A loan against property is a loan that is secured in nature and available to those who have self-owned real estate property (residential, commercial, or industrial). While a resident Indian can avail this loan from banks and NBFCs in India, many providers offer this loan to non-resident Indians (NRIs) as well. The basic criteria for NRI property loan, is that the NRI must possess the property to be mortgaged within India itself.
How to Apply for a Property Loan as an NRI?
If you are a non-resident Indian and wish to apply for a property loan, then you must check out the providers who provide such loan facility for NRIs. Make a list of all such providers and proceed to compare these, and then apply for the loan. You can check for SBI loan against property, ICICI property loan, Axis Bank property loan, Bank of Baroda NRI property loan, and many more.
Below are steps on how to apply for a loan against property if you are an NRI.
- Do Your Research
It is crucial to do a prior research before applying for a property loan. As there are a number of fund-providers, which offer property loans, it is just wise to do your homework regarding the loan deals, charges, fees, interest rates, minimum and maximum age limit for the applicant, loan amounts, tenures, and other terms and conditions. Each financial institution will have its own norms regarding these factors. You have to match with the eligibility criteria of the provider, to successfully qualify for the loan.
After checking the loan deal and its detail, along with the eligibility requirements, you can proceed to fill the application form for the loan, and submit relevant documents. You can get in touch with the bank/NBFC of your choice to check with them about the loan details, or simply visit the website of the provider to find the information.
- Submit the Documents Needed
To complete the loan application procedure, you need to submit few important documents. As you are an NRI, it is best to keep KYC documentation ready for submission, along with proof of overseas occupation, work, and income. The list of documents as per profession type is mentioned below.
- You have to provide identity and address proof through documents such as latest utility bills, driving license, PAN card, Passport, and more.
- If you are self-employed, then you shall be asked to submit financial statements such as balance sheet, income computation for the recent 3 years certified by a Chartered Accountant, profit and loss account, proof of business, trade licence and more. You will have to provide a self-attested document that states the nature of your business and your Passport.
- If salaried, you need to submit documents such as Passport that contains relevant visa stamps, work permit, work visa or relevant documents, which depicts your work status as a non-resident Indian. You need to also submit proof of income i.e. salary slips, account statements of your overseas bank, and the same of the salary bank account.
- Keep property related documents ready for submission.
- Apply for a Loan against Property
After performing the above-given steps, you can apply for the loan with the bank/NBFC of your choice. You may have to visit the financial institution if applying offline; or apply online, and get the loan procedure done over the internet itself.
Follow the above-given steps to successfully apply for an NRI loan against property.