The NRI home loan market in India becomes a huge business during any holiday season. It is during the holidays that the NRIs come to visit India and have time to actually inspect the properties and complete all the legal formalities. The general procedure to apply for a home loan is more or less similar for both residential and non-residential Indians.
Eligibility for Application
Income and education— these are the key factors that decide whether your home loan plea will get sanctioned and also how much money are the banks actually ready to lend.
You will have to produce at least a graduation certificate while applying for a home loan.
In case of an NRI loan approval ,certain documents such as:
a. Passport
b. An updated visa
c. Work permit
d. Contract of employment,
e. Work Experience certificate(s)
f. Salary slips
Statements of non-resident external (NRE) and non-resident ordinary (NRO) accounts are of vital importance. If your salary is not credited to a bank, it should at least be confirmed by the embassy. If you visit India very infrequently, you might also need to give a local address proof and a power of attorney (PoA) to someone you trust in India. This is done, so that things can be brought under supervision and control, even if there arises a problem in case of loan repayment. The bank can always contact the PoA for sorting out any crises,whatsoever. The PoA and the local address proof are essential for all NRI home loans.
Applying for Loan
It is not always necessary to visit India in order to take the loan. Many banks are branched out into places like Dubai, Singapore, London and many other metropolitan cities of the world. In certain banks, loan facilities are available even online. So application for home loans and submission of documents is no longer a problem for interested NRIs living across the globe.