NRI Home loans in Shimla – Instant Quotes Online
NRI housing loans Shimla: Get best quotes on interest rates, Documents & EMI by various banks on NRI loans in Shimla i.e SBI, HDFC ltd, ICICI, Axis, PNB, Indian Bank, Bank of India etc.
Home Loan applications received for rupees ₹ 419,027 crores till 05 November 2024
NRI Home Loan Interest Rates 2024
| SBI Home Loan | 8.70 – 9.40% |
| HDFC Ltd | 8.65 – 9.85% |
| ICICI Bank | 8.75 – 9.80% |
| LIC Housing Finance | 8.65 – 10.25% |
| PNB Housing | 8.75 – 11.70% |
| Kotak Bank | 8.49 – 9.10% |
| Bank of Baroda | 8.60 – 10.30% |
| Canara Bank | 8.60 – 10.80% |
| Aadhar Home loan | N.A |
With NRI home loans prevalent in India owing a home has become easy for the NRI’s just like the resident Indians. However an individual can avail a home loan provided he/she fulfils certain conditions.
- NRI Status- To be eligible for an NRI home loan one must be an Indian citizen with a valid Indian passport and must be staying abroad for employment or carrying out business or vocation or must be posted abroad by the Indian government or companies or must be serving in international agencies like the IMF, UN, World Bank etc.
- Property eligibility-Any property ready for possession or under construction, construction of property on an owned plot or for alterations to the existing property is eligible for loan. Moreover, one can also avail a loan for buying a plot of loan.
- Educational qualification – An NRI at least needs to be a graduate to be eligible for a home loan.
- Maximum Loan amount allowed-Banks generally avail 80-85% of the property value as loan depending on the income, place of residence etc.
- Tenure of loan-The tenure for the loan may vary from 5-15 years.
- Repayment of loan- The repayment of the loan is done through Indian rupees and it can only be paid through Non-resident External (NRE) or Non-resident Ordinary (NRO) accounts or by remittance from abroad through proper banking channels.
About Shimla
Shimla is the capital of the northern Indian state of Himachal Pradesh, in the Himalayan foothills. Once the summer capital of British India, it remains the terminus of the narrow-gauge Kalka-Shimla Railway, completed in 1903. It’s also known for the handicraft shops that line The Mall, a pedestrian avenue, as well as the Lakkar Bazaar, a market specializing in wooden toys and crafts. Shimla is a very famous tourist place of North India. Tourist visit shimla all over the year from various places of India.
Documents Required- One needs to submit the following documents for availing a NRI home loan in Shimla.
- Copies of passport
- Valid visa and work permit
- Contract of employment
- Work experience certificate
- Salary certificated (must be attested by the embassy) and statements of NRE or NRO accounts
- Photograph etc.
- Employment Card for employees residing in Middle East.
Major Banks Which Provides Home Loans for NRIs in Shimla:
| Name of the institution | Loan Amount | Repayment period |
| State Bank of India | Min. loan amount Rs 50 Lacs
Max. loan amount Rs 2crore |
Maximum 30 years (or) Up to the age of 70 years |
| ICICI Bank | 80% of the property value | Maximum up to 15years |
| Citibank | Upto Rs 5 crores or 80% of the property value | Not Available |
| Indian Overseas Bank | Maximum of 80% of the cost of the house or Rs. 500 lakhs whichever is lower. | Maximum period of 180 months (15 years). |
| ING Vysya Bank | Minimum amount of the loan is Rs. 5 Lacs and Maximum amount is Rs. 300 Lacs | Not available |
| Bank of Baroda | Maximum amount- Rs 100 lacs in Rural/ Semi urban & Rs 300 lacs in Urban/ Metro area. | Maximum 15 years |
| Federal Bank | Loan amount up to Rs.1500 Lakhs | Upto 15 years |
| Union Bank Of India | Maximum 5 Crore for metropolitan areas including state capitals3 Crore for urban areas (other than metros), 1 Crore for rural and semi-urban areas, 10 Lakh for repairs | Upto 25 years and in case of repairs upto 10 years. |
About Investment Options Available in Shimla:
With the growing market of Shimla Real Estate, the chance of greater returns on the investment is almost sure. Real Estate in Shimla is enriched by emergence of leading builders and contractors. Systemized local transportation system, commercial centres at the strategic locations, availability of water, electricity, etc. are some of the key factors that have increased the demand of Shimla Properties. Whether it is about Buy, Sell, or Rent Residential Property as well as Commercial Property, Shimla is definitely a place that ensures lucrative returns.
