FAQ
Yes. NRIs can legally acquire and continue further dealings with any form of immovable property in India.
NRIs can pay for property either by foreign exchange inward remittances through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks within India.
Yes. NRIs should file in a declaration in form IPI7 maintained with the Central Office of Reserve Bank of India, Mumbai, in not less than 90 days from the date of payment.
Purchase formalities may be done by filing the Power of Attorney in favour of their reliable relatives residing in India at the time of purchase of the property. This must be executed on a valid stamp paper bought in India and in the presence of proper authority.
No. However, the income thus generated shall not be remitted outside India; instead has to be credited to the ordinary non-resident rupee account of the owner of the property in India.
There are certain financial institutions approved by RBI providing loan facility for NRIs, though these are subjected to certain conditions - the loan borrower should be in a financial standing to bear at least 25% of the total cost, paid out of inward remittance in foreign exchange through normal banking channels or out of funds held in his NRE/FCNR accounts.
Yes. For this the employee who is designated outside India should hold a valid Indian passport.
From nationalized banks to private housing finance institutions and banks, there are many reliable home loan providers who provide home loan for a home-buyer. HDFC, ICICI bank, SBI, LIC housing finance, HSBC etc are just few among the very long list.
A single buyer can avail about 85% of the consideration value of the home he is intending to buy or build.
Yes. You can pick your comfort limits; choose a time span of 15 years or your retirement age, whichever is earlier.
Approach a financial institution for a loan application form. Adhere to the guidelines while filling in the form and do submit relevant documents along with the processing fees. The bank might ask for a co-lateral security. You will be intimated with a sanction letter, in case if your request has been approved.
