Indian Bank NRI Home Loan

The dream of living abroad comes with its own aspirations, and owning a home in India often tops the list. Whether it's for your future retirement, as a vacation checklist, or even as an investment for your loved ones, Indian Bank's NRI Home Loan can make it a reality. It's a secured loan scheme, meaning the property acts as collateral. The seamless process and competitive benefits make this Home loan scheme for NRIs a perfect choice.  Let's delve into the specifics and equip you with the knowledge to navigate the Indian Bank NRI home loan seamlessly.

Feature & Benefits of Indian Bank NRI Home Loan

Types of Indian Bank Home Loans for NRIs

An Indian Bank NRI Home Loan provides financial assistance to Non-Resident Indians (NRIs) looking to purchase a property in India. This loan assists you in a few different ways. You can choose the type that suits your needs. 

Plot Loan

The NRI Plot Loan by Indian Bank is designed for non-resident Indians seeking to acquire a house site in India, provided it has government approval. Offering an interest rate of 8.85% per annum, this loan extends up to Rs. 1200 lakhs, depending on the property’s location. The repayment period spans up to 180 EMIs, with a 25% margin on the plot’s cost and requires an equitable mortgage of the property as security. 

Home Loan

Indian banks grant applicants a full package home loan. The scheme covers all your housing needs, from home purchase to renovation. 

Purpose of Indian Bank NRI Home Loan

With its competitive features, flexible options, and dedicated support, Indian Bank’s NRI Home Loan paves the way for your dream home in India.

• Finance the purchase or construction of your dream house.
• Build your dream home from scratch with this loan option.
• Upgrade and renovate your existing property.

Indian Bank NRI Home Loan Interest Rates

As of December 2023, Indian Bank’s NRI Home Loan interest rates start from 8.40% p.a., making them some of the most competitive in the market. When determining your interest rate, the bank also considers other factors like loan amount, tenure, credit score, and property location. 

Indian Bank NRI Home Loan Documents Required

Here’s a snapshot of all the crucial documents required by the applicant to apply for an Indian Bank NRI home loan:

• Fill out the application form along with a clear passport-sized photograph
• KYC documents – passport, PAN card, proof of address
• Income proof – salary slips, ITRs
• Property-related documents (agreement of sale, purchase deed)
• Financial statements – Bank statements from your home country for the past 3 years.
• Copy of work permit 
• Photocopy of passport containing visa stamps

Important Note: All the overseas documents by the Indian embassy or relevant authority of that foreign country need to be self-attested positively. Also, further documents can be asked based on one’s loan application specifications. 

Indian Bank NRI Home Loan Eligibility Criteria

To qualify for Indian Bank NRI Home loan, you must meet the following criteria:

• Be an NRI with a valid passport and employment visa.
• Have a minimum annual income of ₹12 lakhs for salaried individuals and ₹15 lakhs for self-employed individuals.
• Possess a stable employment record with at least 3 years of contractual service.
• Be between the ages of 21 and 50 at the time of loan application.

Fees and Charges for Indian Bank NRI Home Loan

Like any loan, Indian Bank’s NRI Home Loan comes with certain fees and charges, including processing fees, prepayment charges, and late payment charges. Be sure to factor these into your financial calculations.

Tax Benefits of Indian Bank NRI Home Loans

Property investment through Indian Bank NRI Home Loan comes with added tax benefits. You can claim tax deductions on the interest paid on the loan, principal repayment, and even property tax. Applicants can consult a tax advisor for detailed information on maximising these benefits.