For NRI's the loan tenure is from 1 to 15 years. NRIs will get only 85% of cost of home as loan amount with an upper limit of Rs. 1 crore. The interest rate will vary depending upon the financial institution. At the time of making loan application a processing fee is payable which will also vary according to the institution. In order to get a housing loan approved by a Housing Finance Company, an NRI borrower is required to submit following documents pertaining to the property

• Employment contract
• Passport along with latest visa stamp
• Identity card
• Latest salary slip
• Overseas bank account statement for last six months
• Proof of residence in India
• Proof of residence abroad
• Copy of appointment letter from the company employing the applicant

• Agreement papers of sale/ construction
• Receipts for payments
• Allotment letter from the co-operative society
• Latest tax paid receipt

The eligibility for NRIs does differ from Resident Indians. The criteria's included are:

• 1) Age:
  • a) The minimum age of the NRI applicant should be 21 years.
  • b) If you are a salaried applicant, the maximum age allowed at the time of loan maturity is 60 years.
  • c) If you are a self employed person, the maximum age allowed at the time of loan maturity is 65 years.
• 2) Qualification: The loan applicant should be a graduate.
• 3) Passport: You should have a valid passport.
• 4) Payment terms: The NRI has to pay EMI through his NRE/NRO accounts.
• 5) Monthly income: The applicant should have a monthly income of $ 2000.

Rate of interest will be as per the current rates and may vary, as different financial institutions have different rates. Possessing fees also varies between 1% and 2% depending on different financial institutions.