There are many Indians who have settled abroad and are employed there. Even professionals as well, as business people have many financial dealings from foreign countries. With internet banking and online finances available foreign business has become much easier. Though there may be financial freedom and all luxuries of life the people having Indian origin definitely miss their mother land. There is a need felt by many to own a home in India so that they have a base in their home town. With HDFC bank offering searching for property assistance and legal advice it has become very easy for an NRI to select a house and purchase it on home loan.
With office in so many Middle East countries the HDFC bank does have an upper hand among other lending institutions. Dubai, Sharjah, Kuwait, Oman, Qatar, Al Khobar, Jeddah, Jubail, Riyadh are the places where an NRI can avail a loan form this bank and purchase property, land or house in India.
Since the country rules and regulations are different these NRIs have to provide with certain documents to get their HDFC home loan approved easily. Copies of the employment contract which needs to have the stamp of the Embassy or employer needs to be provided. This proves as an identity as well as employment proof of the borrower. The contract of the job and the duration the borrower has been working in that country will allow the bank to assess the financial standing of the individual. This will help the bank to get a picture of finances of the borrower as well as their qualification and repayment capacity, which is very important for the lending institution.
Visa which has to be stamped on the passport of the individual is a very important document required for approval of home loans for the NRI.
Past jobs and resume will also help in understanding the places the borrower has worked, his experience and his financial position. Salary slips or other salary proofs will be required to prove the monthly take home salary of the borrower. Overseas bank account and other details of income and expenditures will also considered by the bank as they have to risk a large sum by offering as loan. Even the company where the individual works will be scrutinized and the company profile will be considered to understand the individuals post in the company. A passport sized photograph as identity proof will also be required.
The bank definitely will have to undergo vigorous survey to find out about details of NRI. Since the company the person working will also be considered and if they are working in a reputed company that gives the bank a positive sign to approve the home loans of this NRI.
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