How to Get an India Home Loan While Living in the U.S.

Updated on April 9, 2024

At a Glance

  • Considered buying a house in India while residing in the U.S. for investment, family housing, and future security.
  • Explored obtaining an India home loan from lenders like Stilt, catering to U.S. visa holders with a simplified borrowing process and favorable interest rates.
  • Chose Stilt for its online application convenience, with funds typically available within a few days.

Many Indian visa holders in the U.S. wonder if it is possible to buy a home in India even if they are in the U.S. The good news is, being in the U.S. doesn’t mean you can’t buy a house in India or even get a U.S. loan to help out!

Below we explore the benefits of taking out a U.S. India home loan to buy your dream home in India!

Why Buy a House in India if You Live in the U.S.?

There are many reasons you should consider buying a house in India, even if you live in the U.S.

Firstly, buying a property is an investment. Depending on the property market, buying a house and having its value increase over time can prove to be a great investment in the long run. If you are fortunate enough, the rent you charge tenants can help cover the cost of buying the property while you are not living in it.

You can also consider buying a house for your parents or other family members to live in while you are in the U.S. Many Indian visa holders in the U.S. have family members they have to care for financially while they work in the U.S. If you buy a house for these family members to live in, you won’t just be paying your money into someone else’s rent but investing it into an asset for yourself in the future.

Finally, you should also consider where you are going to live if or when you return home to India. Having the security of knowing you have a house that you’ve paid off while you were working in the U.S. can be a great security once you return home to your family.

Are there U.S. Loans to Buy a Home in India?

Once you’ve decided to buy a home in India, you should consider how you will finance it. The great news is you can get an India home loan even while you are in the U.S.

An India home loan is essentially a personal loan you use specifically to cover your down payment for your new home in India.

A personal loan is usually an unsecured loan which you take out from private lenders like Stilt. This means you don’t need to give collateral (like an asset) as security for the money you borrow.

The terms and rates for personal loans vary from lender to lender. Generally, you can expect:

  • Loan amounts between $1,000 and $100,000
  • Repayment terms between 6 months and 7 years
  • Interest rates between 5% and 20% (although this will depend on your credit record and if you are signing with a cosigner).

Getting a personal loan as a visa holder or immigrant in the U.S. can have its obstacles. Not many lenders are willing to give loans to people who aren’t U.S. citizens or permanent residents. The good news is there are lenders like Stilt whose focus is to provide loans to immigrants and visa holders.

How to Take an India Home Loan in the U.S. with Stilt

Applying for an India home loan with Stilt is quick and easy!

You can apply online, which makes the application process simple and speedy. Once you’ve applied, Stilt will send you an update on your application within 24 hours. If they need more info, they’ll schedule a quick verification call with you.

Your information and documents will need to be verified, but as soon as they’ve ticked all the boxes they’ll send you a promissory note to sign. Once you’ve signed, the money will be transferred to your account. It only takes about 2 to 3 days to reflect in your account, so you’ll have your money in next to no time!

You can qualify for an India home loan with Stilt if you:

  • Are physically present in the U.S.
  • You have a U.S. bank account in your own name
  • You have a U.S. phone number
  • You must have a valid visa or another legal status in the U.S.
  • You must have an address in the U.S. in one of the eligible states.

3 Benefits of Taking a Personal Loan in the U.S.

If you are buying a home in India, you might be wondering why should you take out a loan in the U.S. to help pay for it? Let’s take a look at the advantages of taking out an India home loan in the U.S.

1. Simpler Borrowing Process

On paper, the borrowing process looks the same for Indian and U.S. lenders. In reality, however, it is quite far apart. When reading online reviews, it is quite evident that the process to apply for a loan at an Indian bank is overly complicated.

With most Indian lenders, you need to make several visits to the local bank branch. This is because many banks in India don’t have an online application process. Not only does this add days or even weeks to the approval process (which means it takes longer to get the money) but obviously this would be impossible if you are in the U.S.

Indian banks also require a lot more documentation than U.S. banks. You can take a look at the full scope of documents Indian banks require here. The point is, the more paperwork, the more complications, and the more delay!

2. Better Interest Rates

The interest rates available at most Indian banks for personal loans start at 11.49%. There is no guarantee that you will be able to get this minimum and chances are your rate will be even higher. On average, a personal loan in India will have an interest rate of at least 30%.

3. No Hidden Charges

There is nothing worse than being charged for unexpected hidden costs when you’re already paying a bunch of fees on a loan. Indian lenders are famous for charging additional hidden fees such as non-refundable application fees and processing fees of up to 2% of your loan!

If you’re not careful about the additional fees and costs you are charged on your loan, you can end up paying back double – even triple – your loan amount by the time your loan is finally paid back.

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If you are considering buying a home in India, you should definitely consider taking out an India home loan in the U.S. Not only will you save a lot of time and effort on hassle, but you’ll also be saving money by not paying a bunch of extra costs.

As a visa holder, you’ll still be able to get a great deal with Stilt even though you aren’t a U.S. citizen or permanent resident. So, don’t miss the opportunity to buy your dream home in India. Take out an India home loan with Stilt today!

Frequently Asked Questions (FAQ)

Can NRIs Living in the U.S. Get a Home Loan in India?

Yes, Non-Resident Indians (NRIs) living in the U.S. can get a home loan in India. Most Indian banks and financial institutions offer home loans specifically designed for NRIs.

What Are the Requirements for an NRI to Get a Home Loan in India?

Requirements typically include proof of income, employment details, valid Indian passport, visa status, credit history, and property-related documents. Some banks may also require an NRI bank account in India.

How Do I Apply for a Home Loan in India While Living in the U.S.?

To apply for a home loan in India, you can contact Indian banks or financial institutions that offer NRI home loans, either online or through their NRI customer service divisions. You may also visit their overseas branches or affiliates in the U.S.

What is the Maximum Loan Amount an NRI Can Avail of in India?

The maximum loan amount varies depending on the bank’s policy, your income level, the property’s value, and your repayment capacity. It typically ranges from 70% to 90% of the property’s value.

Are Interest Rates on NRI Home Loans Different from Resident Loans?

Interest rates on NRI home loans may be slightly higher than those for resident loans. Rates vary depending on the lending institution and your credit profile.

Can I Authorize Someone in India to Manage My Home Loan Process?

Yes, you can authorize a relative or friend in India through a Power of Attorney (PoA) to manage your home loan process, including signing documents and carrying out transactions on your behalf.

What is the Repayment Process for an NRI Home Loan?

Repayment of an NRI home loan is usually done through Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts. The repayments should be made in Indian Rupees.

How Long is the Repayment Tenure for NRI Home Loans?

The repayment tenure for NRI home loans can range from 5 to 30 years, depending on the bank’s policy and your age, income, and other factors.

Do I Need to Have a Co-Applicant for the Home Loan?

Most banks require a co-applicant for NRI home loans. The co-applicant can be a family member such as a spouse, parent, or sibling.

Are There Any Tax Benefits for NRIs on Home Loans in India?

NRIs are eligible for certain tax benefits on home loans in India under the Income Tax Act. These include deductions on principal repayment and interest payments.

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Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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