At Unicon, our dedicated NRI services team operates with the philosophy of identifying
investment opportunities & maximizing wealth for NRI clients. Our relationship managers
are adept with the prevailing laws and have credible experience in consulting NRI
customers on property purchase decisions in India. We guarantee our clients with
a completely reliable, transparent and flawless experience.
- Who is an NRI?
Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians
- 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
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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
The following documents are to be submitted along with the loan
1) Application Form - fully filled and signed by
Applicant & Co-Applicant (soft copy attached) To be provided in Original2) Latest Photograph of Applicant & Co-Applicant
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 &
6) Copy of Office I Card Applicant &
Co-Applicant7) Highest qualification certificate of Applicant
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 required2) Contract Letter/ Labor Card / work permit /
deputation letter / Offer Letter of Applicant & Co-Applicant
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 Bank5) Two years W2/ ITR of Applicant & Co-Applicant
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) Legal Documents:
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
an NRI you can sell property in India. RBI has granted general permission for sale
of such properties owned by NRIs. However, if another foreign citizen of Indian
origin purchases the property, funds towards the purchase consideration should
either be remitted to India or paid out of balances in non-resident accounts maintained
with banks in India. NRI/PIOs can also rent out their properties in India,
either by purchase through application of FOREX or otherwise.
The Reserve Bank of India (RBI) has clarified that NRIs and
Persons of Indian Origin (PIO), purchasing property in India should pay for the
acquisition by funds received in India through normal banking channels by way
of inward remittance from outside the country. That said, NRIs can apply for
and avail home loans to buy property in India, much like the residents of
India. However, a few differences exist between the two in terms of documents,
tenure and repayment etc. The interest rate is a bit higher for NRIs than
Indian residents, approximately 0.25% to 0.50% more in the case of NRIs. Also,
an NRI can get a maximum of 85% of the cost of the property as the loan amount.
The tenure of home loans for NRIs is also short; between 7 and 15 years. An NRI
may be granted up to 36 times of his gross monthly earnings as home loan.
However, there is a maximum limit on the amount.
Realizing the need to address the queries of NRIs looking to
invest in property in India, we at Uniconproperty.com have created a forum
dedicated to resolving NRI based property-related queries and sharing the
knowledge with other non-resident Indians. For any queries related to buying or
selling property in India, just post a question on our forum and your query
will be resolved at the earliest.
I am looking for 3BHK flat at NCR region,I am looking for ready possesion ,my budget is 32lacs.Please advise.
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.
We are group of NRI's to invest money in real estate. Initial planning is buying and selling.Please give some advice.
intrested in 2000 sr feet propoerty (new launch projects)
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?
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