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Non-Resident Indian FAQs

FAQ's

How can I avail of a Home Loan from HDFC?

HDFC has been operating in the GCC region for more than 10 years with a branch in Dubai and service associates in all the GCC countries. HDFC also has international offices in London and Singapore to assist NRIs in their home buying process.
To avail of your home loan across the globe, you can either -
1.Apply Online
2.Download the Application Form
3.Walk-in to any of our offices in the GCC region,London and Singapore if you are located at any of these locations

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For what purposes can I avail a Home Loan from HDFC?

We provide loans to NRIs and PIOs for purchase of a new or resale home, constructing your home, renovate, extend your existing home, or purchase of plot of land from Development Authorities.

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For what purposes can I avail a Home Loan from HDFC?

We provide loans to NRIs and PIOs for purchase of a new or resale home, constructing your home, renovate, extend your existing home, or purchase of plot of land from Development Authorities.

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Which locations in India does HDFC provide finance for properties?

HDFC provided finance for properties across India through a wide network of offices and outreach programs. Please click to get details of our offices. Office Locator.

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Can HDFC assist me in selecting a property?

HDFC provides search assistance in finding a property of your choice. To find your dream home, you can simply log on to www.hdfcred.com a comprehensive real estate search portal. The portal is committed to simplifying and enhancing every customer's home hunting experience.

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How will HDFC decide my loan eligibility?

Your repayment capacity as determined by HDFC will help decide your loan eligibility subject to 80% of the cost of the property. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse's income, credit history, assets, liabilities, stability and continuity of occupation and savings history. Apart from these, we work towards providing you with a tailor made repayment plan so that you can comfortably pay back the loan amount.


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

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

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Who can be co-applicants?

All owners of the property need to be Co-applicants in the loan.

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

No.

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What are the documents to be submitted along with the loan application?

In an employed case following documents are required to be submitted along with the application form:

  • Photocopy of the Employment Contract or Labour Contract
  • Latest three months salary slip/certificate specifying the following:
    • A. Name (as it appears in the passport)
    • B. Date of joining
    • C. Passport Number
    • D. Designation
    • E. Perquisites and salary
  • Photocopy of identity proof (passport) & overseas residence proof (utility bill/bank statement)*
  • Photocopy of Identity card (if available)
  • Photocopy of valid resident visa stamped on the passport
  • Photocopy of latest bank statement of salary account for a period of 6 months
  • Photocopy of latest bank statement of the NRE/NRO account in India for a period of 6 months.
  • Credit Bureau Report (in case available in country you are residing)
  • Photocopy of property documents (in case property is selected)
  • Processing fees cheque
Please note:
All documents to be self attested. If the documents are in language other than English then an English translation from authentic translator will be required.

*In case applicant & co-applicant are not present in India at the time of disbursement of the loan and disbursement is taken by the POA holder then applicant & co-applicant are required to submit copy of identity and residence proof either notarized by the Notary Public (overseas) in the place of residence of the NRI customer or attested by the Indian Embassy existing at the place of residence of the NRI customer or a certificate from the Banker of the NRI customer certify that such a person has complied with the relevant KYC norms as applicable to the place of business

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How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?

In the event of you relocating back to India, HDFC reassess the repayment capacity of the applicant(s) based on Resident status and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate of Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.

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Does HDFC finance a PIO holding foreign passport?

Yes. As per current guidelines of the Reserve Bank of India, persons of Indian origin holding foreign passports are eligible for loans from HDFC.

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What documents would be required to prove my PIO eligibility?

  • A photocopy of the PIO card OR
  • A photocopy of current passport indicating birthplace as 'India'
  • A photocopy of Indian passport, if held by the individual earlier
  • A photocopy of parents/grandparents Indian passport/ birth certificate/ marriage certificate.

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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.

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

Yes. You can submit the loan application at our international office or at the offices of our Service Associates. However, disbursement of the loan can be taken by you or your Power of Attorney holder in India only.

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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 loan application and disbursement of the loan, you can avail loan by appointing .power of attorney as per HDFC's format. Your power of attorney holder can apply and carry out the formalities on your behalf.

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What security will I have to provide?

Security for the loan is first mortgage of the property to be financed, by way of deposit of title deeds and/or such other collateral security as may be necessary. The documents need to be submitted in India to the closest HDFC Office before availing disbursement.


Please ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.


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


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Do I have to register the sale agreement?

In many states in India, the Agreement for Sale between the builder and purchaser is required by law to be registered. You are advised, in your own interest to lodge the Agreement for registration within four months of the date of the Agreement at the office of the Sub-Registrar appointed by the State Government, under the Indian Registration Act, 1908.

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Can I give a Power of Attorney in favour of a person of my choice in India to complete 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 HDFC.

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.

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

Own contribution (margin money) is the cost of dwelling unit financed, less the loan amount. It shall be paid by the borrower 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 other mode other than those specifically mentioned above. Own contribution must be made first to enable HDFC to disburse the loan amount.

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

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How do I repay my home loan?

You repay the loan in Equated Monthly Instalments (EMIs) comprising of the principal and interest. Repayment by way of EMI commences from the month following the month in which you have taken full disbursement. Please refer to the EMI Calculator for further details.

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What is Pre-EMI interest?

When the property is under-construction, HDFC 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 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.

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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 installments 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.

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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 borrower 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 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 utilisation of the loan.

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Can I repay my loan ahead of schedule?

Yes, you can repay the loan ahead of schedule by making lump sum payments or choose our accelerated repayment scheme.


For more details, kindly click here or please contact our Loan Counsellor.

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Are these policies subject to change?

Yes. These policies will be reviewed periodically.

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