The documentation required to be submitted by the NRIs 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.
Another vital document required while processing an NRI home loan is the POA (Power Of Attorney). The POA is important because, since the borrower is not based in India; the Bank or HFC would need a 'representative' 'in lieu of' the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI's parents(father/mother) or wife or son/daughter.
NRI Home Loan Documents required are:
Personal Documents:
# Passport copy
# Visa Copy
# Job appointment letter and contract from the company employing the applicant, work permit.
# In case of business man, brief profile of the applicant and business.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)
# Photo Identity card. It translated in English and countersigned by the consulate.If the person is employed in the Middle East Salary certificate (in English) specifying name, date of joining, designation and salary details.
# Bank pass book first page copy and Statements for the last six months
Property Documents:
# EC (Encumbrance Certificate) for the minimum last 13 years
# Original title deeds tracing the title of the property for a minimum period of minimum last 13 years.
# Agreement for sale/sale deed/detailed cost estimate from Architect/Engineer for property to be purchased/constructed/extended/
# Receipts for payments made for purchase of the house/flat.
# Approved lay-out plan for construction/purchase/extension.
# Latest property tax paid receipt.
# Allotment letter from the co-operative society / association of apartment owners.
improved.
Also Read
NRI HOME LOAN : A COMPLETE GUIDE
NRI Home Loan: Must Follow RBI Rules and Guidelines
Another vital document required while processing an NRI home loan is the POA (Power Of Attorney). The POA is important because, since the borrower is not based in India; the Bank or HFC would need a 'representative' 'in lieu of' the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI's parents(father/mother) or wife or son/daughter.
NRI Home Loan Documents required are:
Personal Documents:
# Passport copy
# Visa Copy
# Job appointment letter and contract from the company employing the applicant, work permit.
# In case of business man, brief profile of the applicant and business.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)
# Photo Identity card. It translated in English and countersigned by the consulate.If the person is employed in the Middle East Salary certificate (in English) specifying name, date of joining, designation and salary details.
# Bank pass book first page copy and Statements for the last six months
Property Documents:
# EC (Encumbrance Certificate) for the minimum last 13 years
# Original title deeds tracing the title of the property for a minimum period of minimum last 13 years.
# Agreement for sale/sale deed/detailed cost estimate from Architect/Engineer for property to be purchased/constructed/extended/
# Receipts for payments made for purchase of the house/flat.
# Approved lay-out plan for construction/purchase/extension.
# Latest property tax paid receipt.
# Allotment letter from the co-operative society / association of apartment owners.
improved.
Also Read
NRI HOME LOAN : A COMPLETE GUIDE
NRI Home Loan: Must Follow RBI Rules and Guidelines
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