Can NRIs take a Property Loan?
- Loan Permissible: Reserve Bank of India (RBI) permits NRIs and persons of Indian Origin (PIO) to buy residential and commercial property in India through a home loan.
- Documentary Requirements: These are similar to those applicable to local residents – personal detail documents – photographs, passport and visa copies etc.
- The loan amount: It can range between a few lakhs to a few crores. Most banks fund only 75-85% of the property’s total cost even for NRIs
- Banks can check credit reports: Banks give loans based on the income limit and also pull out credit reports of borrowers from their country, check details from CIBIL.
- Other must-haves: Most banks need you to have a blood relative in India, who can be a co-applicant for the loan.