Housing Loan Process

Housing Loan Process

The documentation required to be submitted by the NRIs while investing in a 1, 1.5, 2, 3 BHK Balaji Symphony flat in Navi Mumbai are different from the Resident Indians as they are required to submit additional documents, like copy of the passport and a copy of the works contract, etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India.

The power of attorney (POA) is another crucial document that is required while processing an NRI home loan. The POA is important because, due to the absence of the borrower  in India; the Home Finance Company would need to deal with his/her 'representative' if the need arises. The POA is usually drawn on the NRI's parents/wife/children/ close relatives or friends, although it is not mandatory.

The following Bank specific documents are needed for obtaining NRI home loans.

1. Passport and Visa

2. A copy of the appointment letter and contract from the company employing the applicant.

3. The labour card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East.

4. Salary certificate (in English) specifying name, date of joining, designation and salary details.

5. Bank Statements for the last six months.

List of Classified documents for Salaried and Self Employed NRI Applicants. Banks may have specific requirements apart from the below listed documents. 

NRI Salaried Applicants

NRI Self-Employed Applicants

Copy of valid passport showing VISA stamps

Passport copy with valid visa stamp

Copy of valid visa / work permit / equivalent document supporting the NRI status of the proposed account holder

Brief profile of the applicant and business/ Trade license or equivalent document

Overseas Bank A/C for the last 3 months showing salary credits

6 months overseas bank account statement and NRE/ NRO account

Latest contract copy evidencing Salary / Salary Certificate / Wage Slips

Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts)


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