What Are The Documents Required When Applying For NRI Home Loans?

[Shashank Bhaskar]

If you want to buy a house today, you might need to approach a bank or other financial institutes and apply for a loan. With the rising property rates, a housing loan is the only way through which you can afford to become a homeowner. Loans are offered to both resident and non-resident Indians. The NRI home loan eligibility differs, but you need to meet those standards. However, the documentation process varies based on your status as resident or non-resident Indian.

So, if you need an NRI home loan, you should have the relevant papers ready. The NRI home loan documents required are:

Personal documents

Your home loan documents for NRI that you need to furnish are:  

• Duly filled application form with two to three passport-sized photos.
• One of the ID proofs like a PAN card, voter’s ID, driving license, or passport.
• One of the address proofs like Aadhaar, ration card, and utility bills.
• Photocopy of the ID card offered by your employer.
• Attested copy of your current passport and visa.
• Address proof featuring your current overseas address.
• Person of Indian Origin Card issued by the Indian Government.

All documents must get attested by the officers or representatives of offices or the Indian Embassy or consulate. Get them either attested by Overseas Notaries or officials of Branch outfits based in India.

Employment and income proofs

You need to provide the following employment and income proof documents along with bank account statements:

• Copy of the salary account with the last six months income credited in it.
• Overseas bank account statement.
• NRE or NRO or FCNR bank account statements.
• If you have an ongoing loan in India or overseas, show the account statement for the previous year.
• Bank account information of the last six months overseas account shows income and savings in the Indian account.

Property documentation

Banks authenticate and verify the property you buy when you apply for the NRI loan. Precisely why, they ask you to submit the most crucial NRI home loan documents, i.e., the property papers. These include:

• Proof showing the permission to construct a property, wherever it is applicable.
• If you wish to buy a move-in property, provide an occupancy certificate.
• If you want to be a homeowner, submit the approved floor plan copy, the registered development agreement from the builder, and a copy of the conveyance deed.
• Payment receipts or your bank statements featuring all the payments made to the builder or seller.
• If you intend to purchase the asset anywhere in Maharashtra, provide the registered sale agreement along with the allotment letter and the stamped agreement showing the property for sale.
• Applicants in Maharashtra should also furnish the share certificate, utility bills, and the duly paid property tax receipt.