Gone are the days of waiting endlessly in queues to submit applications in banks to avail loans. Securing home loans has become much easier and uncomplicated. Infact, many banks and financial institutions provide exclusive customized services for the NRI community including provision of home loans. Non Resident Indians (NRI) can take loans for building a house or for buying a plot or house in the country.

Interest rates for NRI loans do not differ from those offered to Indians residents. However, the loans are sanctioned for a shorter period and can avail less than or equal to 85% of cost of home as loan amount. The size of the loan varies, depending on the borrower’s repayment capacity.

For NRI loan disbursements, banks take greater care and require more documents to ensure their eligibility. Personal documentation includes:

• Passport and Visa
• A copy of the appointment letter and contract from the company where applicant is employed
• The labour card/identity card (translated in English and countersigned by the Consulate) if the person is employed in the Middle East
• Salary certificate (in English) specifying name, date of joining, designation and salary details
• Bank Statements for the last six months

Property Documents: