The documents needed for obtaining NRI home loans are:
- Passport and Visa
- A copy of the appointment letter and contract from the company employing the applicant.
- The labor 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
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)
Additional documents to be submitted by Person of Indian Origin
- Photocopy of PIO card.
- If the PIO card is not available, photocopies of any of the following documents:
- The current passport, with birthplace as 'INDIA'
- The Indian passport, if held by the individual earlier.
- Parents/grandparents Indian passport/birth certificate/marriage certificate substantiating the individuals claim as a person of Indian origin.
Eligibility for getting a loan:
The eligibility criteria of NRIs differ from Resident Indians based on a few parameters. The parameters include:
- Age: The loan applicant has to be 21 years of age.
- Qualification: The NRI loan seeker has to be a graduate.
- Income: The loan applicant has to have a minimum monthly income of $ 2,000 (although, this criterion may differ across HFCs).The eligibility is also determined by the stability and continuity of your employment or business.
- Payment options: The NRI also has to route his EMI (Equated Monthly Installments) cheques through his NRE/NRO account. He cannot make payments from another source say, his savings account in India.
- Number of dependants: The eligibility of the applicant is also determined by the number of dependents, assets and liabilities.