Documents required for NRI Home Loans

This page offers the list of documents required for availing of home loans and faqs specifically for NRIs

Documents Required (NRIs)

Employment/residency related documents: Photocopies of:

  • 1. Employment contract (English copy if the contract is not in English, attested by the Embassy/Employer).
  • 2. Latest work permit.
  • 3. Details of previous employment.
  • 4. Identity card issued by current employer.
  • 5. Continuous discharge certificate (CDC) – (for applicants employed in the merchant navy).
  • 6. Latest salary slip/certificate.
  • 7. Overseas Bank Account Statement (four months).
  • 8. Pages with visa stamp on the passport.

Property Related Documents

  • 1. Allotment letter from the co-operative society / association of apartment owners.
  • 2. Receipts for payments made for purchase of the dwelling unit.
  • 3. Agreement for sale / sale deed /detailed cost estimate from Architect / Engineer for property to be purchased / constructed /extended / improved.
  • 4. Copy of approved drawings of proposed construction/purchase/extension.

Additional documents be submitted by Person of Indian Origin

Photocopy of PIO card.
If the PIO card is not available, photocopies of any of the following documents:

  • 1. The current passport, with birthplace as ‘INDIA’.
  • 2. The Indian passport, if held by the individual earlier.
  • 3. Parents/grandparents Indian passport/birth certificate/marriage certificate substantiating the individuals claim as a person of Indian origin.

Home Loan FAQs (NRIs)

Who is a non-resident Indian (NRI)?

An Indian Citizen who stays abroad for employment / carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisation and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non- residents). Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs).

Who is a person of Indian Origin ?

For the purpose of availing of the facilities of opening and maintenance of bank accounts and investments in shares/securities in India : A foreign citizen (other than a citizen of Pakistan or Bangladesh is deemed to be of Indian origin, if, (i) he, At any time, held an Indian passport (or) (ii) he or either of his parents or any of his grand parents was a citizen by virtue of the constitution of India or citizenship act, 1995 (57 of 1955). Note: A spouse (not being a citizen of Pakistan or Bangladesh) of an Indian origin is also treated as a person of Indian origin for the above purposes. B. For investments in immovable properties: A foreign citizen other than a citizen of Pakistan, Bangladesh, Sri Lanka or Nepal), Is deemed to be of Indian origin if, (i) he, At any time, held an Indian passport (or) (ii) he or either of his parents or any of his grand parents was a citizen by virtue of the constitution of India or citizenship act, 1995 (57 of 1955).

What is an OCB?

Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident out side Indian and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of atleast 60% by individuals of Indian nationality or origin resident outside India as also overseas trust in which atleast 60% of the beneficial interest is irrevocably held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs so long as the ownership/beneficial interest held in them by NRIs continues to be atleast 60%.

Are OCBs required to produce any certificate regarding ownership/beneficial interest in them by NRIs?

Yes. In order to establish that the ownership/beneficial interest in any OCB held by NRIs is not less than 60%, the concerned body/trust is required to furnish a certificate from an overseas auditor / chartered / accountant /certified public accountant in form OAC where the ownership/beneficial interest is directly held by NRIs, and in form OAC 1 where it is held indirectly by NRIs and further that such ownership interest is actually held by them and not in the capacity as nominees.

What are the various facilities available to NRIs/OCBs?

NRIs/OCBs are granted the followings facilities: 1. Maintenance of bank accounts in India. 2. Investments in securities/shares of, and deposits with, Indian firms/companies. 3. Investments in immovable properties in India.

How do I repay the loan?

You repay the loan in Equated Monthly Installments (EMIs), which includes principal and interest. EMI repayment starts from the month following the month in which you take full disbursement. EMI is payable every month, by the end of the month from the date of each disbursement up to the date of commencement of EMI. Pre-EMI is calculated at the same rate at which EMI is calculated. EMI payments are to be made through post dated cheques from your Non Resident (External) Account/Non Resident (Ordinary)/Non Resident (Special) Rupee Account (NRSR) in India. Can I repay my loan ahead of schedule? Yes. You can repay the loan ahead of schedule, by remittances through abroad through normal banking channels, your Non Resident (Ordinary) / Non Resident (Special) Rupee Account (NRSR) in India. Does the Agreement For Sale have to be registered? In many states in India, the Agreement of Sale between the builder and purchaser is required by law to be registered. You are advised in your own interest to lodge the agreement for registration within four months of the date of the Agreement at the office of the Sub Registrar appointed by the State Government, under the Indian Registration Act, 1908.
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