Many NRIs invest in a property in India and avail a home loan for it. But, to be eligible for the loan, you must submit certain important documents. Read on to know more about it.
Any Indian who has attained the NRI (Non-resident Indian) status, is eligible to apply for a home loan in India. Most NRIs apply for a home loan in India for following purposes:
- To buy a new flat
- To build a new home on the land they own
- To renovate and extend their existing home
- To buy a land
Just like home loans for the resident Indians, NRIs must meet certain eligibility requirements to qualify for the loan. Although the eligibility varies from lender to lender, most financial institutions have the following requirements for NRIs.
- You must be aged between 18 and 65 years
- You must be salaried or self-employed with a steady source of income
- You must be working overseas for at least two years
- You must have a valid visa and passport
Documents required for getting NRI home loan
As an NRI, when you apply for a home loan, you must comply with certain documentation, which are discussed below:
- Proof of identity (copy of passport, PAN card, Voter ID, driving licence)
- Proof of residence (both in India and abroad)
- Income-related documents (copy of the appointment letter, employment contract, last three months’ salary slips, bank account statement reflecting salary credit for last six months, credit bureau report)
- Property-related documents (copy of the buyer agreement, property allotment letter, copy of payment receipts made to the developer/seller, title deeds including the full change of previous owners)
- Apart from the documents mentioned above, you must also submit own contribution proof, a cheque in favour of the lender to pay the processing fee, passport sized photography, copy of the visa and passport)
Features of benefits of NRI home loan
- All NRIs, including PIOs and OCIs can avail a NRI home loan in India to purchase a flat, bungalow, row house from private developers across India in approved projects.
- You can avail home loan for buying properties from development authorities like MHADA, DDA, etc.
- Apart from buying new homes from private builders or government agencies, you can also get a home loan for constructing your own home on the plot of land that you own or allotted to you by the development authority in India.
- You can get a home loan to purchase a property in any of the existing cooperative housing societies or Apartment Owners’ Association or Development Authorities or privately built up homes.
- Many lenders in India offer NRI home loans. This means you can get a loan at competitive interest rates. It is advisable to compare the offers from different lenders and choose the right lender that offers a loan at the lowest interest rate so that the EMI is affordable.
- NRI home loans are also available for those who are employed in the Merchant Navy industry.
- One of the significant benefits of applying for a home loan with a bank or an NBFC is that the lenders do a thorough check on the background of the builder and verify the legality of the documents. This means, if your loan is approved, you can be sure that the property is free from any legal issues and has a clear title.
Documents Required for NRI Home Loan
Many NRIs invest in a property in India and avail a home loan for it. But, to be eligible for the loan, you must submit certain important documents. Read on to know more about it.
Any Indian who has attained the NRI (Non-resident Indian) status, is eligible to apply for a home loan in India. Most NRIs apply for a home loan in India for following purposes:
- To buy a new flat
- To build a new home on the land they own
- To renovate and extend their existing home
- To buy a land
Just like home loans for the resident Indians, NRIs must meet certain eligibility requirements to qualify for the loan. Although the eligibility varies from lender to lender, most financial institutions have the following requirements for NRIs.
- You must be aged between 18 and 65 years
- You must be salaried or self-employed with a steady source of income
- You must be working overseas for at least two years
- You must have a valid visa and passport
Documents required for getting NRI home loan
As an NRI, when you apply for a home loan, you must comply with certain documentation, which are discussed below:
- Proof of identity (copy of passport, PAN card, Voter ID, driving licence)
- Proof of residence (both in India and abroad)
- Income-related documents (copy of the appointment letter, employment contract, last three months’ salary slips, bank account statement reflecting salary credit for last six months, credit bureau report)
- Property-related documents (copy of the buyer agreement, property allotment letter, copy of payment receipts made to the developer/seller, title deeds including the full change of previous owners)
- Apart from the documents mentioned above, you must also submit own contribution proof, a cheque in favour of the lender to pay the processing fee, passport sized photography, copy of the visa and passport)
Features of benefits of NRI home loan
- All NRIs, including PIOs and OCIs can avail a NRI home loan in India to purchase a flat, bungalow, row house from private developers across India in approved projects.
- You can avail home loan for buying properties from development authorities like MHADA, DDA, etc.
- Apart from buying new homes from private builders or government agencies, you can also get a home loan for constructing your own home on the plot of land that you own or allotted to you by the development authority in India.
- You can get a home loan to purchase a property in any of the existing cooperative housing societies or Apartment Owners’ Association or Development Authorities or privately built up homes.
- Many lenders in India offer NRI home loans. This means you can get a loan at competitive interest rates. It is advisable to compare the offers from different lenders and choose the right lender that offers a loan at the lowest interest rate so that the EMI is affordable.
- NRI home loans are also available for those who are employed in the Merchant Navy industry.
- One of the significant benefits of applying for a home loan with a bank or an NBFC is that the lenders do a thorough check on the background of the builder and verify the legality of the documents. This means, if your loan is approved, you can be sure that the property is free from any legal issues and has a clear title.