If you want to afford a home in today’s market, you need to rely on banks and NBFCs for financing. These lenders offer finance up to 80 per cent of the market value of the property to every borrower, including the joint ones, salaried, independent professionals, and NRIs. However, the documentation process for all kind of borrowers is a little different, especially NRIs. If you are an NRI borrower applying for the loan, you need to submit some personal documents to get your loan application approved. Following are some home loan documents NRIs need to provide –
Personal documents to submit:
Application form
First things first, the process cannot
begin without home loan apply document. You can get this either from the
website of the chosen lender or by visiting their branch office.
Passport-sized photographs
You need to provide two passport-sized
photographs as well. One of them get attested on the application form, and the
other gets saved on your housing loan file.
Documents confirming NRI status
The Indian Government issues unique ID
cards to NRIs, which confirms their NRI status. NRIs are offered Person of
Indian Origin and Overseas Citizenship of India ID cards which they must submit
with their loan application.
Age and ID proofs
The documents required for home loan
include your age and ID proofs. The lender accepts all forms of Government
approved ID proofs as these include your age as well. The ID proofs typically include
PAN card, Aadhaar, passport, and driving license.
Address proofs
NRI applicants should provide their address
proofs, and this is including both Indian and overseas residence proofs if you
currently live overseas and intending to buy a property in India.
Passport with Visa
The significant criteria under the list of
documents required for home loan for NRIs include notarised as well as
self-attested photocopies of the passport and Visa. This document validates
your NRI status.
Employment proofs
NRI applicants need to submit documents
highlighting the overseas employment status. You should ask the employer for
offering a letter certifying your employment on the company letterhead. This should
feature information such as designation, income, and years of employment.
Listing of POA
