A. They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration, along with a certified copy of the document evidencing the transactions and bank certificate regarding the consideration paid.
A. Yes, Reserve Bank has granted general permission for sale of such property. However whether the property is purchased by another foreign citizen of Indian Origin, funds towards the purchase consideration should either be remitted to India or paid out of balance in NRE/FCNR accounts.
A. In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May 1993 will have to be credited to the ordinary non-resident rupee account
of the owner of the property.
A. The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.
A. Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from date of final purchase deed from the date of payment of final installment of consideration amount, whichever is
later.
A. Applications for necessary permission for remittance of sale proceeds should be made in Form IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.
A. Yes. Reserve Bank has granted general permission to a foreign citizen of Indian Origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian Citizen or a person of
Indian origin whether resident in India or not, subject to compliance with applicable tax laws.
A. Yes. General permission has been granted by Reserve Bank to non-resident persons(foreign citizens) of Indian Origin to transfer, by way of gift immovable property held by them in India to relatives and charitable trust/organizations subject to the conditions that the provisions of any other law, including Foreign Contribution Regulation) Act, 1976, as applicable, are duly complied with.
A. Yes. Under the general permission granted by Reserve Bank properties other than agricultural land/farm house / plantation property can be acquired by foreign citizen of Indian Origin provided the purchase consideration is met either out of inward remittance in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in Form IPI 7 within a period of 90 days from the date of purchase of the property/final payment
of purchase consideration.
A. Yes. Repatriation of original investment in respect of properties purchased by foreign citizen of Indian Origin on or after 26th May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the
date of payment of final installment of consideration amount, whichever is later. Application for the purpose is
acquired to be made to the Central Office of Reserve Bank within 90 days of the sales of property in Form IPI 8.
A. 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.
A. Yes. However, in such cases the payment of margin money and repayment of the loan installment should be made by the NRI.
A. Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd. etc., and authorized dealers to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions. The purpose of the loan, margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan
should be made within a period not exceeding 15 years out of inward remittance or out of funds held in the
investor's NRE/FCNR/NRO accounts.
A. Reserve Bank permits Indian Firms/ Companies to grant housing loans to their employees deputed abroad and holding Indian passports subject to certain conditions.
A. One can choose not to grant the Power of Attorney (POA) to the developers. However this will mandate the mailing of all documents to your foreign residence and associated time delays. A good compromise is to grant the
POA to the builder only for specific necessary items.
A. One will need a guarantor for a loan mainly for collateral security. The guarantor will have to demonstrate appropriate net worth to cover for the loan. Usually one can have a guarantor in any city where the loan issuer
has a branch. Talk to loan issuers they will work something out for NRIs and foreign banks.
A. According to Reserve Bank guidelines for NRIs
The loan amount shall not exceed 85% of the cost of the dwelling unit. Own contribution, which is the cost of dwelling unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or
Non-Resident Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
A. Yes. We very well understand that as an NRI you have a different set of needs with respect to your real estate management and investment requirements and we also understand that it needs special set of services to cater to your requirements. The good news from India is that government has allowed 100% repatriation for NRIs.
Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC,LIC Housing Finance Ltd.,etc. to grant housing loans to non-resident Indian nationals for acquisition of houses/flats for self-occupation subject to certain conditions.
A. You can get a Home Loan of up to 85% of the Total Consideration Value.
A. The attorney should preferably be a resident of India.
The power of attorney should be executed on a stamp paper/ plain paper as the case may be as applicable in the country in which the power of attorney is executed.
Any authorized official of the Indian Embassy/ Consulate/ Trade commissioner in the country where the executants resides should attest the signature of the executants. The attorney's signature should be verified in India by
Notary Public or his employer or his banker on a separate piece of paper, which should be submitted to SHFL
together with the power of attorney.
