Home Loan Process - NRI
Loan features are no different from what is offered to resident indians, but, documents and eligibility may differ.
Here a brief checklist from most of the banks;
- The applicant must be an Indian passport holder
- Banks fund up-to 85% of the property cost.
- Loan eligibility depends on the repayment capacity, which considers the number of dependents, income, age and other income.
- Repayment period is usually 15 years with an exemption of a few banks which goes up-to 20 years.
- The security for the loan would be the mortgage of the property financed, you will have to deposit the original title deeds of the property to the bank.
- If you are salaried, you should be working for at least a year overseas.
- If you are self employed, you should be overseas for at least for 3 years.
- Local guarantors may be required for a few cases.
- You will need to have a power of attorney done before you apply for a home loan.
Checklist of Documents:
- Application with photograph
- Employment letter
- Pay Stubs
- Passport details
- Visa details
- Overseas bank account statements
- Address proof
- NRE/NRO accounts in India
- A credit bureau report from your overseas country
- Property related documents
- Cheque or DD for processing fee.