Home is where the heart is

Exclusive NRI loans so you can come home to where your heart belongs.

NRI Home Loans

While structuring your NRI home loan, we take into account your payments, repayments and income streams to arrive at the option that best suits your needs. You can use this home loan to buy a plot of land for construction, build a house on already owned land, buy a new house/flat, to improve/extend your home, to purchase resale property or to pay off an existing home loan from another financial institution. We let you use the home loan depending on your requirement.

Tata Capital allows you to take an NRI home loan with a co-applicant. The co-applicant to take the home loan can be any family member like your spouse/parents/children/ siblings. Taking a home loan with a co-applicant is beneficial as his/her income will also be considered which will help to enhance your home loan eligibility.

Account Type Introductory Documents
NRE Account / NRO Account / FCNR Account
  • Photocopy of the pages of the passport containing passport details & personal details of all applicants.
  • Copy of valid visa / work permit.
  • One passport photograph of each applicant.
  • Mailing address proof Click here for list of documents accepted as mailing address proof.
  • In case, you cannot come to our branch for account opening and you reside in a Non - FATF country, all photocopies of the above documents to be attested by Indian Embassy or by a Notary.
  • In case, you cannot come to our branch for account opening and you reside in a FATF country, then either all photocopies of the above documents to be attested by an Indian Embassy or Notary or by a Banker overseas If the documents are not certified then all documents need to be self signed and submitted along with one additional
RFC Account
  • Photocopy of the pages of the passport containing passport details & personal details of all applicants.
  • Copy of valid Visa and immigration stamps evidencing stay abroad at least for one year.
  • One passport photograph of applicant.

RFC declaration form

Minor's Account
  • Photocopy of the pages of the passport containing passport details and personal details of the minor as well as the guardian.
  • Copy of valid Visa of the minor as well as the guardian.
  • In case the guardian's name is not mentioned on the passport copy, a copy of the birth certificate with the guardian's name to be provided.
  • Guardian to sign the a/c opening form twice, once on behalf of the minor and once as the guardian.
  • Mailing address proof of Guardian. Click here for list of documents accepted as mailing address proof.
  • In case, you cannot come to our branch for account opening and you reside in a Non - FATF country, all photocopies of the above documents to be attested by Indian Embassy or by a Notary.
  • In case, you cannot come to our branch for account opening and you reside in a FATF country, then either all photocopies of the above documents to be attested by an Indian Embassy or Notary or by a Banker overseas If the documents are not certified then all documents need to be self signed and submitted along with one additional document.
  • One passport photograph of each applicant.

Note:
Minors can open only with the natural or legal guardian.
Only one minor permitted on each account.

Mariners A/c (NRE/NROA/c)
  • Person going on a new fresh contract
  • Photocopy of the pages of the passport containing passport details and personal details of all applicants.
  • Valid contract copy.
  • CDC booklet copy with the customer’s name, other details & the latest discharge stamping (optional if contract valid).
  • Mailing address proof. Click here for list of documents accepted as mailing address proof.
  • In case, you cannot come to our branch for account opening and you reside in a Non - FATF country, all photocopies of the above documents to be attested by Indian Embassy or by a Notary.
  • In case, you cannot come to our branch for account opening and you reside in a FATF country, then either all photocopies of the above documents to be attested by an Indian Embassy or Notary or by a Banker overseas If the documents are not certified then all documents need to be self signed and submitted along with one additional.
  • One passport photograph of each applicant.

    B. Person who has just returned from a contract & is on a break
  • Photocopy of the pages of the passport containing passport details and personal details of all applicants.
  • Previous contract copy.
  • CDC booklet copy with the customer’s name, other details & the latest discharge stamping (compulsory).

