What is the loan sanction process and documentation required?

What is the loan sanction process and documentation required?

What is the loan sanction process and documentation required?

The documentation needed to be submitted by the NRIs differ from the Resident Indians. Resident Indians are required to submit additional documents like copy of the passport and a copy of the works contract, etc. While NRIs are required to follow certain eligibility criteria to get home loans in India.

Power of Attorney (POA) is another key document, which is required during the processing of NRI Home Loan. The POA is essential because the borrower is not based in India. Therefore, the home finance company would need a ‘representative’ ‘in lieu of’ the NRI to deal with and if needed. Although, not obligatory, the POA is usually drawn on the NRI’s Parents/ Wife/ Children/ Close relatives or Friends.