Loan for NRIs


Product & credit norms specific to Non Resident Indian borrowers.


Sr.No.

Criteria

Particulars
1

Eligible entities

Non-resident / Employed Indians holding a valid Indian passport.
2

Security for the loan

-Equitable mortgage of the property financed by deposit of title deeds.
-The charge on the property will be first and exclusive charge
-No second charge / Pari Passu will be allowed
3

Years of employment abroad

2 years or at least one yearly contract renewal
4

Minimum qualification

Graduate
5

Minimum Income

-For USA- 24,000 USD p.a.
-For Middle East - 30,000 Dhms p.a. or its equivalent
6

Verification of Borrowers

Residence, Office and telephone verification for all resident borrowers and co-borrowers, POA holders & guarantors is preferred
7

Tele check

With NRI applicant preferred for loan amount above Rs.25 lacs

8

Geographical limits

Property to be located within geographical limits of any BHFL Branch. • All resident applicants & POA must be staying and / or working within cheque clearing limits of a branch location.
9

Personal Guarantee required

If financial PG is not available then Non financial PG is required. By non financial PG, BHFL means the income is not comparable to that of the applicant. However, the PG should be either working or in some business. The following documents should be submitted:
-Identification & Age proof, salary slip/certificate for salaried guarantor or IT return & computation of income for self employed guarantor.
Note: The POA holder can stand as a guarantor subject to him satisfying all norms laid down for the guarantor.
10

POA (Power of Attorney)

Not Mandatory but preferred
11

Conversion method (Refer Economic Times for Currency conversion ratio)

Salary should be converted in Indian rupee at an exchange rate prevalent on the date of recommendation.
12

Passport

Passport should not have No Entry stamp on the passport prohibiting NRI applicant entering a country.


Documentation specific to NRIs

Sr.No Criteria Particulars
1

Passport and visa

Copies of valid passport and visa
2

Proof of continuity of employment for last 2 years

Appointment letter / employment contract copy / Increment letter • For merchant navy copy of CDC (Continuous discharge certificate) required as an additional document copy.
3

Past Occupation History

Copy of past appointment letter etc. can be submitted if the current employment is less than two years.
4

Income proof for fixed salary

Salary certificate (In English) specifying name, date of jointing designation and salary details OR Last two months salary slips
5

Income proof for variable income

Salary certificate (In English) specifying name, date of joining designation and salary details for last 6 months OR Last six months salary slips
6

Work permit related documents for NRI if required

Labor card• Identity card• Work permit
Note:The above documents should be translated in English and counter signed by the consulate

Eligibility calculation for merchant navy individuals. For applicants who are employed in the merchant navy - their last contract would be taken into consideration. The monthly figure would then be multiplied by number of months on sailing to arrive at their annual income. This would then be divided by 12 to arrive at monthly income for eligibility calculation. This is being done as employees of merchant navy are generally on sail for only 8-9 months in a year and they do not get paid for the balance 3-4 months. Eligibility calculation for merchant navy individuals. For applicants who are employed in the merchant navy - their last contract would be taken into consideration. The monthly figure would then be multiplied by number of months on sailing to arrive at their annual income. This would then be divided by 12 to arrive at monthly income for eligibility calculation. This is being done as employees of merchant navy are generally on sail for only 8-9 months in a year and they do not get paid for the balance 3-4 months.