Demystifying Home Loans for NRIs

Published on: 08 December 2014

Buying a home would definitely be one of the major decisions of your life. It is rare to find someone who pays the entire cost of home at once. A home loan is an essential part of any home buying endeavour. Taking a home loan is a long journey, which involves many stages. The key to get your home loan in a smooth and effective manner is being familiar with the entire home loan process.

The process of getting a home loan starts with a formal application for the loan. The application form requires certain basic information about you. This will include your personal, residential, income, employment, educational details, property details, estimated costs, and current means of financing the property. Although the requirements might vary with every bank, there are certain things that almost every bank would ask.

The application form must be supported with valid documents to substantiate the facts. Generally, banks will ask you to submit following documents:

  • Income proof
  • Age proof
  • Identity proof
  • Address proof
  • Employment details
  • Proof of educational qualifications
  • Details about the property, if finalized
  • Bank statements

The purpose of the entire exercise is to ascertain the suitability of an applicant for a home loan. The income documents and bank statements provide vital clues to the bank regarding your financial health.

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