Mariners Declaration :- CDC copy not mandatory for crew members employed with cruise liners In such a case, self attested visa copy is mandatory

Students Account
  • Photocopy of the pages of the passport containing passport details and personal details of all applicants.
  • Copy of valid student Visa (additional document required in case university name is not mentioned on visa)
  • Address proof Click here for list of documents.
    In case customer is not met in person by the Branch staff then:
  • In case, you cannot come to our branch for account opening and you reside in a Non - FATF country, all photocopies of the above documents to be attested by Indian Embassy or by a Notary.
  • In case, you cannot come to our branch for account opening and you reside in a FATF countrythen either all photocopies of the above documents to be attested by an Indian Embassy or Notary or by a Banker overseas If the documents are not certified then all documents need to be self signed and submitted along with one additional.
  • One passport photograph of each applicant.

IMPORTANT NOTE:

  1. The passport and residence Visa copies may be attested by the customer's banker, the Notary abroad or an official of the Indian Embassy.
  2.  Customers based in Saudi Arabia have to submit photocopy of IQAMA clearly mentioning the IQAMA validity and passport number in English, along with Non-English Language Declaration OR submit photocopy of Exit-Re-Entry Visa, Saudi Declaration and Non English language declaration.
  3.  Joint Account: In case of Joint Account holder(s), it is mandatory to provide one ID document. Click here for list of documents accepted as mailing address proof.
  4. Please note that the signature on the application form has to exactly match the signature on your passport. In case of any variation, please fill the Signature Variance form.

Checklist

Proof of identity & residence:
  • Copy of Passport- compulsory
  • Copy Aadhar Card/Pan Card/Voter i.d /Driving license
  • Copy of latest Telephone/Electricity bill/ Rent agreement
Income documents
  • Photocopy of employment contract/Appointment letter/Contract letter
  • Last year’s P60 & P45 as the case may be.
  • Photocopies of last 3 months salary slips/salary certificates
  • Photocopies of Last 6 months’ bank statements showing salary credits.
  • Photocopies of last 6 months’ bank statement of NRE/NRO account in India
  • Consumer report from www.experian.co.uk or www.equifax.co.uk
Other documents
  • Photocopy of valid resident visa stamped on the passport.
  • Passport size photograph of all applicants & co-applicants affixed on the application form & signed across
  • Proof of Past work experience
  • Processing fees cheque from the NRE/NRO account.
Property documents
  • Depends on property location & transaction type.

FAQs

How can I avail of a Home Loan from Tata Capital?

Tata Capital currently operates within 55 cities across the country and has a strong presence here. Whichever part of the globe you’re in, if you require any assistance on acquiring a home loan, then you can either: Apply Online
Call on 1800-209-6060

Can Tata Capital help me in selecting a property of my choice?

Yes, we provide assistance in finding a property of your choice. To find your dream home, you can simply log on to (link) a comprehensive real estate search portal with over 15,000+ properties to choose from. The portal is committed to simplifying and enhancing every customer's home hunting experience. There are also Tata Capital Approved properties to make your search easier and more defined.

Can I avail of a joint income loan by adding the income earned by the Co-applicant in Indian rupees?

Yes, we can offer a joint income loan by adding income earned by the Co-applicant in Indian Rupees. However the Co-applicant has to be your immediate family member - Spouse, Parents or Children.

Can a name of a foreign national of non-Indian origin be added as a second holder to a residential property purchased by an NRI/PIO?

No.

What documents would be required to prove my PIO eligibility?

  • A photocopy of the PIO card
  • A photocopy of current passport indicating birthplace as 'India'
  • - A photocopy of Indian passport, if held by the individual earlier
  • A photocopy of parent’s / grandparent’s Indian passport / birth certificate/ marriage certificate.

What is a PIO card?

A PIO card is issued to a ‘Person of Indian Origin’, by the ‘Indian mission’ (Embassy of India / High Commission of India / Indian Consulate) in a foreign country. It extends to the cardholder certain facilities, as prescribed by the Ministry of External Affairs, and is valid for a period of 15 years.

Can I submit my loan application at your international office or at the offices of your Service Associates and avail the loan in India?

No. Currently, we do not have an international office or Service Associates.

