In the current scenario, buying home for NRI's very much easier, because availability of home loans makes it more convenient. NRI home loan is offered by some of the premier financial institutions and banks including SBI, ICICI, HDFC, HUDCO, LIC, Citibank,etc.

Who is eligible for NRI home? The RBI definition is for NRI " An Indian citizens who holds a valid Indian passport and who stays abroad for employment or for carrying on business or vocation outside in India or stays abroad under circumstances indicating an attention for an uncertain duration of stay abroad is a NRI".

NRI home loan is available for purchasing ready house/flat, self construction, purchasing a plot of land for self construction, repair/renovation/extension of existing property in India. Interest rate is little costlier for NRI than Indian residents, it is 0.25% to 0.50% more for NRIs. The NRI gets the only 85% cost of the property as a loan amount. The loan amount is depends upon the repayment capacity of the borrower. The tenure of loan is ranging from 7 years to 15 years.

The eligibility criteria for NRI home loan varies from lender to lender. The most common things are listed below-

1.NRI must have a valid Indian passport
2.Minimum age is 21 years at the time of loan commencement
3.For a salaried applicant, maximum age is 60 years or retirement age, whichever is earlier
4.For a self-employed applicant, maximum age is 65 years or retirement age, whichever is earlier
5.Applicant must be employed abroad for at least 2 year
6.Applicant must have valid job contract or work permit
7.Income eligibility varies from lender to lender

Some of bank also requires that the applicant must have blood relative residing in India, who will be a co-applicant for a home loan. The co-applicant can also make a repayment of the loan.