Home Loan
You can apply for a Housing Loan, once you have selected your property. A loan amount would be sanctioned to you - based on your repayment capacity, which will help you decide your budget and plan the buying of your house.
Loan Eligibility You can avail of a maximum loan of Rs.1, 00, 00,000 or 85% of the cost of the property, including cost of the land, whichever is lower. Your eligible loan amount should be based on the repayment capacity. Repayment capacity takes into consideration factors such as income, age, qualifications, work experience, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation, alternate employment prospects when you return to India and savings history. Documents to be submitted along with the application are.
Home loans for NRI Documents necessary for NRI's to avail a loan
- Employment/Residency related documents
- Employment contract (if the contract is in a language other than English, the English translation of the same attested by the Embassy/Employer should be given).
- Latest salary slip.
- Latest work permit.
- Identity card issued by current employers.
- Visa stamped on the passport.
- Continuous Discharge Certificate (CDC) - (if applicable).
- Overseas Bank Account Statement for the last four months
Property Related Documents
- Receipts for payments made for purchase of the dwelling unit.
- Copy of approved drawings of proposed construction/purchase/extension.
- Agreement for sale/sale deed/detailed cost estimate from Architect/Engineer for property to be purchased/constructed/extended.
- Allotment letter from the co-operative society/association of apartment owners.
- Power of attorney
Documents necessary for RI's (Employed) to avail a loan
- Application Form
- Passport-size Photograph of Applicant & Co-Applicant
- Age Proof
- Office / Home Address Proof
- Bank Statement of last 6 months
- Latest salary receipt
- Latest Form-16 or PF Statement
