NRI Loan Against Property

Step 1: Research The importance of this step cannot be emphasised enough. Considering that there are plenty of banks out there which offer this product, it stands to reason that you should research thoroughly and find the banking partner that suits your purpose. Each bank will have their own set of interest rates, the quantum of loan, lending terms and conditions, repayment options, maximum tenure, et cetera.

Hence, it is crucial that you choose to borrow from a bank to which you can afford to pay back comfortably, without the loan turning into a serious liability. You can always get in touch with the customer care representatives of the bank or visit the nearest the branch to learn more about taking a loan against property as an NRI.

Step 2: Gather the Necessary Documents

There is little doubt in the fact that loan applications are usually accompanied by a whole bunch of documents. This is particularly true if you are an NRI. That's why, in order to make the process easier, prepare the required documents in advance and keep them with you. The list of documents needed can be found on the respective website of the bank, but as a general rule of thumb, you can be expected to furnish the following papers:

1. Identity proof and address proof like passport, PAN card, driving licence, latest utility bills, et cetera
2. Income proof, which may vary for salaried and self-employed individuals

1. If Salaried, you may have to furnish copies of your passport showing the relevant visa stamps, along with a copy of your work permit/work visa/any relevant document which supports your status as an NRI working individual. Latest salary slips, overseas bank account statements in which salary is credit may also be required
2. If Self-Employed, you may be asked to submit a copy of your trade license/similar document, along with the balance sheet, profit & loss account and income computation for the last three years performed by a certified Chartered Accountant. In addition to this, a self-attested document stating the nature of your business, along with the copy of your passport with the relevant visa stamp may be also be needed

1. Photocopies of relevant property documents

Step 3: Apply for the Loan Against Property

After you have performed the aforementioned steps, all that is left to be done is to apply for the loan. You can do this online with most of the banks, though sooner or later, you may have to visit the bank in person and submit your documents.

As you can see, it is quite simple to take a loan against property as an NRI. All it takes is some careful research and preparation. Good luck!

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