NRI Case Process Flow

Non Resident Indian ( NRI) or Person of Indian Origin (PIO) can avail Home Loans for purchasing Residential Properties in India. Since the person seeking loan is residing abroad at the time of availing loan, entire leg-work of Home Loan Processing is best handled y us. Let us take you through broad process of NRI Home Loans

  • Person identifies Residential Property in India.
  • Decides to Finance the Property purchase by availing Home Loan in India.
  • NRI needs to then get in touch with us through mail/phone / website etc.
  • He needs to have Indian Passport or PIO Card issued to him.
  • Bank will want to ensure Income Stability and employment continuity for the applicant.
  • The Minimum norm to be eligible for applying for Home Loan with the Banks is USD equivalent 3000 net per month with work experience of minimum2 years.
  • Since the applicant is residing out of India, all loan related formalities need to be carried out by an authorized Person (invariably a blood relative viz. Father, Mother, Brother, Mother / Father In laws).
  • Looking at strengths of the case and prevailing Home Loan offers, we will suggest to you, the best possible Home Loan Provider for your case. It may so happen that two different cases are referred to two different banks due to changes in policy by banks, individual variations in each case.
  • At this stage, applicant will need to finalize property to be purchased & also person who will act on his behalf for availing loan, signing loan documents, executing Property agreement etc.
  • After this applicant will execute a power of attorney, which is in the prescribed format by each bank in favor of his relative. It may be possible that NRI identifies property in India during his India trip. During this period we may execute the POA & then the rest of the formalities may be handled by the POA holder. ( This is a very critical point of NRI case).
  • Another important point is that the NRI needs to have an NRE/NRO account. This is essential condition and all payments as regards purchase of property need to be routed through this bank account. If there is no NRE/NRO account, person needs to initiate the same.
  • The above account is used for repayment of the proposed Home Loan.
  • The Local POA holder signs the loan application form and Real Value initiates the Bank Loan process.
  • We present the strengths & comforts of your proposal & closely tracks the process till the Bank makes final decision to sanction or otherwise.
  • We shall then coordinate with your developer for conducting checks on title verification & technical scrutiny of the apartment being purchased. After this disbursal procedure is initiated. We also assist the client in overseeing the loan after complete disbursal on specific request.
  • Thus loan availment process is outsourced to us by the NRI.
  • Since we are the authorized franchisees for Home Loans to the Bank, we offer our relevant services to the client absolutely free of cost.

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Being an NRI, posed certain procedural challenges for getting my Home Loans sanctioned. Real Value team ensured seamless Home Loan processing. Their experience was very useful. I strongly recommend Real Value Consultants!!!

Dr. Adarsh Mani
Ohio, USA