The Possibility of obtaining loan to NRIs:
NRIs can obtain loan for the acquisition of property in accordance with RBI guidelines. However, the loan should not go beyond 85% of the cost of the property. NRIs personal input, other than the loan amount, may include remittances from abroad and repayment of loan, which also includes remittances from abroad is possible only through normal banking, i.e. through Non-Resident Special Rupee account [NRSR] or NRE/NRO account in India.
Documents required for loan applications:
- Copy of the employment contract attested by the employer of the loan seeker.
- Latest salary certificate containing the following information:
- Name (as appearing the passport).
- Date of joining.
- Passport Number.
- Perquisites and salary.
- Copy of employment identity card.
- Copy of valid resident visa stamped on the passport.
- Copy of monthly statement of local bank account.
- Documents related to the property concerned.
All the documents should be in English, if it is not, the translated copy of the documents should be added with the application.