NRIs can avail up to 80-85 % of the cost of residential property as a home loan. However, the down payment should be directly remitted from abroad through normal banking channels or from non-resident external (NRE) account and/or non-resident (ordinary) (NRO) account in India. EMI payments too should be remitted from any of these accounts.

In the case of NRIs, nevertheless, there is a stress on certain pre-requisites such as qualifications, current job profile, past experience, probability of continuing abroad for the loan tenure and probability of servicing the loan with an extended tenure in case of return to India. The Loan-To-Value (LTV) ratio for NRI home loan customers varies from one bank to another, though the manner of calculation is the same in case of a regular home loan.

The income taken into account for calculating the home loan eligibility is the repatriable income plus any income in India. For NRIs working in countries that restrict repatriation such as African countries, only the repatriable portion of the income is considered for calculating loan eligibility.

Though the regular home loan tenures can be up to 25 years, loan tenure for NRIs is normally 10-15 years. Along with the standard documents required for a home loan, NRIs need some additional documents such as the appointment letter and contract, labour card (if employed in the Middle East), salary certificate, bank statements and income tax returns filed in the country of residence.