Essential NRI Documents Required for a Home Loan

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niviwatson 4 Min Read

Are you an NRI living outside of India? If you are contemplating purchasing a property in India, we strongly recommend considering the NRI home loan option. One of the primary benefits of doing so is that financial institutions conduct thorough due diligence before loan approval. They assess the credibility of the builders involved in constructing the property you wish to invest in and confirm that all necessary documentation is complete and in place, thereby safeguarding your investments. Many NRIs lack the resources to conduct thorough due diligence, which often leads them to investments in unsuitable properties.

An NRI home loan will not only make it easier for you to arrange the finances needed to buy a property in India but also ensure the safety of your investment. However, NRIs must keep in mind that they can be sanctioned an NRI home loan only if they meet the qualifying criteria and can provide all the documents required for home loans.

This article discusses the NRI documents for home loan requirements in detail and provides a brief look into the NRI home loan housing loan eligibility criteria.

NRI Documents for Home Loan: Documents You Must Keep Ready With You

To be considered eligible for an NRI home loan, you will need to provide the following documents:

1. Identity Proof Documents: Under this category, financial institutions generally ask loan applicants to submit their passport and VISA copies.

2. Address-Proof Documents: Under this category, you will be required to submit documents that serve as proof of your overseas address. You can submit utility bills, driving licenses, etc., under this category.

3. Employment-Proof Documents: Offer letters, employment contracts, and work permits are accepted under this category.

4. Income-Proof Documents: Under this category, you can submit your salary slips, the last six months’ bank account statements of your overseas bank account statement, the last six months’ NRE/NRO account statements, etc.

5. Property Documents: The financial institution you apply to will also ask you to submit all property documents, including the sale agreement, property title deed, no objection certificates or NOCs from the concerned authorities, etc. Financial institutions use these documents to ensure that the property is not entrenched in any kind of legal or financial trouble and that everything is clear.

Loan applicants must keep in mind that this is not an exhaustive list, the financial institution you apply to can ask you to submit additional documents as well. One of the easy ways to avoid any hassles and navigate the home loan process smoothly is to request your lender for the list of documents required for NRI home loans at the beginning of the loan application process and then keep all the documents ready to ensure a hassle-free and quick process.

NRI Home Loan: Housing Loan Eligibility Criteria

You can apply for an NRI home loan if you have all the documents for home loans and meet the qualifying criteria. To be considered eligible for an NRI home loan, you must either qualify as an NRI or an overseas citizen. Further, the loan applicant must be able to provide a valid passport with a valid VISA. They must also be able to showcase a stable job and income source to establish their repayment capacity alongside a high credit score. If you meet these qualifying criteria, you can initiate the NRI home loan process.

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