Eligibility criteria for NRI home loans

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.