NRI List of Documents

Age

You must be minimum 21 years old.

For NRI applicant, maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity.

Residential Status

If salaried applicant, you should have been abroad for a minimum period of 1 year.

If self-employed applicant, you should have been abroad for a minimum period of 3 years.

Income

Tenure between 11–15 years, minimum qualification to be Diploma/ Graduate with minimum 3 years of employment abroad or professional qualification with 1 year of employment abroad.

Documents

Personal details documents

  • 1 passport size latest photograph of each applicant (applicant & co-applicant) with signature across
  • Valid passport copies for all the applicants
  • Valid visa copies for all the applicants
  • Valid foreign passport (for People of Indian Origin – PIOs).
  • Power of Attorney document as per Bank format duly signed by all the applicants
  • Authority letter duly signed by all the applicants as per Bank specified format
  • Company details as per Bank  format
  • Valid job contract or work permit
  • Copy of current overseas residential verification proof of all the applicants to the loan. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
  • Copy of PAN Card for the Ist applicant OR Form 60 as per Bank format attached here with
  • Self attested address proof of all applicants

Financial details documents: for salaried individuals

  • Copy of current appointment letter OR Copy of salary certificate clearly mentioning the date of joining, current salary earned and designation held in the company
  • Copy of previous appointment letters
  • Last 3 months salary slip for fixed salary and last 4 months for variable salary
  • Last 6 months bank statements clearly mentioning salary credits in the account

Financial details documents: for self employed individuals

  • Incorporation of business
  • Income Proof:
    • Middle East: Last 2 years audited/C.A certified P&L accounts.
    • US & Canada: Last 2 years CPA compiled/reviewed/audited P&L accounts.
    • Others: Last 2 years C.A or equivalent certified/audited P&L accounts.
  • Partnership deed (in case of a partnership firm)
  • MOA & AOA of the company (incase of a private ltd. company)
  • Last 6 months bank statements in the company’s name
  • Last 6 months bank statements in individual’s name.
  • Business profile and office address proof

NRI Personal Guarantor documents

If you have opted for a NRI Personal Guarantor on your loan, arrange to send the following documents

  • Passport & visa copies of the NRI Guarantor
  • Current overseas address verification proof of the NRI Guarantor. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
  • Current income documents of guarantor

Repayment

Under the RBI regulations, the repayment of the housing loan by NRIs can only be made by remittances from abroad through normal banking channels or through NRE/NRO account or out of rental income derived from the impugned property. The amount must be payable in Indian Rupees only.

Purpose

  • Construction/ purchase of new Dwelling Unit
  • Purchase of Old dwelling Units (Not more than 25 years old)
  • Purchase of Plot and construction of house thereon (if  House to be constructed within 3 years)
  • Repayment of Housing Loan already availed from Bank/ Housing Finance Company and/ or any other sources provided documentary evidence is provided
  • For extension of the existing House