Buying a house is no more a painstaking task for NRI’s. The NRI housing loans have facilitated smooth investment in real estate properties. This is applicable for any Non Resident Indian, including government servants posted abroad on duty with the Indian missions or deputed abroad on assignments with foreign Governments or regional/international agencies. Many prime banking institutions are engaged in providing these NRI housing loans to their clients.
Repayment capacity plays another important role in deciding the amount of loan to be offered. Considerations like income, age, work experience, number of dependants, partner’s income, assets, liabilities, stability and continuity of occupation are the deciding factors for this.
While applying for a home loan in India, following documents are required to be submitted:
♦ Documents related to employment:
- Employment contract
- Latest salary slip
- Latest work permit
- Identity card issued by current employers
- Visa stamped on the passport
- Continuous Discharge Certificate (if applicable)
- Last four months’ Overseas Bank Account Statement
♦ Documents related to property:
- Receipts for payments made for purchase of the dwelling unit
- Agreement for sale/sale deed/detailed cost estimate from Architect/Engineer for property to be purchased/constructed/extended
- Copy of approved drawings of proposed construction/purchase/extension
- Allotment letter from the co-operative society/association of apartment owners
♦ Power of attorney
The period of loan repayment is identified once the loan has been sanctioned. Generally, it lies between three to ten years. Equated Monthly Installments (EMIs) facilitate smooth loan repayment. It is paid at the end of every month. It is paid through post dated cheques from your Non-Resident (External) Account/Non-Resident (Ordinary) Account in India.
The NRI Housing Loans have made real estate investment easier for the Non- Residential Indians. This has turned out as a boon for them as they can now conveniently purchase a new property without bothering about the time taking procedures.