RBL Bank NRI Home Loan

If you're an NRI (Non-Resident Indian) dreaming of owning a home in India, RBL Bank can help make it happen. They offer home loans designed for NRIs, whether you want to buy a house, build one, renovate, or extend your current property. The best part? They have competitive interest rates and flexible payment options. You can read about it and make it easy on your mind with this page created by Urban Money! 

Feature & Benefits of RBL Bank NRI Home Loan

Features and Benefits of RBL Bank NRI Home Loan:

• Eligibility for a wide range of NRI’s
• Flexible loan options for various property needs.
• Competitive interest rates for cost-effective borrowing.
• Loan tenure of up to 30 years for comfortable repayment.
• Hassle-free loan processing tailored for NRIs.
• Use the loan for apartments, houses, or land.
• Tax benefits may be available.
• Potential property appreciation over time.
• Diverse property choices to suit your preferences.
• Guidance from RBL Bank’s experienced team.

Purpose of RBL Bank NRI Home Loan

RBL Bank NRI Home Loan is designed to assist Non-Resident Indians (NRIs) achieve their homeownership dreams and property-related goals in India. The primary purposes of this loan include:

• NRIs can use this loan to purchase residential properties such as houses, apartments, or plots of land in India.
• Funding the construction of a new home on owned land is a common purpose for this loan, allowing NRIs to build their dream homes.
• NRIs can use the loan to extend and expand existing residential properties, accommodating their growing needs or making improvements.
• This loan can finance renovations and repairs to enhance the aesthetics and functionality of a dwelling unit.
• Another valid use of this loan is funding essential repairs to maintain or restore the condition of a residential property.

RBL Bank NRI Home Loan Interest Rates

RBL Bank Housing Loan interest rates start at 8.90% per annum onwards.

RBL Bank NRI Home Loan Documents Required

Here is a list of documentation that you may need to present before your agent for the home loan process:

• Copy of the passport with a valid visa stamp.
• You must provide proof of your NRI status, including a copy of your employment visa, resident visa, or any other relevant document.
• Identity Proof(Any one) – Passport, Aadhar card, PAN card, or any other valid photo ID issued by the Indian or foreign government.
• Address Proof: (Any one) – Passport, Aadhar card, Utility bill (electricity, water, gas), or any other document confirming your overseas address.
• Income Proof: Depending on your employment type:
  • For Salaried NRI: Latest salary slips, employment contract, or employment letter.
  • For Self-employed NRI: Latest audited financial statements, Income Tax Returns, and business ownership proof.
• Copies of your overseas bank account statements for the last 6 to 12 months.
• Recent passport-size photographs.
• If you have already identified the property, you may need to provide property-related documents, such as a sale agreement, construction agreement, or any other relevant papers.
•  A Power of Attorney (POA) document, if you authorise someone in India to represent you during the loan application and disbursement process

RBL Bank NRI Home Loan Eligibility Criteria

RBL Bank Housing Loan for NRIs is available for the following categories of applicants:

For Salaried Individuals

• Minimum net income requirement: INR 1,80,000 per annum.
• Age criteria: 24-70 Years
• Work experience requirement: A minimum of 3 years of work experience is needed. A confirmation letter is mandatory if the current job duration is less than 1 year.

For Self-Employed Individuals and Professionals

• Minimum net annual income: The income should be at least INR 1,50,000, as per the latest year’s Income Tax Return (ITR) or financial documents.
• Age criteria: 24-65 years
• Business continuity requirement: There should be a track record of business continuity for the last three years in the same field.

Fees for RBL Bank NRI Home Loan

Here are all the charges that you need to face with your home loan with RBL Bank:

Tax Benefits of RBL Bank NRI Home Loans

NRIs can potentially benefit from tax deductions on the interest paid (under Section 24(b)) and the principal repayment (under Section 80C) of their NRI Home Loan, as per Indian tax laws. Joint ownership with an Indian resident may also enable both parties to claim tax benefits on their respective loan portions.