Steps to Help NRIs Buy Their Dream Home in India

Requisite Documents:

Documents are the most important thing to keep in order when it comes to property transaction. However, documents required for NRI home loans are different than documents required for a resident in India. Normally, documents required for NRI home loans are copies of valid visa, work permit, passport, employment contract and salary certificate are among others. Whereas, the copy of employment card is also a requisite document required for individuals who are residing in Middle East.

Also Read: Quick Guide: How NRIs Can Sell Inherited Property in India

How to make repayment of loans:

Importantly, the loan repayment can only be done by using Non-resident External (NRE) or Non-resident Ordinary (NRO) accounts through foreign remittance. NRIs cannot use any other kind of funds to repay the loan amount in India. And, the loan repayment is only accepted in Indian Rupees.

Also Read: NRIs Can Now Protect Their Indian Property from Illegal Ownership