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What are the Documents Required for an NRI Home Loan?

Non-Resident Indians (NRIs) can also buy properties in India with the help of NRI home loans. For this, they can apply to any Indian lending institution. The home loan eligibility for NRIs is as follows,

  • Age of the applicant should be at least 24 years, whereas the maximum age limit is 60 years at the time of loan maturity.
  • The applicant should have six months overseas working experience with total work experience of two years.
  • Any NRI, Person of Indian Origin (PIO) and Overseas Citizen of India (OCI) are eligible for a home loan. (Except citizens living in Bhutan, Pakistan, Bangladesh, Afghanistan, China, Sri Lanka, Iran, and Nepal)
  • The income of the applicant should be:

Citizens residing in Gulf Countries- AED 5000 per month

Employees of Merchant Navy- $ 2000 per month (for at least 9 months)

Other countries and the USA- $ 3000 per month

When you fit in the above criteria, Indian financial institutions consider you eligible to avail NRI home loan. After this, you need to prepare the following sets of documents.

Type of Document

Name of Document

Identity Proof

Passport

Aadhar Card

Driving License

Voter ID

Photo ID issued by the Indian Government

Government Employee ID

Address Proof

Aadhar Card

Driving License

Voter ID

Electricity Bill

Gas Bill

Landline Bill

Property Tax Receipt

Government Employee ID

Date of Birth Proof

Passport

PAN Card

 

Along with the above proofs, you need to submit the documents describing the nature of your income. The income proofs required for a home loan are differentiated into two categories, namely, salaried employees and self-employed professionals, and they are as follows:

Salaried Employees

Self-Employed Professionals

Salary slips of last 3 months (Fixed Income)

Income Tax Return receipts for last 2 years

Salary slips of last 2 months and 2 years bonus proof (Variable pay)

Computation of Income

Banks records of last 6 months mentioning salary credit for the same time

Profit and Loss Statement

Form 16 of last 2 years OR

Employment continuity proof

A balance sheet with sign and seal of a Charted Accountant

For salaried NRIs

Tax Audit Report (turnover is more than INR 1 crore)

Salary slips of last 3 months

6 months bank statements of personal and business accounts

Appointment letter or contact letter

CPC and Tax paid challan (when ITR is filed without digital sign)

Continuous Discharge Certificate (for Shipping cases)

Business continuity proof

Bank Statements of last 6 months of domestic NRE/NRO account

 

Overseas Credit Report

Visa Copy or OCI card

Power of Attorney (POA) Details

 

The above were the documents you need to submit to the lender in order to get NRI home loan. You need to note that, PAN is mandatory to apply for a home loan. Also, a resident of India should be co-applicant to complete the application process. This co-applicant can be anyone from your family for a person willing to be the co-owner of the property. You need to issue a POA in the name of this co-applicant.

Lastly, you also have to visit the Indian embassy from your current country and get the POA format from the organisation you have chosen to apply for a home loan. This format needs to be signed in favour of the Indian co-applicant. Once this is done, the Indian embassy approves it by putting their seal on it.

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