NRI Home Loans
An Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs) for the purpose of certain facilities.
Broadly categorized, Non-Resident Indians qualifying for NRI housing loans are:
- Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passports subject to certain conditions.
- Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.
Documents required for Resident Indians as well as for NRIs for attaining Home Loans vary in some respect. Home loans for NRIs are available for building of new house / flats, purchase of old house / flat addition / alteration to an existing house and repairs / renovation etc. NRIs can avail loans by mortgaging an existing residential property. However, for availing home loans, NRIs have to fulfil certain conditions according to provisions of the Income Tax Act. They should have stayed in India for a period of 182 days or more within an assessment year or they should have stayed in India for at least a total of one year or more.
The FDI Policy that permits FDI up to 100% from foreign/NRI investor under the automatic route has boosted NRI confidence. Banks have attractive NRI housing schemes to accommodate the housing needs of NRIs. From the stables of HFCs, NRI housing finance plans with suitable repayment options are also available.
Eligibility
- You must be minimum 21 years old.
- For NRI applicant, maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity.
Qualification
Income
Documents
- 1 passport size latest photograph of each applicant (applicant & co-applicant) with signature across
- Valid passport copies for all the applicants
- Valid visa copies for all the applicants
- Cheque / Draft in INR for fees (as per applicable rate) and the date must be in dd/mm/yyyy format*
- Power of Attorney document as per our format duly signed by all the applicants
- Authority letter duly signed by all the applicants as per our specified format
- Company details as per our format
- Copy of current overseas residential verification proof of all the applicants to the loan. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
- Copy of PAN Card for the first applicant OR Form 60 as per our format attached here with
- Self attested address proof of all applicants
- Copy of current appointment letter OR Copy of salary certificate clearly mentioning the date of joining, current salary earned and designation held in the company
- Copy of previous appointment letters
- Last 3 months salary slip for fixed salary and last 4 months for variable salary
- Last 6 months bank statements clearly mentioning salary credits in the account
