NRI Home Loans

NRI Home Loans allows Non-Resident Indians to get closer to home.

NRI Home Loan allows many NRIs (Non Resident Indians) to get home loans when investing in properties. Financially, it makes sense to purchase a property through home loan rather than through personal financing especially when you can invest your personal funds somewhere else for better returns.

Features

1. Low Interest Rates
2. Low Processing Fee
3. No Hidden Charges
4. No Pre Payment Penalty
5. Interest charges on Daily Reducing Balance
6. Repayment up to 30 years
7. Home Loan Available as Overdraft
8. Interest Concession for Women Borrowers

Eligibility

1. Resident Type: Non Resident Indians (NRIs) or Persons of Indian Origin (PIOs)
2. Minimum Age: 18 years
3. Maximum Age: 60 years
4. Loan Tenure: up to 30 years.

Interest Rates & Fees

Documents Required

List of papers/ documents applicable to all applicants:

1. Employer Identity Card
2. Attested copy of valid Passport and visa.
3. Address proof mentioning the current overseas address
4. Copy of Continous Discharge Certificate (CDC)-for applicants employed in the merchant navy.
5. PIO Card issued by Government of India. (in case of PIOs)
6. The attestation of documents may be done by FOs/Rep. Offices or Indian Embassy/Consulate or Overseas Notary Public or officials of Branch/Sourcing outfits based in India.
7. Loan Application: Completed loan application form duly filled with 3 Passport size photographs
8. Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
9. Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

1. Permission for construction (where applicable)
2. Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
3. Occupancy Certificate (in case of ready to move property)
4. Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
5. Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
6. Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

1. Bank account details for the previous 6 months overseas account showing salary and savings and Indian account if any.
2. If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

1. Valid work permit
2. Employment contract - an English translation duly attested by employer/ consulate / our foreign office / Embassy in case it is in any other language
3. Last three months’ salary certificate/slip
4. Last six months’ Bank Statement showing salary credit
5. Latest salary certificate /slip in original and copy of identity card issued by the current employer
6. Duly acknowledged copy of last year Individual Tax Return except for NRIs/PIOs located in Middle East countries and employees in the Merchant Navy.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

1. Business address proof
2. Proof of income in case of self-employed professionals/businessmen.
3. Last 2 years Audited/C.A. certified Balance Sheet and P&L accounts,
4. Last 2 years Individual Tax Return except for NRI/PIO located in Middle east countries
5. Last six months’ Bank Statement of overseas account in the name of individual as well as company/unit.