Where to take loans?

Most of the Indians banks have branches abroad, with a very good extensive network in countries like the Middle East. For example, in certain countries there might not be branches, but, there would surely be an associate which acts on behalf of a bank or institution. For example, HDFC has an associate in Muscat for facilitating home loan applications from NRIs in Oman.

These days online applications are also possible, but, you may have to scan and send the documents and would also have to go through the hassle of couriering the same.

Documents required

As indicated before, one of the most important documents would be to prove your non-resident status, which is why things like a valid visa, labour card etc., are required. Here are a list of some essential documents that are required.

1) Application form with photograph

2) Photocopy of the Employment Contract or Labour Contract. In case the contract is not in English the Housing Finance Company or Bank will ask for an English translation.

3) Latest salary certificate

4) Photocopy of the Identity card or work permit (Labour) as the case maybe.

5) Photocopy of latest work permit

6) Photocopy of valid resident visa stamped on the passport

7) Property related documents

8) Processing fee cheque

A few other points to remember

It's important to note that the payment for the EMI has to be made from an NRO/NRE account or remittance from abroad. It's therefore preferable that you have a steady job and are also are able to fulfill EMI payments. It's also important to appoint a power of attorney for the loan.

The interest rate on a NRI home loan is the same as that for a resident Indian.

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