When you move abroad to pursue your career or higher education, you are left with income sources in your home country and overseas. Many banks and financial institutions offer bank accounts, investment options, and loan facilities to encourage foreign remittance. One such provision includes availing of home loans in your resident country.

It allows you to purchase a house back home with the borrowed amount. You can apply for the same online without visiting India. The procedure involves the submission of a loan application along with the documents required for home loan. The paperwork you furnish differs slightly from the ones asked from resident applicants so does your eligibility.

Here is everything you need to know about it:

Eligibility: Banks and financial institutions that provide NRI housing loans have the home loan eligibility criteria set based on their terms and policy. However, you can refer to a standard parameter to ascertain the same. Here are some of them:

Age: Lenders usually offer these loans to applicants aged between 21 years to 65 years. This is to ensure you have enough employment period left for timely repayment of the loan amount.

Experience: When it comes to employment, stability matters to the loan providers along with your income. Hence, you should have worked for at least one year overseas when you are a salaried employee and have three years of business existence if you are a self-employed person. This should also include some amount of experience serving in India for some lenders.

Income: The revenue criteria differ among the banks and housing finance companies based on their terms and the country you move to. It is best to check for the same on their portals or contact them to get a precise idea. The income document required for home loan also becomes apparent when you know the minimum amount required.

Documentation: Although the home loan required documents for NRI varies from lender to lender, find the critical paperwork you would need as follows:

Three passport size photographs
Passport and work visa copy
Employer ID card
Work permit proof
Person of Origin or Overseas Citizenship of India card
Details of local contact
Foreign address and residence address proof
Overseas bank account statement of six months
Non-Resident External account statement of six months
Credit report of debts availed in the foreign country

Procedure: You carry out the application process by either visiting the foreign branch of the Indian bank or applying online. The lenders verify all the home loan documents required against your submission to confirm your approval.

They compare them against the eligibility criteria to judge your repayment capacity, financial standing, employment stability, etc. The property purchased by you is also subject to scrutiny for ascertaining its resale value, usability, etc.

https://www.bankofbaroda.in/baroda-home-loan-detail.htm