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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