What Is an NRI Home Loan?
An NRI Home Loan is a loan designed specifically for Non-Resident Indians who want to buy residential property in India. Whether you're living in the US, UK, UAE, or Singapore, this loan lets you own a piece of India — from afar — with legal and financial clarity.
Who Qualifies as an NRI?
As per Indian laws, an NRI is an Indian citizen who has:
Lived outside India for 183 days or more in a financial year
Has Indian passport and resides abroad for work, business, or study
May hold NRO/NRE account with Indian banks
💡 OCI and PIO cardholders are also eligible with some lenders.
What Can You Use the NRI Home Loan For?
Buy a new or resale residential property
Construct a home on land you already own
Buy a plot and build a home later (Plot + Construction Loan)
Renovate or repair an existing home in India
Features of Vizzve NRI Home Loan
💰 Loan Amount: ₹10 lakhs to ₹5 crores
📉 Interest Rate: Starting from 9.25% p.a.
🏦 Tenure: Up to 20 years
🌐 Online Application from anywhere in the world
🔒 Property in India as collateral
💼 Power of Attorney (POA) option for processing
Documents Required for NRI Home Loan
| For NRI Applicant | Property Docs |
|---|---|
| Valid passport + visa copy | Sale deed/agreement |
| Overseas address proof | Approved building plan |
| NRE/NRO bank statements (last 6 months) | Title documents |
| Work permit or employment letter | Property tax receipt |
| Salary slips or audited business proof | Encumbrance certificate |
| Power of Attorney (if not in India) | Developer NOC (if applicable) |
Eligibility Criteria
NRI between 21–60 years of age
Must have stable overseas income
Valid work visa or permanent residency
Minimum 2 years employment abroad
CIBIL Score of 700+ or international credit history
Must appoint a POA holder in India (if unable to travel)
Why Choose Vizzve for NRI Home Loans?
🌍 Global support for NRIs from over 20 countries
📲 100% digital processing + international customer support
🏠 Access to vetted real estate developers
🔍 Legal assistance and title check in India
🔐 Secure document handling with POA provisions
🧾 Tax guidance on home loan and repatriation
Tax Benefits for NRI Borrowers
Deduction of up to ₹2 lakh on home loan interest under Sec 24(b)
Up to ₹1.5 lakh on principal repayment under Sec 80C
Applicable only on property declared as self-occupied or rented
FAQs
Q1. Can NRIs buy agricultural land in India?
No. NRIs can only buy residential or commercial properties.
Q2. Can an NRI co-applicant be based abroad?
Yes, but one resident Indian co-applicant or POA holder is required.
Q3. How is repayment done from abroad?
Through NRE/NRO accounts or inward remittance.
Q4. What happens if I return to India during tenure?
Your loan continues; only your residency status changes, not the loan.
Published on : 23rd July
Published by : SMITA
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RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed