NRI Mortgage Loan

About NRI Mortgage Loan

You must be familiar with the term LAP or Loan Against Property. You simply mortgage the property and a loan is given as a percentage of the property’s market value.

The procedure for availing a loan against property for an NRI is not much different from any normal resident Indian citizen. He just needs to be the owner of the residential or commercial property.

Do banks sanction loan against property to NRIs? Yes, they definitely do and if you are an NRI, banks will easily sanction LAP if you meet the eligibility criteria. You need to be salaried and work for a reputed Organization. LAP is given to NRIs who work in selected countries. Banks sanction loans to salaried NRIs and PIOs (Person of Indian Origin).