IndusInd Bank NRI Home Loan

Owning a home in the motherland is often a long-awaited dream for many NRIs. Due to your non-residential status, it's expected that you might encounter certain challenges from Indian lenders when applying for a home loan. Nonetheless, the IndusInd Bank home loan for NRIs stands out, ensuring that the bank treats NRIs just as they do residents of India. Whether you need to construct or purchase a new home or renovate an existing one, the bank is prepared to disburse the necessary funds promptly, along with competitive rates and terms. Bring life to your homeownership aspiration; Urban Money provides a thorough overview of the NRI housing loan in IndusInd Bank. We primarily cover the applicable IndusInd Bank NRI home loan interest rate, associated fees, eligibility criteria, required documents, expected features/benefits, and more.

Feature & Benefits of IndusInd Bank NRI Home Loan

Below are the applicable features and benefits of the IndusInd Bank home loan for NRIs.

• Competitive interest rates and low processing fees.
• Repayment tenure extends up to 30 years.
• Loan against both residential and commercial property.
• Online application process and simplified documentation.
• Doorstep service and fast fund disbursement. 
• Balance transfer facility at lower rates and favourable terms.

Types of IndusInd Bank Home Loans for NRIs

Let’s examine the available kinds of NRI housing loans in IndusInd Bank:

Plot Plus Construction Loan

This loan allows you to purchase a plot of land and build your own house. The loan amount typically can be up to 80% of the plot value and 100% of the construction cost. The loan tenure can be up to 30 years.

Approved Project Home Loan

This loan lets you buy a ready-to-move-in or an under-construction property from IndusInd Bank’s list of approved projects. The loan amount can typically be up to 85% of the property value, and the loan tenure can be up to 30 years. 

Home Renovation/Extension Loan

This loan helps you to renovate or extend your existing home in India. The loan amount can be up to 75% of the residential property, and the loan tenure can be up to 20 years.

Balance Transfer Home Loan

This loan lets you transfer your existing home loan from another bank to IndusInd Bank at a lower interest rate. You can also avail of a top-up loan for your additional needs, and the loan tenure can be up to 30 years.

IndusInd Bank NRI Home Loan Interest Rates

The IndusInd Bank’s NRI home loan interest rate and other key parameters are as follows:

IndusInd Bank NRI Home Loan Documents Required

IndusInd Bank home loan documents for NRIs are as follows:

• Proof of NRI Status: Valid work visa, residence permit, permanent citizen card, or OCI card.
• Proof of Overseas Address: Utility bill, bank statement, rent agreement, etc. 
• Proof of Income: Latest salary slips, tax receipts, bank statements, etc., or business proof for non-salaried individuals.
• Proof of Property: Sale agreement, title deed, allotment letter, etc.
• Additional Documents: PAN card, passport, and a processing fee cheque in favour of IndusInd Bank. 

IndusInd Bank NRI Home Loan Eligibility Criteria

Below are the pertinent NRI home loan eligibility in IndusInd Bank:

• You must be a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) with a valid passport and visa.
• You must have a minimum age of 24 and a maximum of 70 at the time of loan maturity.
• You must have a regular source of income from employment or business in the country of your residence.
• You must have at least three years of work experience or business continuity in the same field. 
• You must have a good credit history and repayment capacity.
• You must have a co-applicant who is a resident Indian or an NRI/PIO relative.
• You must have a property in India that you want to buy, construct, renovate, or transfer.

Fees and Charges for IndusInd Bank NRI Home Loan

Following are the fees and charges associated with the NRI housing loan IndusInd Bank:

Tax Benefits of IndusInd Bank NRI Home Loans

According to the Income Tax Act 1961, you can claim tax benefits on the interest and principal components of your home loan EMIs under Section 24 (b) and Section 80C, respectively.

• Section 24 (b) allows you to deduct the interest paid on your home loan up to ₹2 lakh per annum from your taxable income if the property is used as your primary residence.
• Section 80C allows you to deduct the principal repayment of your home loan up to ₹1.5 lakh per annum from your taxable income, along with other eligible investments such as PPF, ELSS, etc.

You must file income tax returns in India to claim these tax benefits and provide valid proof of your IndusInd Bank home loan for NRIs. You can also avail tax benefits on the stamp duty and registration charges paid for your property under Section 80C, subject to the overall limit of ₹1.5 lakh per annum.