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Details Regarding NRI Home Loans

Documents required for NRI Home Loans

Documents Required :

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 Repayment (NRI's)

Loan shall be repayed 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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