Non-Resident Indians (NRIs) are recognised under the Foreign Exchange Regulatory Act. The RBI guidelines followed by banks and housing finance companies states “that an Indian Citizen holding a valid document like Indian Passport, is employed abroad or is carrying on business or vocation outside India or is living abroad for an uncertain duration of stay is an NRI.

Indians employed abroad, carrying on business or vocation abroad or living abroad for an uncertain duration of stay. Government servants posted abroad on government duty with the Indian mission or similar government agencies. State Government and Public Sector Undertaking officials deputed abroad on temporary assignments or posted to their branches or offices abroad. Government servants deputed abroad on assignments with foreign governments or regional International agencies like the World Bank, International Monetary Fund (IMF), World Health Organisation (WHO), Economic and Social Commission for Asia and the Pacific.

Home loans for NRIs are available for construction of new house/ flats, purchase of old House, addition/alteration to an existing house and repairs/renovation etc. NRIs can mortgage an existing residential property to avail loans. For that NRIs will have to fulfill certain conditions according to provision of the Income Tax Act. Either they should have stayed in India for a period of 182 days or more within an assessment year or they should have stayed for the total of one year or more in the country.