Documents required for NRIs to avail Home Loan in India

Among various investment options available for Non Resident Indians (NRIs), real estate plays a dominant role due to its rate of appreciation and the periodical returns on the investment. Moreover most NRIs want a cosy house back home when they decide to return and it has become even easier now with the banks providing NRIs with home loans.

Home Loans can be availed for any property ready for possession or under construction. Here’s a run through the list of documents needed by NRIs to apply for a home loan in India.

home loanPersonal 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
  • Cheque / Draft in INR for fees (as per applicable rate) and the date must be in dd/mm/yyyy format
  • Power of Attorney document duly signed by all the applicants
  • Authority letter duly signed by all the applicants
  • Company details
  • 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
  • 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)

  • Copy of 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 (incase 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, you need to 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

Durga Petals is an upcoming project from Durga Projects and Infrastructures Ltd in the prime location of Marathahalli Outer Ring Road, the heart of Bangalore’s IT corridor with proximity to major IT companies, educational institutes, shopping malls and more. Spread on 5 acres of land, Petals boasts of 7 luxurious sky soaring towers with each having 13 storeys.  And that’s not all; it also has a club house and 40+ recreational amenities.

For more details on the project, please visit http://www.durgaprojects.in/petals or call +919019555777.

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Advantages of buying a home over renting one

Are you confused, whether to buy a home or rent one instead? Think no more. This is the right time to buy a home.  Apart from the pride of owning a house, there are other reasons too why you should choose to buy a home over renting one.

Rent or Buy

Multiple Options:  With many projects to choose from, you can select the best home for yourself as per your choice of builder, locality, amenities etc.  Even with a less-than-spectacular budget, you can now own a decent home in a good neighbourhood. The process of getting home loan has become easier than before. With so many options available with various banks, you can choose the home loan that suits you best.

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Investment Value:  When you pay the rent of a home, the money is basically gone forever. While buying a home involves a large initial financial expense, these expenses are recovered over time, because you build equity in your own home. Residential property in major Indian cities appreciates quite well. Home ownership is a long-term investment as well. Also, you save tax on your home loan.

The Security of Ownership: Home ownership means that it’s your own home and not somebody else’s and you can do whatever you wish to with it. In other words, you can renovate, refurbish, paint and decorate it the way you please.  In short, you can turn your residential property into a real home.

Durga Petals is an upcoming project from Durga Projects and Infrastructures Ltd. offering 2&3 BHK Home in the prime location of Marathahalli Outer Ring Road, the heart of Bangalore’s IT corridor with proximity to major IT companies, educational institutes, shopping malls and more. Spread on 5 acres of land, Petals boasts of 8 luxurious sky soaring towers with each having 13 storeys. And that’s not all; it also has a club house and 40+ recreational amenities.

For more details on the project, please visit http://www.durgaprojects.in/petals or call +919019555777.

Outer Ring Road, Redefining Bangalore.

The Outer Ring Road (ORR) is a major road that is set around most of the perimeter of Bangalore. It has reduced the time to travel to major distances in the city drastically by significantly reducing traffic snarls on the roads. Built by the Bangalore Development Authority (BDA), it is a 62km long stretch. There are shopping malls, temples, flyovers, IT parks, restaurants and a several other things that one come across as you travel along this road.

Hebbal Interchange
                  Hebbal Interchange

Important neighbourhoods and suburban areas that are covered by the Outer Ring Road are Hebbal, Krishnarajapuram, Banaswadi, Madiwala, Marathahalli, BTM Layout, Banashankari, JP Nagar, Kengeri, Nagarbhavi, Bangalore University, Gokula and Nandini Layout. These localities can be easily reached by traveling along the Outer Ring Road and then taking the necessary deviations.

Manyata Tech. Park
                    Manyata Tech. Park

Few of the major landmarks along the ORR are

• Manyata Tech Park
• Ecospace
• Central Mall
• Soul Space Arena
• Total Mall
• EMC square
• Central Silk Board
• Krishnarajapuram bridge
• Hebbal Lake

All the important highways like the Tumkur Road, Old Madras Road, Bellary Road, Hosur Road, Kanakapura Road, Bannerghatta Road, Magadi Road and Mysore Road are connected by the Outer Ring Road. The Kempegowda International Airport is about 30 km from Hebbal, which is a significant transit point over the Outer Ring Road.

Total Mall, Mahadevpura
                              Total Mall, Mahadevpura

The construction of the ORR and the developments that took place around it has ignited a never ending chain of infrastructural growth. There are plans of making the entire stretch a signal-free road.

The average rate of a multistorey apartment along the ORR for Jul-Sep 2014 was somewhere between Rs. 5,279 to Rs. 6,195 per square feet.

Durga Petals is an upcoming project from Durga Projects and Infrastructures Ltd .in the prime location of Marathahalli Outer Ring Road, the heart of Bangalore’s IT corridor with proximity to major IT companies, educational institutes, shopping malls and more. Spread on 5 acres of land, Petals boasts of 8 luxurious sky soaring towers with each having 13 storeys. And that’s not all; it also has a club house and 40+ recreational amenities.

For more details on the project, please visit http://www.durgaprojects.in/petals or call +919019555777.

Things to remember when buying a luxury property

In the last few years there has been a rise in the demand for luxury properties. However, since the amount of investment in question is high, one must keep the following factors in mind before investing in such a property.

Luxury ApartmentLocation –Location is the key aspect to buying a luxury home. Ideal location for buying a property is the one where offices, educational institutes, malls etc. are close by and one which also has a developed social infrastructure, e.g. Outer Ring Road (ORR) in Bangalore.

Amenities – Make a note of all the amenities offered by the builder. This includes the party area, gymnasium, swimming pool, children’s play area etc. Such amenities can change your lifestyle for the better.

Maintenance and Charges – Enquire about the maintenance charges before you decide to buy any apartment so that later you don’t have to shell out more money than expected.

Safety and Security – There should be no compromise on this factor. Always ensure that every means of safety and security is activated and practiced in the apartment. This can range from the burglar alarm to the security services.

Luxury home

Floor Plan – Study the floor plan carefully and visit the model apartment to check whether it fits to your requirements or not. In case of doubts, clarify it with the builder and make sure that things are just the way you want them to be.

Specifications – Make sure that only quality and durable products are used in the specifications for things such as flooring tiles, fittings and paint, as these things matter in the long run.

Durga Petals is an upcoming project from Durga Projects and Infrastructures Ltd .in the prime location of Marathahalli Outer Ring Road, the heart of Bangalore’s IT corridor with proximity to major IT companies, educational institutes, shopping malls and more. Spread on 5 acres of land, Petals boasts of 8 luxurious sky soaring towers with each having 13 storeys.  And that’s not all; it also has a club house and 40+ recreational amenities.

For more details on the project, please visit http://www.durgaprojects.in/petals or call +919019555777.