NRI Services

• Who is an NRI?
  Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:
• Citizens of India who reside abroad for employment or undertaking business or vocation outside India or for any other purpose which involve an indefinite period of stay abroad; OR
• Government employees who are posted abroad with the Indian missions and similar other agencies set up abroad by the Government of India; OR
• Government employees deputed abroad on assignments with foreign Governments or regional/international agencies; OR
• Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.

• Who is a foreign citizen of Indian Origin?
  A foreign citizen is said to be of Indian Origin (also referred as People of Indian Origin) if:
• he/she held an Indian Passport at any time or
• he/she or his/her father or paternal grand father was a citizen of India as considered by the Constitution of India or the Citizenship Act, 1955.

However this does not apply to citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal.

• What should one consider while purchasing a residential flat?
  Evaluating a property option can be a mind-boggling exercise. Some of the points one should consider while purchasing a flat:
• The locality & proximity distances to public transport, schools/colleges, hospitals, market, business district, entertainment centres, restaurants.
• Area of the flat i.e. Carpet Area, Built-up Area and Super Built Up Area.
• Carpet Area: The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid.
• Built-up Area: When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area.
• Super Built-up Area: The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.
• Car parking for self and visitors.
• Quality of construction.
• Reputation of the builder or seller.
• Supply of water, power and availability of other basic utilities.
• Hidden cost components: stamp duty, registration charges, transfer fees, monthly outgoings and society charges.
• Potential for resale or renting out of the property.
• Any other distinguishing features or advantages of the property.

• What should one consider to verify the legal compliance have been fulfilled by the builder?
• Check for the market trends about prevalent rates in the vicinity and last known transactions. This would help you in judging the price range.
• Seek photocopies of the deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.
• Check for approved layout plan and approved building plan with number of floors.
• Check for certificates that signify clearance from Municipality, Electricity, Water, Pollution, Lift authorities.
• Confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.
• In case purchasing a resale property, check for pending dues.

• As an NRI, do I need any approval from the Reserve Bank of India to purchase a property in India?
  No. The Government of India has granted general permission for an NRI to buy property in India except for agricultural land, plantation property or farmhouse.

• In what manner should the purchase consideration for the property be paid?
  The purchase consideration can be paid either in form of inward remittances in foreign exchange through normal banking channels or out of funds from any non resident accounts maintained with banks in India.

• Is there any uppermost limit to the number of residential properties that may be purchased by an NRI?
  No, there is no limit on the number of residential properties that may be bought by an NRI. However, repatriation is allowed only in respect of two such properties.

• Are there any guidelines for loans to NRI''''s/PIO''''s?
  Yes, there are guidelines issued by the by the Reserve Bank of India for home loans issued to NRIs. These are:
• 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.

• List of documents to be submitted along with the loan application?
  The following documents are to be submitted along with the loan application.

Personal Documents:

 1) Application Form - fully filled and signed by Applicant & Co-Applicant (soft copy attached) To be provided in Original

 3) Age, ID and Proof of Applicant & Co-Applicant ( PAN card / Passport & Latest telephone bill / rent agreement)

 4) All pages of Passport showing VISA Stamps Applicant & Co-Applicant

 5) Residence Proof of India and Overseas Applicant & Co-Applicant

6) Copy of Office I Card Applicant & Co-Applicant

 Financial Documents:

1) Six Months salary slips of Applicant & Co-Applicant (duly stamped by finance / HR department) , in case the salary is fortnightly 12 salary slips are required

 3) Six months bank a/c statement for Salary a/c of Applicant & Co-Applicant (and other accounts) to be stamped by Bank

 4) Six months NRE/ NRO a/c statements of Applicant & Co-Applicant - to be stamped by Bank

 6) Letter of yearly bonus / variable components of Applicant & Co-Applicant (if any and if required)

 7) Past Occupational history of Applicant & Co-Applicant (copy of the old organisation letter reqd)

 8) Credit Report Applicant & Co-Applicant

 9) Copy of sanction letter , Track Records of present loans of Applicant & Co-Applicant taken in India OR Abroad (if any)

1) Power of attorney as per Bank format  To be provided in Original, POA for Home Loan related documents only (Not for property related documents, Please consult with broker/ builder for the same)

2) Property papers - all chain link documents -in case the property is identified

3)  Pre approval Letter - In case the property in not identified OR not yet approved

• I am looking for 3BHK flat at NCR region,I am looking for ready possesion ,my budget is 32lacs.Please advise.
• Hello At this budget we would advise you to kindly look for property in Noida Expressway. You may use search filters on the Noida City Page on our website and browse these properties. Do send us your contact details if you are interested in any of the projects on our by filling up our Inquiry Form present on our website.
  Posted On 23-Feb-2012
• Hi, I am interested in 3 bhk apartment. I am open for re- sale option. Only trusted builder please. Preferred locality- New Gurgaon - sec 82 to 92. Please keep me posted with information.
• Hello You can now directly contact the owner of any resale property posted on our website free of cost.
  Posted On 22-Feb-2012
• We are group of NRI's to invest money in real estate. Initial planning is buying and selling.Please give some advice.
• Hello Sir, Kindly check your email, we had sent you an answer there.
  Posted On 20-Feb-2012
• intrested in 2000 sr feet propoerty (new launch projects)
• Hello Do you have any location preference and budget range?
  Posted On 18-Feb-2012
• I am looking to invest in Gurgaon. Out of sectors 102, 108, 77, 78, 82 and 92/93, which ones do you think has max upside potential? I am look at projects from Ansals, DLF, Raheja and Emaar. I see that DLF and Raheja projects are tyipcally at premium rates to others. Is that justified?
• If you are looking to invest in Gurgaon, we would highly recommend you to consider investing in commercial properties, which gives highest returns and assured returns in some cases. We have DLF Corporate Greens and Imperia H20 (with 12% assured returns) which gives you highest returns on your investments.
  Posted On 15-Feb-2012

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