L&T Finance NRI Home Loan

The L&T Finance NRI Home Loan is a one-stop solution for Non-Resident Indians to invest in their Indian dream home. It considers NRIs' unique financial situations, such as income sources and tax implications. They offer various loan options for buying, constructing, renovating, or transferring existing loans. It provides competitive rates, flexible repayment terms, and a streamlined process. This empowers NRIs to leverage their overseas income for property investment, secure a home for their family in India, or plan their return with the added benefits of property consultations, online account management, and expert guidance.

Feature & Benefits of L&T Finance NRI Home Loan

L&T Finance understands the specific needs of NRIs investing in Indian real estate. That’s why their NRI home loan products go beyond just financing – they offer a suite of features and benefits designed to simplify your journey:

• Competitive interest rates for affordable funding.
• Flexible repayment options with EMIs and extended loan tenures.
• High loan amounts to cover a significant portion of the property cost.
• Simplified documentation for a hassle-free application.
• Diverse loan products for buying, constructing, renovating, or transferring existing loans.
• Access to property consultation services for informed investment decisions.
• Online account management for convenient 24/7 access from anywhere.
• Renowned for quick loan processing to expedite your property transactions.
• Leverage tax benefits on home loan interest and principal repayment, similar to resident Indians.
• Benefit from professional guidance throughout the process, including legal and technical consultations.
• Access to customized loan solutions based on your unique financial situation.

Types of L&T Finance Home Loan for NRIs

Here are the most common NRI home loan options available with this financial institution:

• NRI Home Purchase Loan: This is your one-stop solution for acquiring a new or resale residential property in India. Whether you dream of a modern apartment, a luxurious villa, or a cosy independent house, this loan can help.
• NRI Home Construction Loan: Already own a plot of land? This loan empowers you to transform it into your dream home. Financing covers the construction costs based on approved plans from local authorities.
• NRI Plot Purchase Loan: Thinking ahead? This loan is designed to help you purchase a plot of land for future residential construction.
• NRI Home Extension/Improvement Loan: Looking to add a modern touch or extra space to your existing residence? Whether an extension or renovation, this loan can provide the financial backing to bring your vision to life.
• NRI Home Loan Balance Transfer: If you already have a home loan with another lender, consider transferring it to L&T Finance. You might benefit from more competitive interest rates or improved service terms.

Purpose of L&T Finance NRI Home loan

This loan goes beyond simply financing a property! It empowers you to achieve your specific goals, some of which are:

• Looking to construct a house on your existing plot? The L&T Finance NRI Home Loan provides the financial backing to realise your vision.
• Whether you’re looking for a brand-new apartment or a charming resale property, the loan can help you purchase your desired residential space in India.
• Envisioning a plot with your future home? This loan can help you acquire the land and finance the construction in one convenient package.
• Want to upgrade your existing residence? The loan allows you to finance renovations, repairs, or improvements that will bring your home to life.
• Do you need more space? The L&T Finance NRI Home Loan can help finance the extension of your existing property.
• Do you have an existing home loan with another lender? Consider transferring it to L&T Finance to potentially enjoy better interest rates or more favourable terms.

L&T Finance NRI Home Loan Interest Rates 

The interest rate for NRI home loans from L&T Finance starts from 8.60%.

L&T Finance NRI Home Loan Documents Required

Non-resident Indians (NRIs) applying for a home loan with L&T Finance must submit specific documents for verification. 

• Valid Passport (mandatory for NRIs and PIOs)
• Visa/Work Permit (demonstrates residency status in the country of residence)
• Proof of Overseas Employment (employment contract or employer letter confirming details like designation and salary)
• Income Documentation (salary slips for the past few months, bank statements from the overseas bank account showcasing salary credits for at least the last six months, latest Income Tax Returns from the country of residence, if applicable)
• Credit Score/Report (from the country of residence, as required by L&T Finance)
• Sales Deed, Agreement to Sell, or any other relevant documentation detailing the property being purchased
• NRI Bank Account Statements (past six months) for NRE (Non-Resident External) or NRO (Non-Resident Ordinary) accounts held in India
• Documentation for both overseas and Indian addresses (utility bills, bank statements, or government-issued ID proofs)

L&T Finance NRI Home Loan Eligibility Criteria

Here’s a breakdown of eligibility criteria to get you started :

• You must be a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) with a valid Indian passport or PIO card.
• Generally, by the loan’s maturity, you must be at least 21 years old when applying and not exceed 60 years old (or your retirement age, whichever comes first).
• You’re likely eligible if you’ve worked overseas for at least 1-2 years (salaried, self-employed, or a professional). Some lenders even consider seafarers and mariners.
• It is crucial to have a stable job and a healthy income stream. Minimum income requirements depend on your country of residence, and documentation will be needed to prove it.
• The loan is meant to purchase residential property in India. Some lenders might have restrictions on the property type or its location.
• A good credit history and score in your current country and India (if applicable) are important factors for loan approval.
• A co-applicant, like a spouse or close relative, could be mandatory or strengthen your application. Their income and creditworthiness can also be considered.

Fees and Charges for L&T Finance NRI Home Loan

Tax Benefits of L&T Finance NRI Home Loans

As an NRI, you may own a piece of a home in India. L&T Finance offers home loans specifically for NRIs, which, thanks to the Indian Income Tax Act, come with some sweet tax benefits.. 

• Up to ₹2 lakh per year can be deducted from your taxable income for the interest paid on your home loan (Section 24). This applies if the property is self-occupied. Renting it out? Then, you can deduct the entire interest amount!
• Like resident Indians, NRIs can claim a deduction of up to ₹1.5 lakh per year on the principal amount you repay on your home loan (Section 80C). Remember, this falls under the Section 80C limit, including other investments and expenses.
• Section 80C also allows you to deduct the stamp duty and registration charges you incur when buying the property. But there’s a catch: this deduction is only applicable in the year you incur these expenses and is subject to the overall ₹1.5 lakh limit under Section 80C.
• Even if your property is under construction, you can still claim a deduction for the interest paid during that period. This deduction is spread out in five equal installments starting from the year the construction is completed, with a maximum limit of ₹2 lakh for a self-occupied property.