Designer

Hi,

I just want to share my good experience with HDFC Ltd. I submitted my loan application with required documents on 29 June 2011 and got my HDFC Loan sanction Letter (Pre-approval) on 09 July 2011 (10 days only).

While actually taking loan, it took me only 3 visits; 1st visit for face to face general enquiry only; second visit for submitting BBA and tripartite agreement and 3rd visit to collect first disbursement cheque from HDFC Ltd., Sector-14, Gurgaon.

I heard so many lengthy procedures before in getting loan sanctioning and disbursement but in my case it was quite easy....

What I believe that if all documents are in line, there will be less headache in such loan approvals.

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It is better to be blind than to see things from only one point of view

chikkoo

Hi Toshu20,

Thank you for a very detailed post, it will be really helpful for those NRSs, who are planning to get SBI Home Loans.

rahulinhp

I applied for an SBI NRI Home loan, and will be getting the cheque disbursed hopefully within a month(which is 7 days away from now), as per the confirmation from SBI official.

I am impacted with a new rule that seems to have been implemented only last month or so. All the power of attorneys now need to be registered. The notarized power of attorneys do not seem to be regarded as being enough for now. Please take note of the fact, to save time and rework. For anyone sending the POA after getting the same attested by the embassy, the process still remains the same. The attested POA would be stamped in India, and can be taken care of by the SBI HLST(Home Loan Sales Team) member directly.

navin_uk

Hi,

I have applied for the loan and got the poa attested by the indian embassy in march and the poa is registered in india

do i need do anthing

i applied for loan last week how long does it take to get it approved.


Thanks

medhapp

Hello all,
This may sound like a stupid question, but guess with legal matters its better to clarify things no matter how stupid,
My brother is in Australia and will be visiting India in Dec , he wants to execute a POA in my fathers name when he is here in India, what i want to know is does he still needs to get the POA notarized from Indian embassy in Australia?
Also does anybody know if we have to get the POA notarized in Mumbai from where we can get it notarized and where it should be registered?

khotasikka

If your brother is visiting India, then no need to do anything else. Just you need to make POA from Notary, which will be signed by both. But POA will be valid only for 6 months, So make sure bank will disburse within 6 months. If project is already bankable then no issue, Bank will disburse within 6 months.

In my case I make POA, but project was not bankable. So I visited India again to make fresh POA, bcz validity was only 6 months.

May be bank will ask you to give Passport copy with Emigration stamp, to ensure that your brother visited India.

khotasikka

Documents Required for Home Loan.

Completed Home Loan Application Form.
2 passport size photographs.Proof of Identity - Copy of first four pages of passport and page with visa stamp, or IC / PIO card.
Valid work permit.
Copy of the employment contract. An English translation of the contract duly attested by employer / consulate / SBIs foreign branches / offices, or Embassy in case the contract is available in any other language.
Last salary certificate / slip in original.Copy of salary certificate duly attested by Indian Embassy / Consulate / SBI Branch / Exchange Companies abroad recognized by SBI.
Copy of identity card issued by the current employer / proof of income in case of self employed professionals / businessmen.
Brief profile of applicant and work establishment.
Details of previous employment.
Bank account statement / passbook for the last six months.
Account statement / passbook of overseas bank showing salary and savings.
Proof of residence (driving license / utility bills).
Copy of Continuous Discharge Certificate (CDC) - for applicants employed in the merchant navy.
Sale Deed / Agreement for Sale.Copy of approved building plans / approvals in respect of proposed construction/purchase/extension.
Original NOC under the Provisions of ULC Act.For Purchase / construction of house-Original title deed, non-encumbrance certificate on the property for 13 years, possession certificate and land tax receipt.For purchase of flat- construction agreement, allotment letter, copy of approved plan, estimates-payment schedule, undertaking from the builder in Form B format as specified by the bank.
Copy of the Order permitting Land Conversion in case of conversion of agricultural land.
Copy of the land tax receipt / building tax receipt.Copy of the Allotment letter of Housing Board / Builder / Co-op. Society.
Detailed Cost Estimate / Valuation Report from approved valuer in case of outright purchase of an existing house / flat.
Undertaking from the builder in Form B, which is the specified format for the bank.
Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents / complete the mortgage formalities / avail the loan installments.
Any other documents as required by the Bank.

For Detail visit SBI- Home Loan- NRI SERVICES.

medhapp

Thanks khotasikka for the information

lokeshg98

Thank you Toshu ji for sharing such useful information. Do you think already having an NRE/NRO account or Account in SBI foreign branch will help in expediting the home loan approval process

Toshu20

Hello Lokesh,

Having an NRO account is mandatory in case SBI home loans for NRIs. So if you dont have it first get that opened and it will reduce your application time by 1-2 days.

Having an account with SBI foreign branch would help you as well. SBI India requires your account statements, address proofs, visa copies etc to be attested by either Indian consulate or SBI foreign branch. At Indian consulate it takes a minimum of 5-7 working days + substantial fees to get your documents attested. Having an SBI relationship in a foreign country would help you save 5-6 days.

Regards...