Can NRIs get home loans in India?

Yes, they can. There are so many NRIs who wish to buy a home back in India. We understand the whole hassle around it. Our team is ready to provide language translation for home loan in India. This article will solve most of your questions related to home loans in India.

Eligibility Criteria

Age:

  • You must be minimum 25 years old.
  • Maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity.

Residential status:

  • For a applicant you should have been abroad for a minimum period of 1 year.
  • For a self-employed applicant you should have been abroad for a minimum period of 3 years.

Tenure & Minimum Qualification:

  • For Salaried- Loan tenure up to 10 years, minimum qualification to be Graduate/ Diploma. Loan tenure between 11 to 15 years, for Middle East minimum qualification is Post Graduate.
  • Loan tenure 11 to 15 years, for the USA and all other countries minimum qualification is Graduate/ Diploma with minimum 3 years of employment abroad/ professional degree with min 1 year of employment abroad.
  • For Self-Employed- SSC or its equivalent.
  • Maximum tenure: Maximum tenure for Home Loan and Home Improvement Loan is 20 yrs / Maximum tenure for Land loan and Home equity loan-Residential is 10 yrs. No Office Premises Loan is allowed.

Mandatory documents required

Necessary documents:

  • 1 passport size latest photograph of each applicant (applicant & co-applicant) with the signature across.
  • Valid passport copies for all the applicants.
  • Valid visa copies for all the applicants.
  • Cheque / Draft in INR for fees (as per applicable rate) and the date must be in dd/mm/yyyy format.
  • Power of Attorney document as per our format duly signed by all the applicants.
  • Authority letter duly signed by all the applicants as per our specified format.
  • Company details as per our format.
  • Copy of current overseas residential verification proof of all the applicants to the loan. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill).
  • Copy of PAN Card for the 1st applicant OR Form 60 as per our format attached herewith.
  • Self-attested address proof of all applicants.
  • All documents must be in English and if needed seek help from CMM Languages for Language translation for home loan in India.

Personal details documents required:

SALARIED INDIVIDUALSSELF-EMPLOYED INDIVIDUALS
Copy of current appointment letter OR Copy of salary certificate clearly mentioning the date of joining, current salary earned and designation held in the company.Incorporation of business.
Copy of previous appointment letters.Income Proof :
— Middle East: Last 2 years audited/C.A certified P&L accounts.
   – US & Canada: Last 2 years CPA compiled/reviewed/audited P&L accounts.
   – Others: Last 2 years C.A or equivalent certified/audited P&L accounts.
Last 3 months salary slip for fixed salary and last 4 months for variable salary.Partnership deed (in case of a partnership firm)
Last 6 months bank statements clearly mentioning salary credits in the account.MOA & AOA of the company (in case of a private ltd. company).
Last 6 months bank statements in the company’s name.
Last 6 months bank statements in individual’s name.
Business profile and office address proof.

NRI Personal Guarantor documents:

If you have opted for an NRI Personal Guarantor on your loan, arrange to send the following documents

  • Passport & visa copies of the NRI Guarantor.
  • Current overseas address verification proof of the NRI Guarantor. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill).
  • Current income documents of the guarantor.