What are the NRI Home Loan Documents Checklist?

As an NRI, my brother funded his Bangalore real estate investment with an NRI home loan from the SBI. So, if you want to know the NRI home loan documents checklist, I can share the list that my brother was asked to submit while availing of the NRI home loan.

What are the Home Loan Documents for NRI?

• The NRI documents for home loan to every applicant:

1. Employee Identity Card

2. Valid passport and VISA attested copies.

3. Address verification with the current foreign address mentioned

4. A copy of the applicant's Continuous Discharge Certificate (CDC) if they work in the merchant fleet.

5. PIO cards issued by the Indian Government (When PIOs are involved)

6. Documents can be attested by FOs/Rep. Offices, Indian Embassy/Consulate, Overseas Notary Public, Branch/Sourcing Unit authorities based in India, or any combination of these entities.

7. Application for Loan: filled-out loan application form with three passport-sized photos

8. Identity proof (anyone): voter identification card, passport, driver's licence, or PAN

9. Proof of Address/Residence (Any One): The latest copy of your passport, driving licence, Aadhar card, or electricity, water, or telephone bill

• Documents about property:

1. Construction permission (if applicable)

2. Registered Sale Agreement (exclusive to Maharashtra)/ the Stamped Agreement for Sale/ Allotment Letter

3. Certificate of Occupancy (if the property is ready to move into)

4. Property tax receipt, maintenance bill, electricity bill, and share certificate (exclusive to Maharashtra)

5. Conveyance Deed (For New Property), Registered Development Agreement of the Builder, and Approved Plan copy (Xerox Blueprint)

6. Payment receipts or a bank account statement that lists all of the money paid to the seller or builder

• Bank account statement:

1. Details of the bank account for the last six months, including savings and pay from the overseas account and, if applicable, any Indian accounts.

2. A/C statement for the preceding year is required if there have been any prior loans from other banks or lenders.

• Proof of Income for Salaried Candidate, Co-Applicant, and Guarantor:

1. A current work permit

2. A properly verified English translation of the employment contract, if it is in a language other than English, from the employer, consulate, our overseas office, or embassy

3. Salary certificate or slips for the last three months

4. Past half-year Bank statement displaying credit for salary

5. Current employer's original salary certificate or pay slip and a copy of the identity card

6. Duly acknowledged copy of previous year's individual tax return, except for merchant navy employees and non-resident individuals (NRIs) or PIOs residing in Middle Eastern countries.

• Proof of Income for Co-applicants, Guarantors, and Non-Salaried Applicants:

1. Proof of business address

2. Evidence of revenue for independent contractors or business owners.

3. Accounts for the past two years P&L and balance sheet audited and certified by C.A.

4. Past two years' Personal Tax Return, except NRIs and PIOs residing in Middle Eastern nations

5. The previous six months' Bank Statement of foreign accounts payable to both the company/unit and the person.

I hope this helps you understand the NRI home loan documents checklist.

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