So, you’re an NRI considering buying property in India and exploring mortgage options.
Navigating the Indian mortgage landscape can be challenging, especially with the varying rates, eligibility requirements, and benefits each bank offers.
Finding the best mortgage plan is essential to make your property investment smooth, affordable, and manageable.
Here’s a rundown of some of the best mortgage plans for NRIs buying property in India based on interest rates, eligibility, and unique features.
In this article...
State Bank of India (SBI) – NRI Home Loan
State Bank of India, one of India’s largest public-sector banks, offers competitive NRI home loan plans with flexible tenure options.
SBI’s mortgage for NRIs includes adjustable interest rates based on the prevailing repo rate, which can be advantageous in a declining interest rate market.
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Key Features:
- Interest Rates: Starts at 7.5% (floating).
- Loan Tenure: Up to 30 years.
- Eligibility: NRIs aged 18-60 with stable employment, income, and a valid visa or work permit.
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💡Tip: SBI’s large branch network and easy remittance process make it ideal for NRIs looking for seamless loan management. Share on XLearn more at: SBI NRI Home Loan
HDFC Bank – NRI Home Loan
HDFC Bank’s NRI home loan offers attractive interest rates, flexible tenure, and a wide range of property choices, including apartments, land, and self-constructed homes.
Known for its strong customer service and digital accessibility, HDFC Bank caters well to tech-savvy NRIs.
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Key Features:
- Interest Rates: Ranges from 7.8% to 8.5% (floating).
- Loan Tenure: Up to 20 years.
- Eligibility: NRIs with stable income and professional employment, typically between the ages of 21 and 60.
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💡Tip: HDFC’s online portal and customer support make managing your mortgage remotely more straightforward. Share on XLearn more at: HDFC NRI Home Loan
ICICI Bank – NRI Home Loan
ICICI Bank is well-regarded for its quick processing time and attractive mortgage rates, making it a popular choice among NRIs.
ICICI offers both floating and fixed interest rates, allowing NRIs to choose the plan that best suits their risk appetite and financial goals.
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Key Features:
- Interest Rates: Starts at 7.9% (floating).
- Loan Tenure: Up to 20 years.
- Eligibility: NRIs aged 21-60, with a stable source of income and work experience.
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💡Tip: ICICI offers personalized loan advisors for NRIs, so you can get tailored guidance throughout the loan process. Share on XLearn more at: ICICI NRI Home Loan
Axis Bank – NRI Home Loan
Axis Bank’s NRI home loan is competitive with adjustable interest rates and longer loan tenure, making it attractive for NRIs with long-term property plans in India.
Axis Bank’s loan options are available for purchasing homes, building new properties, or renovating existing ones.
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Key Features:
- Interest Rates: Starts at 7.6% (floating).
- Loan Tenure: Up to 25 years.
- Eligibility: NRIs aged 24-60 with at least a year of employment in their current country of residence.
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💡Tip: Axis Bank’s flexible repayment options allow you to choose the most convenient schedule, whether monthly or quarterly. Share on XLearn more at: Axis Bank NRI Home Loan
Bank of Baroda – NRI Home Loan
Bank of Baroda provides competitive interest rates and flexible eligibility requirements, making it suitable for NRIs with diverse property goals.
This bank offers both fixed and floating rate home loans, making it easier to lock in your preferred rate.
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Key Features:
- Interest Rates: Starts at 7.25% (floating).
- Loan Tenure: Up to 30 years.
- Eligibility: NRIs aged 21-60 with valid income proof and stable employment.
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💡Tip: Bank of Baroda’s attractive rates make it a good option if you’re seeking a cost-effective mortgage with the flexibility to switch between fixed and floating rates. Share on XLearn more at: Bank of Baroda NRI Home Loan
LIC Housing Finance – NRI Home Loan
LIC Housing Finance offers home loans to NRIs with favorable interest rates and a long tenure.
The bank is popular among NRIs due to its flexible repayment options and multiple branch locations across India, which simplify in-person support.
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Key Features:
- Interest Rates: Starts at 7.9% (floating).
- Loan Tenure: Up to 20 years.
- Eligibility: NRIs with a stable income source and aged 21-60.
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💡Tip: LIC Housing Finance’s flexible payment schedule can be an advantage if you plan to pay off your loan early or want to adjust payments based on cash flow. Share on XLearn more at: LIC Housing Finance NRI Home Loan
PNB Housing Finance – NRI Home Loan
Punjab National Bank’s housing finance division offers competitive NRI home loans, focusing on customer satisfaction with tailored eligibility requirements for NRIs.
With both fixed and floating interest options, PNB Housing Finance caters to various customer preferences.
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Key Features:
- Interest Rates: Starts at 7.75% (floating).
- Loan Tenure: Up to 20 years.
- Eligibility: NRIs aged 18-60, typically with professional employment and a valid visa.
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💡Tip: PNB’s strong focus on customer support is helpful if you need consistent guidance throughout the mortgage application process. Share on XLearn more at: PNB Housing Finance NRI Home Loan
Summary Table: Best NRI Mortgage Plans in India
| Bank | Interest Rates | Loan Tenure | Best For |
|---|---|---|---|
| SBI | 7.5% (floating) | Up to 30 years | Long-term, stable mortgages |
| HDFC Bank | 7.8% – 8.5% (floating) | Up to 20 years | Tech-savvy NRIs, online management |
| ICICI Bank | 7.9% (floating) | Up to 20 years | Fast processing, personalized advisor |
| Axis Bank | 7.6% (floating) | Up to 25 years | Flexible repayment options |
| Bank of Baroda | 7.25% (floating) | Up to 30 years | Cost-effective, flexible rate options |
| LIC Housing Finance | 7.9% (floating) | Up to 20 years | Flexible repayment, long tenure |
| PNB Housing Finance | 7.75% (floating) | Up to 20 years | Customer-focused support for tailored needs |
Choosing the Best Mortgage Plan
Each bank offers unique features suited to different financial needs and risk preferences.
SBI and Bank of Baroda stand out for their stability and attractive long-term tenure options, while HDFC and ICICI Bank are ideal for those seeking digital convenience and quick processing.
Axis Bank and LIC Housing Finance offer flexible repayment plans, which can be useful if you prefer varied payment schedules.
💡Tip: Compare interest rates and tenure options to find the most affordable and flexible mortgage plan for your property purchase. Share on XHave experience with any of these banks for an NRI mortgage? Share your insights in the comments to help fellow NRIs make informed decisions!
