What are the Tax Benefits applicable to Non-Resident Indians?
No tax benefits are available for NRI customers unless you file returns and thereby become eligible to avail the tax benefits as mentioned under Home Loans. 6. What are the documents required for obtaining NRI Home Loans? NRIs are required to submit additional documents than is normally required for a resident Indian.a) A copy of the passportb) A copy of the works contract (also sometimes referred to as the contract card/labor card)c) The power of attorney (POA)The POA is required because the borrower is not based in India and in such a scenario; the HFC would need a representative ‘in lieu of’ the NRI to deal with as required. Although not mandatory, the POA is usually drawn on the NRI’s parents, wife or children.
