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Are you a Non Resident Indian (NRI)? And your dream is to purchase a flat in a beautiful residential apartment near Hi-tech City, Hyderabad?
You probably need a Home Loan. The following things should be considered before you go on searching for right home loan offer:

A Non Resident Indian (NRI) is an individual who is an Indian Citizen but has migrated to another country permanently or temporarily for the purpose of Employment, Education etc. Other terms, commonly used for an NRI are Overseas Indian, Expatriate or Indian Expatriate.

Non Resident Indians can purchase any immovable property in India except agricultural land, farm house and plantation. NRIs can also avail Home Loan to purchase property. Though it’s called NRI Home loan, it’s just like the loan offered to the resident Indian in many respects. Each bank will maintain a data base of approved places. NRIs working in places which are in negative profile may not be able to get Home Loans.

  • In order to get loan, NRI must be a graduate. Educational qualification may not be a constraint for resident Indians.
  • Most of the Banks stipulate that the NRI should have a monthly income of $ 2,000 per month. This yard stick may vary from bank to bank.
  • NRIs need to submit certain additional documents like copy of the passport, a copy of the works contract.
  • A Resident can pay through post dated cheques or through savings bank account. But NRIs should repay the loan through Non Resident External (NRE) or Non Resident Ordinary (NRO) account cheques only.
  • Resident Indians can avail loan for tenure up to a maximum of 240 months. But, NRIs loan term is 180 months maximum. In fact some banks restrict it for 120 months only. Maximum term for NRI home loans varies from bank to bank.
  • NRIs not based in India and they may not be in position to sign on all papers and enter in to agreements for the purchase of apartments in Hyderabad. So, they need to submit a power of attorney to get a housing loan.

Present job profile, Educational and professional qualifications, experience, probability of continued stay in abroad till the loan repayment is taken into account.

An NRI or PIO can get a Home Loan of up to 75-80% of the Total Consideration Value of the property.

Income documents?

  • Visa stamped on passport
  • Copy of the employment contract
  • If the contract is in any language other than English, the same has to be translated into English and counter signed by the employer/Indian Embassy.
  • Latest salary slips (Certified) for the past 6 months.
  • Identity card issued by the present employer.
  • Continuous discharge certificate (if applicable)
  • Latest work permit.
  • If you are working in merchant navy, contract slip with income details.
  • Copy of the local income tax returns.
  • Non Resident External (NRE), FCNR, NRO and International account passbook sheets.
  • Overseas Bank account statement for the past six months.
  • Bio data details about educational qualifications, age, job experience and profession/business with proof.
  • Power of attorney in favour of local representative in India.
  • Title deeds of the builder/land owner for a period of last 13 Years
  • If the land is developed by the builder, development agreement between the builder and land owner.
  • Power of Attorney executed in favour of the builder, if applicable.
  • An Encumbrance Certificate (EC issued by the concerned sub registrar) for the past 13 years.
  • Khasra Pahani (a document indicating ownership of property as entered by the revenue authorities)
  • A sanctioned plan.
  • An agreement for sale and a construction agreement with the borrower.

In case, if you are in India, the Power of Attorney can be locally notarized. Normally Wife, Husband, Father, Mother, Brother, Sister can be given the power of attorney. The power of attorney holder does not have the power of dealing with the property. He or she gets the powers that you clearly mentioned in the power of attorney.

  • Passport size photograph.
  • Copy of your passport, PAN card, Driving License, SSC – School leaving certificate, Birth Certificate, LIC Policy.
  • Bankers sign verification.


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