Housing loan is the finance taken for buying or modifying a real estate property. Home Loans, Home extension loans, home improvement loans, NRI Loans and home equity loans fall under the category of housing loans. Any Non Resident Indian,NRI planning to buy a house in India can apply for a Home loan.
The Documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like copy of the passport and a copy of the works contract. Another important Documentation required while processing an NRI home loan is the power of attorney (POA).
The Documentation needed for obtaining NRI home loans are :-
Property Documentation needed for obtaining NRI home loans are :-
- Passport and Visa
- Bank Statements for the last six months
- A copy of the appointment letter and contract from the company employing the applicant
- Salary certificate, in English specifying name, date of joining, designation and salary details
- The labor card or identity card, translated in English and countersigned by the consulate if the person is employed in the Middle East
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- Original title deeds tracing the title of the property for a minimum period of the last 13 years
- Approved plan / license
- Copy of approved drawings of proposed construction
- Encumbrance Certificate for the last 13 years
- Receipts for payments made for purchase of the dwelling unit
- Agreement of sale /construction, if any
- Receipts for having invested the margin money through normal banking channels from the Non-Resident External account in India or the Non-Resident Ordinary account in India
- Allotment letter from the co-operative society of apartment owners
- Agreement for sale cost estimate from Architect for property to be purchased
- Latest tax paid receipt