As the government continues to push through reforms (in the Land Acquisition Act, the Real Estate Regulatory bill, relaxation of FDI rules, etc.), property continues to remain the best option for NRIs looking to invest in India.
The services sector in India has been growing at a tremendous pace over the past three decades and has shown the potential for further growth. Growth in services sector industries portends greater demand for real estate, particularly in housing, commercial and institutional categories.
Rentals against investments have also been growing both across residential and commercial properties
We have a dedicated team of experts to help our NRI clients with all real-estate related know-how and procedures. We believe in delivering Quality and cater each customer separately as per their needs. We welcome you to join our Innovative family and we will certainly give you the best solution of all your requirements.
An Indian Citizen who stays abroad for employment/carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Non-resident foreign citizen of Indian Origin are treated on par with non-residential Indian Citizen (NRIs) for the purpose of certain facilities.
A Person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who held an Indian Passport at any time, or who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955
No. Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain permission of Reserve Bank
Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.
Since general permission is not available to NRI/PIO to acquire agricultural land/plantation property/farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India
Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.
Yes, a person resident outside India NRI/PIO can inherit and hold immovable property in India from a person who was resident in India.
Payment can be made by NRI/ PIO out of funds remitted to India through normal banking channel or funds held in NRE/ FCNR (B)/ NRO account maintained in India
The Reserve Bank has granted some general permission to certain financial institutions providing housing finance and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.
The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like copy of the passport and a copy of the work contract, etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India.
Another vital document required while processing an NRI home loan is the power of attorney (POA). The POA is important because, since the borrower is not based in India; the Home Finance Company would need a ‘representative’ ‘in lieu of’ the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI’s parents/wife/children/ close relatives or friends.
A Power Of Attorney (POA) or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other. The person authorizing the other to act is the principal, grantor, or donor (of the power).A Power Of Attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property. A Power Of Attorney, or letter of attorney, is a document that authorizes another person, known as the agent or attorney-in-fact—usually a legally competent relative or close friend over 18 years old—to handle any combination of financial, legal and health care decisions.
Yes. NRI/ PIO may repatriate the sale proceeds of immovable property in India.
If the property was acquired out of foreign exchange sources i.e. remitted through normal banking channels by debit to NRE/FCNR (B) account
The amount to be repatriated should not exceed the amount paid for the property by foreign exchange received through normal banking channel or by debit to NRE account(foreign currency equivalent, as on the date of payment) or debit to FCNR (B) account.
Repatriation of sale proceeds of residential property purchased by NRI/ PIO out of foreign exchange is restricted to not more than two such properties.
Capital gains, if any, may be credited to the NRO account from where the NRI/PIO may repatriate an amount up to USD one million, per financial year.
