






  • Special eligibility requirements:



    • Citibank Home Loans are available to NRIs/ PIOs based in the US and Canada.


    • Citibank also requires that the applicant must also have a close blood relative residing in India, who will be a co-applicant to your loan.


    • For a NRI home loan from ICICI Bank of tenure between 11-15 years, minimum qualification has to be Diploma/ Graduate with minimum 3 years of employment abroad and Professional Qualification with 1 year of employment abroad.








These eligibility requirements are totally at the discretion of respective banks and housing finance companies and can change without notice.