Benefits of Axis Bank NRI Mortgage Loans

• Attractive and Affordable Rates: Axis Bank provides NRI mortgage loans at competitive interest rates, starting as low as 8.75% per annum for home loans, making borrowing cost-effective. These rates are aligned with the bank’s regular home loan schemes, ensuring NRIs don’t face inflated costs due to their overseas status. For loans against property, rates begin at 11.0%, offering affordability for leveraging property assets. The bank’s floating rate options allow NRIs to benefit from potential rate reductions, such as those influenced by Reserve Bank of India (RBI) repo rate changes, which can lower Equated Monthly Installments (EMIs) or reduce loan tenure.

How to Apply for Axis Bank NRI Mortgage Loans

• Step 1: Verify Your Eligibility
  Before initiating the application process, it’s crucial to confirm that you meet Axis Bank’s eligibility criteria for NRI mortgage loans. This step saves time and ensures your application aligns with the bank’s requirements.
  • Eligibility Criteria for NRI Salaried Individuals:
  • Residential Status: NRI, PIO, or OCI status required. Excludes certain countries.
  • Age Requirements: Applicants should be between 24 and 60–65 years at loan maturity.
  • Employment Status: Salaried individuals in permanent service with government or reputed organizations.
  • Property Ownership: The loan must be secured against a ready residential or commercial property owned by the applicant.
  Use Axis Bank’s online eligibility calculator for an estimate of your eligibility based on income and property details.
• Step 2: Gather Required Documents
  Documentation is critical for verifying your identity, income, and property details. Axis Bank provides an indicative list of documents but may require additional paperwork on a case-by-case basis.
  • Identity and Address Proof: Passport, Aadhaar, utility bills, or overseas address proof.
  • Income Proof: Salary slips, bank statements, Form 16, overseas credit report (if applicable).
  • Property Documents: Title deeds, NOC, property valuation report, encumbrance certificate, approved building plan.
  • Other Documents: Completed loan application, recent photographs, business continuity proof (if applicable).
• Step 3: Complete the Application Form
  Once eligibility is confirmed and documents are gathered, complete the application form.
  • Online Application: Fill the form on Axis Bank’s website, upload the required documents, and submit.
  • Offline Application: Download the form, fill it out, and submit it with physical documents at the nearest Axis Bank branch.
• Step 4: Verification and Property Appraisal
  Axis Bank will verify your documents, assess your creditworthiness, and appraise the property’s market value. The process takes 5–10 days.
• Step 5: Loan Sanction and Offer
  Upon successful verification, Axis Bank will issue a sanction letter outlining the loan amount, interest rate, tenure, and repayment terms.
• Step 6: Loan Disbursement
  After accepting the loan offer, the funds will be disbursed to your NRE/NRO account. Disbursement typically occurs within 15–20 days.
• Step 7: Leverage Axis Bank’s NRI Services
  Axis Bank provides dedicated NRI services to make the process easier, including helplines, WhatsApp support, and doorstep service for document collection.

Eligibility Criteria for Axis Bank NRI Mortgage Loans

• Nationality and Residential Status: Axis Bank provides NRI mortgage loans to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs). Applicants from Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, and Bhutan are not eligible unless prior RBI approval is obtained.
• Age Requirements:
  • Minimum age: 24 years at the time of loan application.
  • Maximum age: 60 years or retirement age at the time of loan maturity.
• Work Experience:
  • Salaried NRIs need a minimum of 6 months of overseas employment and at least 2 years of total work experience.
  • Self-employed NRIs must have at least 5 years of professional experience and 3 years of business operation in one country.
  • Merchant Navy professionals need a minimum of 9 months of Continuous Discharge Certificate (CDC).
• Income Requirements:
  • GCC countries: A minimum net monthly income of AED 6,000 or equivalent.
  • USA and other countries: A minimum net monthly income of USD 3,000 or equivalent.
  • Merchant Navy: A minimum net monthly income of USD 2,000 for 9 months annually.
• Credit Profile: A good credit score, typically above 700, is essential for loan approval. Overseas and Indian credit reports are considered.
• Property Requirements: Loans can only be taken for residential properties in India. Agricultural land is not eligible for NRI mortgage loans.
• Loan Amount Limit: The loan amount is determined based on income, property value, and the applicant’s repayment capacity. A loan-to-value (LTV) ratio of up to 90% is typically allowed for home loans.
• Power of Attorney (POA): NRIs who cannot be physically present in India can appoint a POA to manage the loan process on their behalf.
• Co-applicant Option: A co-applicant can be a resident Indian or another NRI, improving the eligibility and loan amount sanctioned, subject to approval.
• Relationship with Axis Bank: Existing customers with a good banking relationship and account history may have a better chance of loan approval.
• Loan Type: Axis Bank offers NRI mortgage loans for both self-occupied and rented residential properties in India, subject to eligibility criteria.
• Maximum Loan Tenure: The maximum loan tenure is generally up to 30 years or until the applicant turns 60–65 years of age, whichever is earlier.
• Self-Employed Business Requirements: For self-employed NRIs, the business should be established for at least 3 years and should have stable profits for the last 2 years.
• Family Income: Axis Bank may consider the income of the applicant’s immediate family members (such as spouse or children) to improve eligibility for higher loan amounts.