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The documentation required to be submitted
by the NRIs are different from the Resident
Indians as they are required to submit additional documents,
like copy of the passport and a copy of the works contract,
etc. And of course NRIs have to follow certain eligibility
criteria in order to het Home Loans in India.
Another vital document required while processing an NRI home
loan is the power of attorney (POA). The POA is important
because, since the borrower is not based in India; the HFC
would need a 'representative' 'in lieu of' the NRI to deal
with and if needed. Although not obligatory, the POA is usually
drawn on the NRI's parents/wife/children.
The documents needed for obtaining NRI
home loans are:
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Passport and Visa
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A copy of the appointment letter and contract from the company
employing the applicant.
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The labor card/identity card (translated in English and countersigned
by the consulate) if the person is employed in the Middle
East Salary certificate (in English) specifying name, date
of joining, designation and salary details.
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Bank Statements for the last six months
List of Classified documents for Salaried and Self Employed
NRI Applicants
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Salaried NRI Applicants |
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Self-Employed NRI Applicants |
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Copy of valid passport showing VISA stamps |
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Passport copy with valid visa stamp |
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Copy of valid visa / work permit / equivalent document
supporting the NRI status of the proposed account holder |
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Brief profile of the applicant and business/
Trade license or equivalent document
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Overseas Bank A/C for the last 3 months showing salary
credits |
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6 months overseas bank account statement and NRE/ NRO
account |
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Latest contract copy evidencing Salary / Salary Certificate
/ Wage Slips |
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Computation of income, P&L account and B/Sheet for
last 3 years certified by the C.A. / CPA or any other
relevant authority as the case may be (or equivalent company
accounts) |
Property Documents:
- Original title deeds tracing the title of the property for
a minimum period of the last 13 years.
- Encumbrance Certificate for the last 13 years.
- Agreement of sale /construction, if any
- Receipts for payments made for purchase of the dwelling unit.
- Approved plan / license.
- ULC clearance /conversion order etc.
- Receipts for having invested the margin money through normal
banking channels from the Non-Resident (External) account
in India and / or the Non-Resident (Ordinary) account in India.
- Latest tax paid receipt.
- Allotment letter from the co-operative society / association
of apartment owners.
- Agreement for sale / sale deed /detailed cost estimate from
Architect / Engineer for property to be purchased / constructed
/extended / improved.
- Copy of approved drawings of proposed construction/purchase/extension.
Additional documents to be submitted by Person of Indian
Origin
Photocopy of PIO card.
If the PIO card is not available, photocopies of any of the
following documents:
- The current passport, with birthplace as 'INDIA'
- The Indian passport, if held by the individual earlier.
- Parents/grandparents Indian passport/birth certificate/marriage
certificate substantiating the individuals claim as a person
of Indian origin.
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