Buying property in India for a Non-Resident Indian has become easier than before. With many checks in place to protect residential and commercial property buyers from abroad, one can rest be assured that their interests are safeguarded at every level. However, it is equally important to select the right builder who gives quality, better resale value and is trustworthy.
Sansar Buildcon Group has been the first choice of an NRI property buyer in this part of the world. We are perfect sync to the attributes which a person staying abroad looks out for because of our continuous push for attaining credibility.
Definition of a Non-Resident Indian (NRI) as per the guidelines highlighted by the Reserve Bank of India
'Any Indian Citizen holding valid documents such as an Indian Passport and is staying abroad for employment or carrying out business or vocation or is staying abroad under circumstances indicating an intention for an uncertain duration.'
Do NRI require permission from RBI to buy residential or commercial property in India?
No permission from RBI is required to buy residential and commercial property in India.
Can NRI's or PIO's (Person of Indian Origin) sell the properties they hold in India without the permission of RBI?
Yes, they can when it comes to residential and commercial properties but not in case of agricultural land/ plantation property, farm Houses.
What payment modes should NRI or PIO use to purchase a property in India?
Property can be bought either through inward remittance in foreign exchange via normal banking channels or through funds available in NRE (Non-Resident External)/NRO (Non-Resident Ordinary)/FCNR (Foreign Currency Non-Repatriable) accounts maintained by the investor.
Can NRI transfer the immovable property in India without the permission of the RBI?
Permission from RBI is not required to transfer immovable property to any Indian citizen.
Can such property be sold as well without the permission of RBI?
Yes, such property can be sold but in cases where the property is bought by another PIO, funds towards the purchase consideration should be either remitted to India or paid out of the balances in NRE or FCNR accounts.
Can the properties bought by NRI/PIO be given on rent?
Yes, they can be given on rent. The rent proceeds can be credited to NRE/NRO account.
Can NRI/PIO acquire or dispose of residential property by the way of gift?
Yes, RBI grants permission to NRI/PIO to dispose of up to two houses by way of gift from or to a relative who may either be an Indian Citizen or PIO subject to compliance with applicable tax laws.
Can NRI give POA (Power of Attorney) to a known person in India for completion of Loan formalities?
Yes, appointing a POA to process loan formalities on behalf of the NRI is allowed.
What is the eligibility for NRI to avail Home Loan?
- Age: Minimum 21 Years
- Qualification: Minimum Graduation
Minimum monthly income of $2000. (Criteria may differ for different HFC's)
The stability of employment or business is also looked into.
- Payment Options: EMI to be routed through the person's NRE/NRO account.
- No. of Dependents: Eligibility also determined by the number of dependents of the applicant, assets and other liabilities.