Over the years, an increasing number of NRIs or Non-Resident Indians have been investing in real estate properties in India. Most NRIs buy a home in India mainly to settle down here post retirement or for investment purposes. And, no matter what your goal is to purchase a home in India, when you apply for a home loan to fund the purchase, you must oblige with the documentation process.

Although the documents required by the lender may vary from lender to lender, you must furbish income and property-related documents. The documentation is an integral part of the home loan application process. If you are looking to apply for a housing loan for NRI, it is vital that you check the documents requirement of the specific lender.

Let us look at the document checklist for availing NRI home loans. The documentation requirement varies based on whether you are a salaried or a self-employed individual.

Documents required for salaried individuals

Proof of identity (you can submit a copy of any of the following documents)

•         Valid Passport (mandatory)
•         Copy of the valid visa
•         Voter ID card
•         Aadhaar card
•         Driving license

Proof of residence (you can submit a copy of any of the following documents)

•         Valid Passport (mandatory)
•         Copy of the valid visa
•         Driving license
•         Aadhaar card
•         Voter ID
•         Utility bills – electricity bill, gas bill, post-paid mobile bill
•         Bank passbook with address mentioned on it

Income Proof (you must submit one or all the following documents)

•         Appointment letter or employment contract issued by the employer overseas
•         Copy of bank statement of last six months reflecting the salary credit
•         Copy of bank state of the NRE or NRO account maintained in India of last months
•         Salary slip
•         Latest credit report issued by a reputed credit bureau like CIBIL

Property-related documents

•         Title deed of the property
•         Copy of the sale agreement
•         Copy of the buyer agreement letter or the allotment letter
•         Title deed of the plot
•         No-objection certificate obtained from the concerned authorities
•         Encumbrance certificate
•         Copy of the approved blueprint of the project

Other Documents

•         A cheque issued in favour of the lender to pay the processing fee
•         Passport sized photograph
•         Occupational certificate
•         Copy of the valid resident visa stamped on the passport
•         The home loan application form duly filled and signed by the applicant / applicants

Documents required for self-employed individuals

For self-employed individuals, the documents required for the proof of identity, proof of residence and property-related documents are the same as the salaried individuals.

Proof of income (you must copy of the following documents based on the nature of your business)

•         Copy of the partnership deed
•         Copy of the MoU (Memorandum of Understanding)
•         Copy of commercial trade license issued by the concerned government authority
•         Copy of the audited balance sheet and profit and loss account statement for last three years
•         Copy of the current account bank statement
•         Copy of the individual’s NRE or NRO account held with an Indian bank

Other documents

•         Copy of the valid resident visa stamped on the passport
•         Details of any ongoing loan (if any). Loan account statement indicating the amount borrowed, loan tenure, balance outstanding amount, amount paid till date, etc.
•         Business profile
•         A cheque to pay the processing fee
•         Passport size photographs
•         NRI home loan application form duly filled and signed by the borrower and co-borrowers

Now that you are aware of the comprehensive list of the documents required for NRI home loan, make sure that you keep these documents handy before you start the home application process to avoid delay in the approval process.