Eligibility Criteria and Mandatory Documents for Home loans - NRI
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 and thus, this article, we hope, will solve most of your questions related to home loans in India.
- You must be minimum 25 years old.
- For NRI applicant, maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity.
- If salaried applicant, you should have been abroad for a minimum period of 1 year.
- If 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.
Tenure & Minimum Qualification:
|County/Employment types||Salaried||Self-Employed||Merchant Navy|
|USA & Other Countries||42000 USD||42000 USD||42000 USD|
|GCC||84000 AED*||48,000 AED||42000 USD|
Personal details documents required -
- 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.
Professional details documents required -
|Salaried individuals||Self-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