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29 July 2011

Documents Required for People Staying in Singapore to buy House in India

People staying in Singapore can avail home loans to purchase property, land or house in India without physically coming down and to India.  Like any other bank that offers home loans even HDFC bank the borrower will require certain documents to get their home loan approved.
For the employed individuals who wish to apply for a home loan from HDFC bank the documents required are jotted down here. With salary proof and identity proof being the most important documents for people working and staying abroad, the employment contract come as the first important document in the list of home loans. Every employer or company has a appointment letter as well as contract document having terms and conditions as well as the post the individual is working and this provides the bank with salary proof and financial status of the borrower. Bank statements and financial dealings will also be scrutinized to get the repayment capacity of the individual. Past 3 months salary slips and past 6 months banks statement swill be required. A copy of passport and visa along with work permit as well as residence proof in Singapore is a must for approval of home loans. One passport sized photograph along with a cheque of processing fee in Indian rupees is also required by the bank.
For the self employed they will have to produce the company brochure, their financial standing and company registration papers. Past 3 years income tax assessment documents of the borrower are also required. The present credit report as well as bank statements for the last 6 months are required by the bank for approval of loan. The bank may also require perusing the company’s past profits and losses as well as legal status. Visa and work permit with passport are another very important documents required for approval of home loans.
The conversion rate will be very important as the currency the borrower will have will be different and this will have to be converted in Indian rupees for any financial dealings with the lending institutions. The processing fee has to be paid by cheque and this amount is not mentioned any where along with interest rate the home loan will be available.
But never the less it is possible for people to buy home in India staying in Singapore with the assistance of representatives from financial loan lending institutions. A good financial consultant will advice, guide and follow up on the home loan and make the journey of buying a home easy.

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