LEGAL INFORMATION

NRI

At Innovative Construction Properties, we aim to help you resolve every concern and doubt. We have compiled basic legal information to help you buy a house in India. Read through the following points and get in touch with us if you have any more queries.

  1. Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes.
  2. Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE/ FCNR account.

Get a copy of the title report by the solicitor of the property. Make sure that there are no conditions written in fine print and that there are no specific reservations by the state government.

Look for specific clearance reports. For instance, if the construction is near a seafront, you will need to check for a Coastal Regulation Zone (CRZ) clearance. If the project is being constructed over or in the close vicinity of a heritage building, you must check for any heritage reservations for the premises. The idea is to ensure that you do not get stuck with a property that is or may get caught in any sort of disputes. Lack of clearance of titles also means that you will not be able to avail home loans.

 

DOCUMENT CHECK LIST FOR NRI CASES ( NON MERCHANT NAVY):

KYC Norms
Identity Proof Address Proof
Passport / Visa Passport
PAN Card (Both) Electricity Bill
Voter Card Telephone Bill
ID Card Ration Card
Driving Licence Bank Statement (Both)
Letter From Govt Servant / Notary / Gazetted Officer Letter From Employer / Credit Bureau Report
  Letter From Govt Servant / Notary / Gazetted Officer
  • Credit Bureau Report ( Verify if address is same as what is mentioned in form.)
  • Passport with valid visa ( In case of a PIO, PIO card also.)
  • HR Email for Email confirmation.
  • Last 6 months salary slips.
  • Last 6 months Bank statement, where salary credited.
  • NRE / NRO Account statement ( If not opened must open.)
  • In case of any ongoing loan, bank statement for the last 6 months from where installment debited.
  • Employment contract.
  • POA- KYC Norms Compliance( Address proof & ID proof).
  • POA Documentation as per HDFC format ( with photograph)
  • Own Contribution Proof. (20% Margin Amount against the property cost.)
  • One Passport size photograph.
  • In case loan closed in the last 6 months closure letter.
  • In case loan finishing in the next few months, proof of the same.
  • Details of Rent being paid.
  • Processing fee.s cheque favouring HDFC LTD.( From NRE / NRO a/c.)
Additional Document can be asked based on the credit requirements of HDFC

PLS NOTE THE RATE OF INTREST IS APPLICABLE TO THE LOAN WOULD BE HDFC.S PREVAILING RATE AT THE TIME OF DISBURSEMENT.

PLS NOTE THAT AS PER MAHARASHTRA STAMP ACT, STAMP DUTY OF 0.20% OF THE LOAN AMOUNT IS TO BE PAID BY THE APPLICANT AT THE TIME OF DISBURSEMENT.