Do I need to be physically present to avail a loan?

You need not be present in India to avail of your Home Loan. In case you are posted aboard at the time of submission of the loan application and disbursement of the loan, you can avail the loan by appointing a Power of Attorney as per Tata Capital's format. Your Power of Attorney holder can apply and carry out the formalities on your behalf.

What security will I have to provide?

Security of the loan would generally be security interest on the property being financed by us and/or any other collateral/interim security as may be required by us.

It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

We request you to please keep copies of all the documents submitted during the loan processing, as the originals will be in Tata Capital's custody till the full repayment of the loan.

Can I give a Power of Attorney in favour of a person of my choice in India to complete the loan formalities on my behalf?

Yes. It would be desirable to appoint any of your relatives as the Power of Attorney (POA) holder in India. The POA should be a resident of the city where you wish to apply for your Home Loan. The POA should be executed as per the draft provided by Tata Capital.

In case the Co-applicant is not present in India to complete the loan formalities, the Co- applicant should also draw a Power of Attorney favouring any relative in India.

What is meant by ‘Own Contribution’? Which account can I make the payment towards the own contribution?

Own Contribution (margin money) is the total cost of the property, less Tata Capital’s loan. It shall be paid by the customer by remittances from outside India through normal banking channels or out of funds in his Non-Resident External (NRE) /Foreign Currency Non-Resident (FCNR)/Non-Resident Ordinary (NRO) account in India. Such payments cannot be made either by traveller's cheque or by foreign currency notes or by any other mode other than those specifically mentioned above. Own Contribution must be made first, to enable Tata Capital to disburse the loan amount.

When do I avail of the disbursement of my Home Loan?

Your loan will be disbursed after you have selected your property, applied for your Home Loan, submitted the requisite income and property documents, the property is technically and legally sound and you have paid your Own Contribution towards the purchase of the property. The disbursement would be in Indian Rupees and made at the Tata Capital branch in India, as specified by you.

The cheque for the loan amount is drawn in favour of the developer or the seller (in case of a resale property) as the case may be. In case of an under-construction project, Tata Capital disburses the loan amounts proportionate to the stage of construction.

What is Pre-EMI interest?

When the property is under-construction, Tata Capital disburses the loan amounts proportionate to the stage of construction. In such a case, the amount of interest payable on the disbursed loan amount is called the Pre-EMI interest. You can start paying interest on the portion of the loan disbursed until such time that the project is ready for possession. This interest is called Pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

What is the Tranche Based EMI repayment option?

To help customers save on pre-EMI interest, we have introduced a special facility of Tranche Based EMI.

For under-construction properties, customers can choose the instalments they wish to pay till the time the property is ready for possession. Anything paid over and above the interest by the customer goes towards principal repayment.

The customer benefits by starting EMI early and hence repays the loan faster.

How do I make the payment towards my EMI or Pre-EMI?

The instalment of loan, interest and other charges, if any, shall be paid by the customer by remittances from outside India through normal banking channels or out of the funds in his Non-Resident External (NRE) / Foreign Currency Non-Resident (FCNR) / Non-Resident Non- Repatriable (NRNR) / Non-Resident Ordinary (NRO) / Non-Resident Special Rupee (NRSR) account in India, or out of rental income derived from renting out the property acquired by utilization of the loan.

Can I repay my loan ahead of schedule?

Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges. You can do so by remittances from abroad through normal banking channels, your Non-Resident (External) Account and/or Non-Resident (Ordinary) Account n India. We also offer a free-of-charge facility to accelerate your loan repayment called ‘Accelerated Repayment Scheme’. This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster. Every time you want to increase your EMI you need to submit documents like salary slips and bank statements and initiate a request with us.

Will Tata Capital finance a Person of Indian Origin (PIO) holding foreign passports?

Yes. As per current guidelines of the Reserve Bank of India a Person of Indian Origin holding foreign passports are eligible for loans with Tata Capital.

Does the property have to be insured?

