Eligibility Required for NRI Home Loans:

The eligibility of the amount of loan disbursed will depend upon the individual’s repayment capacity. The calculation of repayment capacity is made based on factors such as monthly and annual income, source of income, savings and credit history, work experience, age, qualifications, number of dependents, other sources of income including spouse’s income, and assets and liabilities. Further, the probability of the individual continuing in the same occupation or his /her interest in alternate employment prospects when he/she comes back to India is assessed. The amount is disbursed in Indian Rupees.

The typical duration for repayment of the loan is three to ten years. The repayments are usually made in Equated Monthly Installments (EMIs), which are a mixture of the principal and interest amounts. EMIs get deducted from the month following the month in which the loan gets disbursed and can be made through post-dated checks from the NRE/NRNR account held by the NRI in India.

Housing loans are offered to NRIs by leading financial institutions and commercial banks in India like Citibank, SBI etc. As an NRI you can opt for the government supported ‘Griha Shobha’ scheme.

Documents Requirement for NRI Home Loans in India:

• Completed Home Loan Application Form.
• 2 passport size photographs.
• Proof of Identity – Copy of first four pages of passport and page with visa stamp, or IC / PIO card.
• Valid work permit.
• Copy of the employment contract. An English translation of the contract duly attested by employer / consulate / SBIs foreign branches / offices, or Embassy in case the contract is available in any other language.
• Last salary certificate / slip in original.
• Copy of salary certificate duly attested by Indian Embassy / Consulate / SBI Branch / Exchange Companies abroad recognized by SBI
• Copy of identity card issued by the current employer / proof of income in case of self employed professionals / businessmen.
• Brief profile of applicant and work establishment.
• Details of previous employment.
• Bank account statement / passbook for the last six months.
• Account statement / passbook of overseas bank showing salary and savings.
• Proof of residence (driving license / utility bills).
• Copy of Continuous Discharge Certificate (CDC) – for applicants employed in the merchant navy.
• Sale Deed / Agreement for Sale.
• Copy of approved building plans / approvals in respect of proposed construction/purchase/extension.
• Original NOC under the Provisions of ULC Act
• For Purchase / construction of house-Original title deed, non-encumbrance certificate on the property for 13 years, possession certificate and land tax receipt.
• For purchase of flat- construction agreement, allotment letter, copy of approved plan, estimates-payment schedule, undertaking from the builder in Form B format as specified by the bank.
• Copy of the Order permitting Land Conversion in case of conversion of agricultural land.
• Copy of the land tax receipt / building tax receipt.
• Copy of the Allotment letter of Housing Board / Builder / Co-op. Society.
• Detailed Cost Estimate / Valuation Report from approved valuer in case of outright purchase of an existing house / flat.
• Undertaking from the builder in Form B, which is the specified format for the bank.
• Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents / complete the mortgage formalities / avail the loan installments.
• Any other documents as required by the Bank.