Is there a way to get loan for Retired people in India to buy a house? Can their working son or daughter being a NRI co-sign for surety purposes? Any bank or institution that you can suggest?
Getting a loan only in the name of the retired person is not quite impossible but is very difficult and most banks will reject your application on one pretext or another. That said, if the property is co-owned (in your case with your son/daughter) you can get loan but the loan amount cap will be mostly that of the co-owner. Your best bet to get this kind of loan is State Bank of India (SBI), in case it is an apartment project approved by SBI it would be slightly faster, however, SBI takes long to approve loans but their rate is also the least.
Hope this helps
Is there a way to get loan for Retired people in India to buy a house?
It is difficult. You would have to show repayment capability, if you pension is large enough or you have investments it would help
Can their working son or daughter being a NRI co-sign for surety purposes?
Co-Sign by NRI will not help as the Bank's do not have a recourse. i.e. if you don't pay, they can't go after your son/daughter as they are not in India.
Have your son/daughter buy the house in their name. The Banks would have no hesitation is granting a loan to an NRI who owns the house. You can repay the loan. Once the loan is complete you can decide what needs to be done, get in transferred back to your name [the registration would be expensive] or let it be in their names till you live.