Property insurance is not compulsory. There are certain schemes in which property insurance is compulsory but not otherwise.

However it is advisable that you insure your property for fire and other appropriate hazards during the pendency of the loan. If you do, you will have to produce evidence thereof to Tata Capital, each year and/or whenever called upon to do so. Tata Capital should be the beneficiary of the insurance policy.

When do I start repaying the principal amount?

Repayment of the principal commences from the month following the month in which you avail full disbursement of your loan. Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

In the case of under construction properties, Tata Capital also offers you a unique ‘Tranching’ facility wherein you can choose the installments you wish to pay till the time the property is ready for possession. Any amount over and above the interest which is paid by you goes towards principal repayment, thus helping you repay the loan faster. This is especially useful in case your disbursements are likely to be spread over a longer period of time.

In how many instalments can you disburse the loan to me?

Once we receive your request for disbursement, we will disburse the loan in full or in instalments,. In case of an under construction property, we will disburse your loan in instalments based on the progress of construction, as assessed by us and not necessarily according to the developer’s agreement. You are advised in your own interest to enter into an agreement with the developer wherein the payments are linked to the construction work and not pre-defined on a time-based schedule.

Can I apply for a loan to Tata Capital to repay a Home Loan availed by me from another Bank/Housing Finance Company?

Yes, you can apply for a loan to us for repaying a Home Loan availed by you from another Bank or Housing Finance Company.

Who is an NRI?

A person resident outside India who is a citizen of India or a person outside India who is of Indian origin is an NRI.

The definition of a person resident outside India is defined under section 2(w) of Foreign Exchange Management Act, 1999 is as under:

Person resident outside India means, a person who is not resident in India

A person shall be deemed to be a person not resident in India in the following cases:

  • When the person stays in India for less than or up to 182 days during the preceding financial year
  • When a person who has gone out of India or who stays outside India, in either case
    • For or on taking up employment outside India, or
    • For carrying on outside India a business or vocation outside India, or
    • For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;

Who is a PIO?

The definition of a Person of Indian Origin (PIO) is defined under section 2(b) of the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000 and under section 2(xii) of the Foreign Exchange Management (Deposit) Regulations, 2000 as given under:

A PIO means a citizen of any country other than Bangladesh or Pakistan, if

  • He at any time has held an Indian passport; or
  • He or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or
  • The person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b)

A PIO for the purpose of acquiring immovable property in India as given under:

A ‘Person of Indian origin’ means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who

  • At any time, has held an Indian passport; or
  • Who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)

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Disclaimer

You are now accessing a third party website provided by PE Analytics Pvt. Ltd. (PropEquity). Tata Capital Housing Finance Limited or P.E Analytics Pvt. Ltd or their Affiliates / group companies do not undertake any liability or responsibility for the Information contained herein. The Website is not owned or controlled by Tata Capital Housing Finance Limited. The information provided in this website does not constitute investment advice or an offer to sell, or a solicitation of an offer to purchase or subscribe for any real estate investment. The User should undertake the necessary due diligence prior to finalizing any transactions.

These publications are brought to you by Jones Lang LaSalle Residential Private Limited “JLL” . The information is intended as a guide only and does not constitute advice. It does not constitute any offer or part of any contract for sale. All details are approximate and have not been independently verified. All commercial terms are quoted by developers, and are subject to negotiation. All forecasts and projections are assumptions made to the best of our knowledge based on the current market scenario. They are subject to change according to market conditions going forward.

All information regarding the various quoted options are provided by the developer and deemed true. While such information has been prepared in good faith and with due care, no representations or warranties are made (express or implied) as to the accuracy, currency, completeness, suitability or otherwise of such information. Tata Capital Housing Finance Limited does not take on any liability or responsibility for decisions made on the basis of information provided in this document. Tata Capital Housing Finance Limited, its officers, and employees shall not be liable for any loss or damage arising directly or indirectly from or connected in any way with any use of or reliance on such information.

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