ING | NRI Home Loan

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FAQs:

	I am going abroad on a work assignment for six months. Does that make me a non-resident Indian?
	Should I be physically present in India to avail the loan?
	Can ING take over my existing loan with another bank? If yes, what other documents would be required for affecting such balance transfer?

1. I am going abroad on a work assignment for six months. Does that make me a non-resident Indian?

The Reserve Bank of India had made regulation under clause (f) of sub section (3) of Section 6, sub section (2) of Section 47 of FEMA with regard to "Foreign Exchange Management (Deposits) Regulation 2000, the latest updated Notification being No. FEMA.5/2000-RB dated 3rd May 2000.

An Indian citizen becomes an NRI if he fulfills the conditions mentioned below

1.	Has stayed outside India for more than 182 days during the preceding financial year, between April 1 to March 31.
2.	An Indian citizen leaves India for the purpose of employment, business, education, stay with parents/ children, with the intention of staying abroad for an uncertain period. In such cases, he becomes a NRI the moment he leaves India, even if he has not stayed abroad for 182 days or more during the financial year.

However for the purpose of Housing Loan from ING Vysya Bank Ltd., the following will be considered: -

An Indian citizen who holds a valid Indian passport and who has been staying abroad (in the financial year immediately preceding the year in which he is assessed) for the purpose of employment / carrying on business - under circumstances indicating an intention for an uncertain duration of further stay abroad.

Or

Person of Indian Origin (PIO)

2. Should I be physically present in India to avail the loan?

Physical presence is not mandatory. The Floor plan and site-plan with directions give you fairly good idea to conclude. Once you conclude and decide looking at these maps then you may request your friend/relative in India to see your final choice. There is no need to ask your relative to see each and every building - just ask them to see the one u have cleared as per floor/site-plan. Once your relative confirms YES, payment for booking can be sent from abroad itself. Even the Housing Loan can be sanctioned while you are abroad. For disbursement of loan either you go yourself to India or give Power of Attorney to some friend/relative. You can make Power of attorney for specific purpose that can be used only for Home Loan matters and cannot be misused for any other purpose (like selling the house without your consent)

In respect of the Power of Attorney Holder, the Bank would need One passport size photograph, Age Proof, Address Proof, Photo ID and Signature Proof, Employment / Business Proof, where applicable.

3. Can ING take over my existing loan with another bank? If yes, what other documents would be required for affecting such balance transfer?

You can avail our Balance Transfer facility. The Bank would require additional documents as follows: -

Additional documents for Balance Transfer at pre-approval stage

1.	Copy of the Original Sanction letter of the Current Lending Institution.
2.	The latest SOA (Statement of Account) from the current lending institution showing the name of the applicant and loan account number.
3.	Letter from the Borrower not to claim refund of Processing Fee if the Current Lending Institution does not accept our Demand Draft for balance transfer. This shall be part of the customer's DRF (Disbursement Request Form).
	Additional documents for Balance Transfer at pre-disbursement stage
	A set of certified copies of property / title documents and link documents deposited with the Current Lending Institution - with a covering checklist.
	Letter from the Current Lending Institution to the borrower on O/s. & Foreclosure Amt