Loan for NRIs

Who Can Apply?

NRIs (Non-Resident Indians), PIOs (Persons of Indian Origin), and OCIs (Overseas Citizens of India) can purchase residential and commercial properties in India under FEMA regulations. Mangla Group provides dedicated support to overseas buyers throughout the entire process.

Eligible Loan Products

NRIs can avail home loans from Indian banks and Housing Finance Companies (HFCs). Leading lenders who extend NRI home loans include State Bank of India (SBI), HDFC, ICICI Bank, Axis Bank, LIC Housing Finance, and Bank of Baroda. Loan amounts, interest rates, and tenures vary by lender and applicant profile.

Key Eligibility Criteria

• Indian citizen residing outside India, or OCI/PIO card holder
• Minimum age: 21 years; Maximum age at loan maturity: 60 – 65 years
• Stable employment or business income abroad — salaried or self-employed
• Valid Indian Passport
• Active NRE or NRO account with an Indian bank

Documents Required

• Valid Passport and Visa copy
• OCI / PIO Card (if applicable)
• Last 6 months' bank statements (overseas and NRE/NRO account)
• Salary slips / Employment contract (last 3 – 6 months)
• Income Tax Returns (ITR) from country of residence — last 2 years
• Property documents from Mangla Group
• Proof of address in India and overseas
• Passport-size photographs

Loan Repayment

NRI home loan repayment must be done in Indian Rupees through either NRE, NRO, or FCNR (B) accounts. EMIs are automatically debited from the designated account. Rental income from the property can also be used for repayment.

Tax Benefits

NRIs are eligible for tax deductions under Section 80C (principal repayment) and Section 24 (interest repayment) of the Indian Income Tax Act, subject to applicable Double Taxation Avoidance Agreements (DTAA) between India and the country of residence.