How can an NRI take a home loan in India?

Name withheld on request

To process your loan quickly, please keep the following steps in mind. Having a fixed set of documents ready will save you a lot of time.

Filling up an Application Form: The NRI applicant is required to provide the duly filled loan application form along with photographs of all the applicants along with signatures. An Indian resident is required to have a valid Power of Attorney (POA) document authorizing him to sign the application form and correspond with the bank in this regard.

power of attorney: Power of Attorney (PoA) authorizes another person resident in India to carry out property transactions on your behalf. You need to sign this POA in the presence of a consular officer or a notary in the country of your residence. It will also have to be attested by them and will need to be adjudicated at a sub-registrar’s office in India to be valid.

Income Document: The documents required for TIS process include

a) Copy of Indian passport and visa. In case Indian passport is unavailable, PIO card if you have a foreign passport. OCI card if your parents are citizens of India

b) Work permit/job contract/appointment letter from your country of residence

c) Latest Salary Certificate / Salary Slip for the last six months

D). latest income tax return

I). Bank statement of NRE and NRO accounts for one year

Title Document:

• Title Deed (in the name of the seller). Some states have specific paperwork that you should be aware of. For example, if buying a property in Bengaluru, you should check the Account Certificate (in the name of the seller).

• Approved Planning/Building Permit

• Occupation Certificate (if it is a turnkey building)

• Old title deed, if any

• Updated Encumbrance Certificate

• Share Certificate (in case of Cooperative Housing Society)

• NOC from society

• RERA registration (if applicable)

Sumit Chadha is the Chief Information Officer at India Mortgage Guarantee Corporation.