Eligibility for NRI Loan

Your eligibility to avail a home loan will depend on a bunch of factors like your qualifications, current job profile, past experience, probability of continuing abroad for the loan tenure and chances of servicing the loan with an extended tenure in case of return to India. Banks will sanction you a loan depending upon your repayment capacity. Normally banks will issue you loan up to 36 times of your gross monthly earning. The income considered for calculating the home loan eligibility is the repatriable (foreign currency converted into Indian currency) income plus any income from India.

Tax Benefits

A NRI cannot receive tax benefits on a home loan in India as he pays tax in the nation where he works and earns. However, he is required to file tax returns in the country of his residence to become eligible for home loans in India. In case if he pays tax in India for income earned in India, he can claim tax rebate for the home loan.

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