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What Are The Conditions That Apply When An Nri Applies For A Home Loan?

By Expert Author: Neha Sharma

If you are an NRI and you are looking for an opportunity to invest, a real estate in India is an ideal option. Although the process may require the NRI to opt for an NRIhome loan, it can be a valuable addition to the investment portfolio indeed. Let’s explore what you need to get the NRI home loan, which is very similar to NRI loan in all fairness, but these loans do make you jump through a few hoops before you get the needed funds in.

NRI status

The status of NRI is defined by the (Reserve bank of India) RBI as “An Indian citizen who holds a valid Indian passport and stays abroad for employment or carrying out business or vocation under circumstances indicating an intention for an uncertain duration of stay abroad”. Thus if you come under this category, you can apply for a NRI loan. He must be employed in a private or government company or have a business that is outside India. He must also have a NRI account which will function as an international one with the benefits along with it.

Documents required

You don’t have to travel to India to apply for a NRI home loan. You can easily apply for a NRI home loan in the any of the banks abroad that have a branch in India. you will need to however, appoint a local resident or family member as the ‘ power of attorney’ who would act on behalf of you with the bank, where any transactions with the bank will be taken place in front of an embassy official. For any NRI loan, you will need to submit a certain set of documents which include:
• Copy of the passport which has a minimum of 6 months validity.
• Copy of contract of work with a minimum work experience
• Labour card or ID card ( middle east)
• Documents of the power of attorney ( optional)
• Bank statements of the NRI account
• Self employed individuals have to submit details of the company and license.
• Original title deeds tracing the title of the property and for a minimum period of the last 10 – 13 years.
• Additional documents related to the property


Other requirements

There are certain requirements for the NRI home loan depending on the value of the property and the income of the individual. If you are earning somewhere around USD 42,000, you can get a loan up to USD 30,000 for less than5 years. These details vary from country to country. So, do ensure that they are as per the expectations of the organization you are applying to.

Author Bio :- Neha Sharma is a finance student who loves to write about different kinds of NRI Loans and more. She is delighted to share information she knows about NRI home loans and offer a bit of helping hand to the NRIs.

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