Non Resident Indian.

A Non Resident Indian (NRI) is an individual who is an Indian Citizen but has migrated to another country permanently or temporarily for the purpose of Employment, Education etc. NRI must be a graduate. Educational qualification may not be a constraint for resident Indians. Most of the Banks stipulate that the NRI should have a monthly income of $ 2,500 per month. This yard stick may vary from bank to bank. they need to submit certain additional documents like copy of the passport, a copy of the works contract. A Resident can pay through post dated cheques or through savings bank account. But NRIs should repay the loan through Non Resident External (NRE) or Non Resident Ordinary (NRO) account cheques only. they may not be in position to sign on all papers and enter in to agreements for the purchase of apartments in Hyderabad. So, they need to submit a power of attorney to get a housing loan.

Income documents?

  • Complete Passport copies
  • Visa stampings on passport
  • Copy of the employment contract
  • Latest salary slips for the past 6 months. .(should be notarized)
  • W2 Returns latest 2 years.(should be notarized)
  • Employer ID card
  • Latest work permit.
  • Copy of the local income tax returns.
  • Credit Report with Score
  • NRE / NRO Account statement for latest 6 months .(should be notarized)
  • Higher Education proofs
  • Power of attorney in favour of local representative in India.(should be notarized)
  • Official , Personal Mail ID’s and HR mail ID.

Note: all the documents should be self attested

Checklist for NRI Loans

Income documents for Employees.

Personal documents

  • Latest salary slips for 3 months.
  • Latest Salary Credited Bank Statement for 6 months.