Non Resident Indians can buy or
construct home in India and to serve
the purpose Banks and Financial Institutions
offer them home loans. The loans can
also be availed for buying a plot
or improving/extending the home. The
applicant should contribute at least
15% of the total property value. An
NRI can also appoint a local person
of his/her choice as a power of attorney.
Executing a Power of Attorney is beneficial
to the buyer, as the appointed person
can execute all the legal as well
as social matters on his(buyer) behalf.
The main documents required for an
NRI to apply for loan to buy property
in India are:
- Photocopy of Identity card
- Photocopy of passport with valid
resident visa stamped on it.
- Account Statement of the local
bank account.
- Latest salary certificate showing
the Name of the applicant(as per
the passport), passport Number,
Designation, date of joining and
other salary details.
- Documents regarding Employment
like Labour Contract, etc
- Property related documents.
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