Home Loan for Self-Employed NRIs

Explore a unique home loan solution that lets NRI entrepreneurs set up a
dream home in their country .

Explore a unique home loan solution that lets NRI entrepreneurs set up a dream home in their country .

Home Loan For Self Employed NRIs - Eligibilit

If you are a self employed NRI, you would like to apply for Home Loan for Self Employed NRIs. To avail the same, you need to check if you are eligible for the same. You can check the list below to see if you have all the Self Employed NRIs Home Loan eligibility.

Individuals eligible for Home Loans for Self-Employed NRIs

NRI/ PIO/ OCI who is self-employed and has his own office set up
Example

GCC - Partner in a JV/ Non-salaried Director/ Manager in LLC etc.
USA/ UK - Sole proprietor/ Partner/ Contractor
Foreign national of citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, cannot acquire immovable property in India without the permission of RBI. Accordingly loan cannot be extended for the citizens of these countries

Criteria

Work experience - Minimum 5 years (of which at least 3 years should be in one country). Documentary evidence will be needed for the same
Age - 24- 60 year at loan maturity
Margin Money - Margin money is required to be paid through banking channel, only no cash contribution is accepted
Income - You need to have at least one operative Overseas Account and one NRE / NRO account for one year. Minimum one year overseas bank account statement is to be submitted

Submit the documents listed below and get a Home Loan / Loan Against Property sanctioned in 5 days!

Mandatory Documents

Application Form

PAN Card

Proof of Identity

Any one of the following

Passport	Aadhaar Card	Driving License
Voter ID	GOI issued Photo ID	Govt Employee ID

Proof of Address

Any one of the following

Aadhaar Card	Driving License	Voter ID
GOI Issued Photo ID	Govt Employee ID	Electricity Bill
Gas Bill	Telephone Bill (Land line)	Property Tax Receipt

Date of Birth Proof

Any one of the following

Passport	PAN Card	Aadhaar Card with DOB
Driving License	Birth Certificate	SSC Marksheet

Signature Proof

Any one of the following

Passport	PAN Card	Banker's verification
Notarized affidavit with ID & Address proof (not applicable for financial applicant)

Proof of Income

Any one of the following

Salaried

Self Employed

3 months pay slip
6 months pay slip/2 yrs bonus proof (in case of variable pay)
6 months bank statement showing salary credits
2 yrs Form 16 (or employment continuity proof)
For NRI Salaried-
- 3 month pay slip
- Appointment letter/contract letter
- Continuos Discharge Certificate for Shipping cases
- 6 month Domestic NRE/NRO a/c statement
- 6 month international salary a/c statement
- Overseas credit report
- Valid visa copy/OCI card
- Passport copy
- POA details

2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
For Asha HL - 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)
6 months bank statements of personal and business accounts
If ITR is filed without digital sign - CPC and tax paid challan
Business continuity proof (3 yrs for HL / 5 yrs for LAP)

For Balance Transfer / Takeover of Loan from other bank / financial institution

12 months loan account statement with latest outstanding letter
Existing loan details and 6 months bank statement from where EMI is deducted

Lease Rental Discounting

6 months bank statement where rent is credited
Registered valid lease agreements
2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
1 yr 26 AS
If Partnership firm - Partnership deed, 2 yrs audited financials, operative account, KYC, partnership authority letter

For applicants who are Partners in a Firm / Directors in a Company

Partner / Partnership Firm

Director of a Company

Partnership Deed, List of Partners, NOC as per Axis Bank format
Partnership firm's audited ITR along with complete financials
Partnership authority letter on letterhead of the Firm signed by all partners in case Firm to stand as guarantor

For the company - 2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
Tax Audit Report (Where Gross Turnover Exceeds Rs 1 Cr or Gross Receipts exceeds 25 Lac)
Board Resolution (if Company is applicant) as per Axis bank format
Certificate of Incorporation, MOA and AOA
DIN of all Directors, Board Resolution if Company (as per Axis bank format)
Latest Share Holding Pattern duly signed by Company secretary/List of Directors

Other Important Documents and Checks

Completely filled and duly signed application form along with all applicants latest passport size photo
Aadhar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants
PAN card is mandatory for all financial applicants
Processing Fee and CERSAI cheques
Self-attestation of borrowers on all documents submitted

Documents to be submitted before loan disbursement

Document	Checks & Controls
Loan Agreement and Annexures	Loan agreement as per product type Annexures to be duly filled, signed & stamped as per state law: MII (Most Important Information) pages MCLR consent letter Schedule of loan agreement List of Documents (LOD) Loan restriction letter (if any) Disbursement request letter For NRIs – franked GPA document Indemnity for under construction cases in plot loans Guarantor agreement (if applicable) Any alteration/correction to be authenticated by applicants
National Automated Clearance House (NACH) mandate/ Standing Instruction (SI) form and Security Cheques (SPDC)	NACH / SI mandate with a signed cancelled cheque with A/C holder's name as per bank records SPDC - 3 undated security PDCs equivalent to EMI amount 1 undated cheque with amount kept blank 1 cheque towards PEMI amount SPDC favoring "AXIS BANK LTD LOAN A/C Customer Name
Loan Cover/ Insurance Details	Property insurance application form (mandatory) General insurance application form (if applicable) Life insurance application form (if applicable)
Processing Fee / Equitable Mortgage cheques	Balance processing fee cheque (with clearance details) Equitable mortgage charges / stamping charges favoring "AXIS BANK LTD A/C SERVICE CHARGES"
Property Documents	Property documents as per type of transaction, according to bank's policy
For Balance Transfer / Takeover of loan from other bank / financial institution	Original list of documents from previous financer Latest 12 months loan A/C statement with latest outstanding letter Existing loan details and 6 months bank statement from where EMI is deducted Indenture of guarantee, undertaking of indemnity, forwarding letter and Annexures in Axis Bank format
Own Contribution Receipts	Own contribution receipts Bank statement reflecting debit of own contribution paid
Sanction Letter	Duly accepted and signed by all applicants / power of attorney All sanction conditions to be met
TDS	If TDS is being paid by applicant – TDS challan & bank statement reflecting debit of TDS paid If TDS is not paid by applicant – Undertaking cum indemnity to deduct TDS amount from disbursement
PSL Documents	Financial documents (any of the below): Audited balance sheet CA certificate – original investment in Plant & Machinery Copy of invoice (investment in Plant & Machinery) Additional documents (any of the below): Audited / Unaudited (Profit & Loss Account) GST registration certificate For LAP cases – PSL Annexures
Other Documents (to be collected if applicable)	Letter from customer towards opting for EMI in case of partly disbursed case Vernacular/indemnity bond Dual name/dual sign affidavit Credit Linked Subsidy Scheme (PMAY) affidavit Amenities agreement duly signed by 3rd party/sellers End use letter for Top Up/LAP/LAP top up cases