Home loans for NRIs are special home loans that banks, NBFCs, and commercial lenders offer to non-resident Indians, who are individuals who have moved out of the country in search of better employment opportunities or individuals who spend less than 182 days within the country in a given financial year. NRI home loans are specific financial tools designed to keep NRIs and their various requirements in mind. 

Housing loan eligibility criteria for NRI home loans are set after taking into consideration important factors, such as the resident’s country of residence, employment type, and job and income stability. This brief guide on home loans for NRIs discusses the NRI documents for home loan requirements in detail and helps you better prepare yourself for the home loan process and navigate it seamlessly. So, read on. 

NRI Documents for Home Loans: Here Are All the Documents You Will Be Asked to Provide 

Identity and Residence Proof Documents

No bank or NBFC will grant you a home loan if you are unable to provide identity and residence proof documents. Under this category, you can provide your passport and visa. Other than that, you will also be asked to provide overseas residence proof. You will also be asked to attach your signed photographs as proof of residence.

Documents that Establish Your Income and Repayment Capacity 

Lenders sanction home loans only to those individuals who can comfortably repay their home loans. To measure a loan applicant’s repayment capacity, lenders ask for several documents, including salary slips, income tax returns, overseas and Indian bank statements, etc. These are important NRI documents for home loans that you will need to provide. So, keep all the documents ready with you. 

Property Documents 

An important step in the home loan process or home loan approval is ensuring you have all the property documents ready with you. Banks and NBFCs you apply to for an NRI home loan will ask you to submit documents, such as the sales agreement, title deed, and No Objection Certificates from various authorities. Financial institutions ask for the documents to make sure you are making a safe investment and there won’t be any legal implications later on.

These are the documents required for home loans for NRIs and the documents you will need to submit along with your home loan application. This list is non-exhaustive — the financial institution you have approached for a loan can ask you to provide additional documents. A good idea is to always request your lender for the complete list of documents required for home loans, even before you start the home loan process. 

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