154. Housing Loans in India for

OCI

Q: Thank you very much for a wonder and resourceful website. I am very surprised to see your efforts which is equivalent to what a ministry is required to do. Hats off to you. Sir, my question to you is, I am an Australian Citizen with OCI and want to avail home loans to buy a flat in Bangalore. Is it possible? Many thanks Venkat A. There is some confusion amongst foreign NRIs when it comes to housing loans in India. When looking at all the various advertisements for NRI housing loans in India, the probability is that if you have acquired foreign citizenship, the advertisement does not apply to you. NRI is defined as a person resident outside India who is a citizen of India. Former Indian nationals who acquire foreign citizenship even though for the sake of convenience continue to be referred to as NRIs or non resident Indians, they are not NRIs in a legal sense. NRIs who have acquired foreign citizenship are usually referred to as persons of Indian origin (PIO). Loans to NRIs - PIO’s To qualify for such housing loans in India, NRIs or foreign citizens of Indian origin, should hold a valid foreign passport, be over 18 years of age and have a steady source of income. They must have employment abroad of not less than two years. Usually up to 85% of the cost of the property can be financed subject to the borrowers qualification. Housing loans to NRIs are easily available whereas loans to PIO’s are available but the qualifications for them are stricter.