We offer you a better understanding of documents, checklists and laws in India that will make your purchase an easier one.
CHECKLIST OF DOCUMENTS FOR HOME LOANS:
- Duly filled NRI home loan application form with photograph of the applicant and co-applicant. Note – Sign the photo across so that half the signature is on the application, and the other half on the form
- Copies of valid passport, valid Visa copies, overseas residential address proof and driving license. All to be self-attested and notarized
- Latest 6 months bank statements showing salary credit – self-attested.
- Latest 6 months NRE/NRO account bank statements – self-attested.
- Latest 6 months salary slips– self-attested
- 3 years employment continuity proof.
- Latest (3 years) Income Tax related documents.
- Power Of Attorney in Bank Format by applicant and co-applicant to be executed in the current residing country and to be notarised.
- Address proof, ID proof, 3 passport size photographs and signature proof of GPA holder.
- Cheque from NRE account or NRO account Admin Fee (CTS 2010 cheque).
- Credit report with credit score for applicant and co-applicant. (For US and Europe).
- Permission for purchase of residential / Commercial property
NRIs holding Indian passports—No permission required
NRIs holding foreign passports—Intimation to RBI via form IPI – 7 within 90 days of purchase of property or final payment of consideration. Funds through NRE/NRO accounts.
INCOME FROM PROPERTY
NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account.
MODE OF PAYMENT FOR NRIs
Under the general permissions available, an NRI/PIO may purchase residential/commercial property in India out of funds remitted to India through normal banking channels or through funds held in his NRE/FCNR (B)/NRO account. No consideration will be paid outside of India.