I am an NRI (non-resident Indian) and want to take a home loan. Can you please let me know how I can quickly get a home loan approved from a lender?
—Name withheld on request
To quickly get your loan processed, please keep the following steps in mind. Keeping a certain set of documents ready shall save you a lot of time.
Filling an application form: The NRI applicant is required to provide a duly filled loan application form along with the photographs of all the applicants with signatures across. A legitimate Power of Attorney (POA) document is required to authorize an Indian resident to sign the application form and to correspond with the bank in this regard.
Power of attorney: A power of attorney (PoA) authorizes another person residing in India to complete the property transaction on your behalf. This PoA needs to be signed by you in the presence of a consulate officer or notary in your country of residence. It will also have to be attested by them and the same needs to be adjudicated in a sub-registrar’s office in India for it to be valid.
Income documents: The documents required for tis process include
a) Copy of Indian passport and visa. In case an Indian passport is unavailable, PIO card if you hold a foreign passport. OCI card if your parents are citizens of India
b)Work permit/Job contract/appointment letter of your country of residence
c) Latest salary certificate / Payslips for the last six months
d). Latest income tax returns
e). Bank statement of NRE and NRO accounts of one year
Title documents:
• Title deed (in the seller’s name). Some states have specific paperwork that you need to be aware of. For example, if buying property in Bengaluru, you must check for the Khata certificate (in seller’s name)
• Approved plan/building permit
• Occupation certificate (in case it is a ready building)
• Older title deeds, if any
• Updated encumbrance certificate
• Share certificate (in case of cooperative housing society)
• NOC from the society
• RERA registration (if applicable)
Sumit Chadha is chief information officer at India Mortgage Guarantee Corporation.