Specific and Customised Power of Attorneys for NRIs to Apply for Home Loan and Buy and Lease Properties
Now you can give a specific Power of Attorney to any one you desire to do a special task also within a span of time and the Powers mentioned in the POA relinquish after the expiry date.
Request for the Following:
Home Loan POA
Purchase POA
Leave and License - POA
Sale - POA
Eligibility Criterias
These are a few things which you should go through before application of a Home Loan.
- Age: Minimum age of applicant / guarantor - 21 years
- Maximum age of applicant / guarantor - 58 years for salaried (60 for Govt. employees), 65 in case of self-employed at the time of loan maturity
- Residential Status: Applicant should be buying a house and must be residing within the city limits of areas where HSBC operates.
- Borrower: Individual wage earner or self-employed. Due to tax advantages many self-employed purchase properties in their business' name i.e. Proprietorship or Partnership. We will consider applications made in these entity names.
- Co-applicants/Guarantor: All joint owners of the property necessarily have to be co-applicants and will sign all legal papers.
- Income Requirement: Net income of applicant should be greater than Rs. 150,000. A maximum of 2 incomes of joint applicants can be clubbed to the income of the applicant. Clubbing of income is allowed only for spouse or parent as far as it is part of the household income.
Check list of Home Loans Documents for Different Profile of home Buyers
Most of these documents a1ong with a Completed loan application form with one passport size photograph is required, if the application form is in Joint names then the similar documents are required for the 2nd Applicant along with the passport size picture. Most of these documents are required all across by all the Housing Finance Companies and Banks. Requirements may differ of Nationalized and Co-operative Banks.
1 Proof of Individuals Identity (any one of the following)
Passport
Photo PAN Card
Defence Identity Card
Voter's Identity Card
Driving Licence
Photo Ration Card
Government Identity Card
2 Proof of Residence (any one of the following)
Passport
Ration Card
Telephone (Land/Mobile) Bill
Electricity Bill
Driving Licence
Society Outgoing Bill
Voter's Identity Card
Life Insurance Policy
*Only Passport can be used as both Proof of Individual's Identity and Proof of Residence.
3 Proof of Age (any one of the following)
Passport
Valid Driving Licence
Voter's Identity Card
Birth Certificate
School leaving certificate
LIC Policy or Premium Receipt clearly indicating the applicant's age
Letter from the employer stating the age of the employee #
Photo Ration Card
# Applicable only for employees of select Public Limited Companies. Conditions apply.
A. For Salaried Individuals
Latest salary slip showing statutory deductions
AND
Form 16 (Declaration from the employer giving the details of income and deductions, duly signed by an authorised signatory of the Company)
OR
Latest acknowledged IT Returns
AND
Bank statements for the last 3 months
B. For Self-employed Individuals / Proprietor
For Self-employed Individuals / Proprietor
Computation of income for the last 2 years certified by a C.A.
OR
P&L and Balance Sheet for the last 2 years certified by a C.A.
AND
Copies of acknowledged IT Returns for the last 2 years
AND
Bank statements for the last 6 months
C. For Partnership Firms
Computation of income for the last 2 years certified by a C.A.
OR
P&L and Balance Sheet for the last 2 years certified by a C.A.
AND
Copies of acknowledged IT Returns for the last 2 years
AND
Partnership Deed, Letter of Authority, Bank statements for the last 6 months, Proof of office
D. For Private Limited Companies
Computation of income for the last 3 years certified by a C.A.
P&L and Balance Sheet for the last 3 years certified by a C.A.
Copies of acknowledged IT Returns for the last 3 years
Memorandum and Articles of Association
Board Resolution
Bank statements for the last 6 months
Authority letter from all Directors to accompany the application form with photographs of Authorised signatories if not specified in the board resolution
Proof of office
E. For NRI's - Salaried NRI Applicants
Copy of valid passport showing VISA stamps
Copy of valid visa / work permit / equivalent document supporting the NRI status of the proposed account holder
Latest contract copy evidencing Salary / Salary Certificate / Wage Slips
Overseas Bank A/C for the last 3 months showing salary credits
F. For NRI's - Self Employed NRI Applicants
Trade license or equivalent document
6 months overseas bank account statement and NRE/ NRO account
Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts)
Passport copy with valid visa stamp
Brief profile of the applicant and business
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