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Nri Home Loan Application - Documents You Must Submit
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Contrary to popular belief, the NRI status of a loan applicant doesn’t necessarily complicate matters in his home loan application. In fact, it is mostly similar to an application by an Indian citizen, with a few underlying conditions:
• For NRI applicants, maximum age should be 60 at the time of maturity of the loan.
• If the applicant is salaried, then he should have resided in a foreign country for more than a year.
• If the applicant is self-employed, then he should have resided in a foreign country for more than 3 years.
Coming to the important bit, what are the documents required for a home loan ?
• 1 passport size latest photograph of applicant with signature across
• Valid passport copy of applicant
• Valid visa copy of applicant
• Self attested address proof of applicant
• Copy of current overseas residential verification proof of the applicant to the loan. This can be a driving licence, a bank statement showing overseas address, latest insurance premium receipt or utility bill
• Copy of PAN Card for the 1st applicant or Form 60
Documents to be submitted for salaried and self-employed applicants differ slightly:
For salaried applicants:
• Copy of current appointment letter or a copy of salary certificate clearly mentioning the date of joining, current salary earned and designation held in the company
• Copy of previous appointment letters
• Salary slip for fixed salary for the last 3 months and for the last 4 months for variable salary
• Bank statements clearly mentioning the credit of the monthly salaries for the last 6 months
For self-employed applicants:
• Copy of incorporation of business
• Income Proof
• Partnership deed if it is a partnership firm
• MOA and AOA of the company if it is a private limited company
• Bank statements in the company's name of the last 6 months
• Bank statements in individual's name of the last 6 months
Documents proving sale/construction plans of a house are also required. It includes the original sale deed, original NOC certificate, land tax receipt and possession certificate.
The loan tenures of NRIs are often shorter since the bank or financial institutions think that they have a greater repayment power than resident Indians. The application process can be made easier if the bank, to which you plan to apply for a home loan , has a branch in the same country you live in. This means that you are not required to come to India to complete the application process. Remember that the above list is not exhaustive and that you should be in constant consultation with a loan officer to get the documents required for the home loan, across properly.
Author Bio :
The author is a seasonal writer on topics of finance and the home loan sector. Through her writing, she articulates aspects that are important to people availing facility such as documents required for home loan, home loan eligibility criteria that help to make the best decision.
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