Home Loan Guide : NRI

Age

  • 21 years and above can apply.
  • For NRI candidates, maximum age limit is retirement age or 60 years (whichever is earlier) at the time of loan maturity.

Residential Status

  • If you are salaried, you need to have stayed abroad for at least a year.
  • If you are self-employed, you need to have stayed abroad for at least 3 years.

Income

  • If the loan tenure is between 11–15 years, then the minimum qualification required is Diploma or Graduation, with at least 3 years of employment abroad; or professional qualification with 1 year of work experience abroad.

Documents

Details for personal documents

  • 1 latest passport size photograph of each candidate (candidate & co-candidate) with signature included
  • Valid passport copies for all the candidates
  • Valid visa copies for all the candidates
  • Valid job contract or work permit
  • Copy of current foreign residential verification proof of all the candidates to the loan. (Bank statement or driving license showing foreign address or utility bill or latest insurance premium receipt)
  • Valid overseas passport (for People of Indian Origin – PIOs)
  • Authority letter duly signed by all the candidates as per Bank specified format
  • Power of Attorney document as per Bank format duly signed by all the candidates
  • Company details as per Bank format
  • Self attested address proof of all candidates
  • Copy of PAN Card for the 1st candidate OR Form 60 as per Bank format

Details of financial documents : for self employed individuals

Copies of

  • Incorporation of business
  • Proof of Income:
    • Middle East: Past 2 years audited/C.A certified P&L accounts.
    • US & Canada: Past 2 years CPA evaluated/compiled/audited P&L accounts.
    • Others: Past 2 years C.A or equivalent audited/certified P&L accounts.
  • Deed of Partnership (in case of a partnership firm)
  • AOA and MOA of the company (in case of a Pvt. Ltd. company)
  • Recent 6 months bank statements in the company’s name
  • Recent 6 months bank statements in individual’s name
  • Office address proof and business profile

Details of financial documents : for salaried individuals

  • Past 4 months for variable salary and Past 3 months salary slip for fixed salary
  • Previous appointment letters
  • Current appointment letter OR Copy of salary certificate mentioning the joining date, recent income earned and position held in the company
  • Recent 6 months bank statements mentioning salary credits in the account

Repayment

  • Under the RBI regulations, NRIs can only repay the housing loan by by remittances from abroad through NRE/NRO accounts or through normal banking channels or out of rental income derived from the impugned property. Payment allowed is Indian National Rupees only.

Purpose

  • Purchase of old dwelling units (Not older than 25 years old)
  • Purchase of Plot and construction of house thereon (if house is to be constructed within 3 years)
  • Construction/purchase of new Dwelling Unit
  • Reimbursement of Housing Loan already granted from Housing
  • Finance Company or Bank and/or any other source provided documentary evidence is present
  • For extension of the existing House

NRI Personal Guarantor documents

If you have opted for a NRI Personal Guarantor on your loan, make sure to send the following documents:

  • Passport & visa copies of the NRI Guarantor
  • Current foreign address verification proof of the NRI Guarantor. (Driving license or bank statement showing foreign address or latest insurance premium receipt or utility bill)
  • Current income documents of guarantor