NRI Home Loans for a Mumbai Flat: Eligibility, Documents and How Repayment Works

Buying a flat in Mumbai while living abroad is easier than most NRIs expect, and a home loan from an Indian lender is often part of the plan, even for buyers who could pay in full. Here's how it works in practice.

Can NRIs get a home loan in India?

Yes. Indian banks and housing finance companies lend to NRIs for buying residential property in India. According to HomeFirst:

• Loan amount: most lenders fund 75% to 80% of the property cost.
• Tenure: usually up to 15 to 25 years for NRIs, shorter than for residents.
• Age: typically 21 years and above, with the loan ending by about 60 to 65.
• Repayment: EMIs paid from your NRE or NRO account, usually through an auto-debit mandate.

What documents do NRIs need for a home loan?

• Passport with visa pages, and work permit or residence card (OCI or PIO card if applicable).
• Overseas and Indian address proof.
• Salaried: salary slips, overseas tax returns and bank statements.
• Self-employed: business registration and two to three years of audited financials.
• Six months of NRE or NRO statements.
• The property documents.

Do I need a power of attorney for an NRI home loan?

Most lenders ask for a power of attorney in favour of someone in India to handle the paperwork. HomeFirst notes it can be attested at an Indian embassy or consulate, or notarised and apostilled in Hague Convention countries. Check the exact format with your lender before you sign it.