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, etc. and of course
NRIs have to follow certain eligibility criteria in order to get Home Loans
in India. Another vital document required while processing an NRI home loan
is the power of attorney (POA). The POA is important because, since the
borrower is not based in India; the Home Finance Company would need a
'representative' 'in lieu of' the NRI to deal with and if needed. Although
not obligatory, the POA is usually drawn on the NRI's parents/wife/children/
close relatives or friends. The documents needed for obtaining NRI home
loans are Bank specific. General list of documents are as mentioned below:
- Passport and Visa
- A copy of the appointment letter and contract from the company
employing the applicant.
- The labour card/identity card (translated in English and countersigned
by the consulate) if the person is employed in the Middle East Salary
certificate (in English) specifying name, date of joining, designation
and salary details.
- Bank Statements for the last six months
- List of Classified documents for Salaried and Self Employed NRI
Applicants. Banks may have specific requirements apart from the below
listed documents.
- Salaried NRI applicants
- Copy of valid passport showing VISA stamps
- Copy of valid visa / work permit / equivalent document supporting the
NRI status of the proposed account holder
- Overseas Bank A/C for the last 3 months showing salary credits
- Latest contract copy evidencing Salary / Salary Certificate / Wage
Slips
- Self-Employed NRI Applicants
- Passport copy with valid visa stamp Brief profile of the applicant and
business/ Trade license or equivalent document
- 6 months overseas bank account statement and NRE/ NRO account
- Computation of income, P&L account and B/Sheet for last 3 years
certified by the C.A. / CPA or any other relevant authority as the case
may be (or equivalent company accounts)