Home builders in india help you with these
guidelines which has been prepared for investment properties in
india in order to address various issues relating to acquisition
and transfer of immovable residential property in India by a person
resident outside India under the provisions of the Foreign Exchange
Management Act, 1999. These FAQs seek to cover the broad spectrum
of issues relating to acquisition and transfer of immovable property
in India by a non-resident Indian (NRI) or a foreign national
of Indian origin (PIO) or a foreign national of non-Indian origin
as also by a person resident in India who is not a citizen of
India.
These FAQs cover the following topics:
- Acquisition of immovable property in India
by way of purchase by a person resident outside India
- Under the extant foreign exchange regulations to whom
is general permission available for purchase immovable property
in India?
General Permission is available to purchase only a residential/commercial
property in India to a person resident outside India who
is a citizen of India (NRI) and who is a Person of Indian
Origin (PIO).
- Who is a Person of Indian Origin (PIO)?
For the purpose of acquisition and transfer of immovable property
in India, a PIO means an individual (not being a citizen of
Pakistan or Bangladesh or Sri Lanka or Afghanistan or China
or Iran or Nepal or Bhutan), who (i) at any time, held Indian
passport; or (ii) who or either of whose father or grandfather
was a citizen of India by virtue of the Constitution of India
or the Citizenship Act, 1955 (57 of 1955).
- Is NRI/PIO who has purchased residential or commercial
property in India under general permission required to file
any documents with Reserve Bank of India?
NRI/PIO who has purchased residential or commercial property
under general permission is not required to file any documents
with the Reserve Bank.
- Is there any restriction on number of residential or commercial
property that NRI/PIO can purchase under the general permission
available?
There is no restriction on number of residential or commercial
property that NRI/PIO can purchase under the general permission
available.
- Can a name of a foreign national of non-Indian origin be
added as a second holder to a residential or commercial property
purchased by NRI/PIO?
No.
- Can a foreign national of non-Indian origin resident outside
India acquire any immovable property in India by way of purchase?
No. Under section 2 (ze) of the Foreign Exchange Management
Act, 1999 ?transfer? includes among others, ?purchase?. Therefore,
a foreign national of non-Indian origin resident outside India
cannot acquire any immovable property in India by way of purchase.
- Can a foreign national of non-Indian origin acquire residential
property on a lease in India?
Yes. A Foreign National of non-Indian origin including a citizen
of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China
or Iran or Nepal or Bhutan may acquire only residential accommodation
on lease, not exceeding five years for which he/she does not
require prior permission of Reserve Bank of India.
- Can a person resident outside India (i.e. a NRI or a PIO
or a foreign national of non-Indian origin) acquire agricultural
land/plantation property/farm house in India by way of purchase?
No. A person resident outside India cannot acquire by way
of purchase agricultural land/plantation property/farm house
in India.
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- Acquisition of immovable property in India
by way of gift by a person resident outside India
- Can NRI/PIO acquire residential or commercial property
by way of gift under the general permission available?
Yes. Under general permission available NRI/PIO may acquire
residential/commercial property by way of gift from a person
resident in India or a NRI or a PIO.
- Can a foreign national of non-Indian origin resident
outside India acquire residential/commercial in India by
way of gift?
No. Under section 2 (ze) of the Foreign Exchange Management
Act, 1999 ?transfer? includes among others, ?gift?. Therefore,
a foreign national of non-Indian origin resident outside
India cannot acquire residential/commercial property in
India by way of gift.
- Can a person resident outside India (i.e. a NRI or a
PIO or a foreign national of non-Indian origin) acquire
agricultural land/plantation property/farm house in India
by way of gift?
No. A person resident outside India cannot acquire agricultural
land/plantation property/farm house in India by way of gift.
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- Acquisition of immovable residential
property in India by way of inheritance by a person resident
outside India
- Can a person resident outside India (i.e. NRI or PIO
or foreign national of non-Indian origin) hold any immovable
property in India acquired by way of inheritance from a
person resident in India?
Yes. A person resident outside India can hold immovable
property acquired by way of inheritance from a person resident
in India as per the provisions of Section 6(5) of the Foreign
Exchange Management Act, 1999.
- Can a person resident outside India (i.e. NRI or PIO or
foreign national of non-Indian origin) hold any immovable
residential property in India acquired by way of inheritance
from a person resident outside India?
With the specific approval of Reserve Bank a person resident
outside India may hold any immovable property in India acquired
by way of inheritance from a person resident outside India,
provided the bequeathor had acquired such property in accordance
with the provisions of foreign exchange law in force at the
time of acquisition or under FEMA regulations.
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- Transfer of immovable property in India
by way of sale by a person resident outside India
- Under general permission available to whom can NRI transfer
by way of sale his residential/commercial property?
NRI can transfer by way of sale residential/commercial property
in India to a person resident in India or to a NRI or a
PIO. Under general permission available to whom can a PIO
transfer his residential/commercial property by way of sale?
PIO can transfer by way of sale residential/commercial property
in India only to a person resident in India.
- Can a PIO transfer by way of sale his residential/commercial
property to a NRI or a PIO?
No. He would need to seek Reserve Bank prior approval for
transfer by way of sale residential/commercial property
in India to a NRI or a PIO.
- Can a foreign national of non-Indian origin whether resident
in India or outside India transfer by way of sale residential/property
in India acquired with the specific permission of Reserve
Bank to a person resident in India or outside India?
No. A foreign national of non-Indian origin whether resident
in India or outside India would need to seek prior approval
of Reserve Bank for transfer by way of sale residential/property
in India acquired with the specific permission of Reserve
Bank to a person resident in India or outside India.
- Under general permission available to whom can NRI/PIO
transfer by way of sale his agricultural land/plantation
property/farm house in India?
Under the general permission available NRI/PIO may transfer
by way of sale his agricultural land/plantation property/farm
house in India to a person resident in India who is a citizen
of India.
- Can a foreign national of non-Indian origin resident
outside India transfer by way of sale agricultural land/plantation
property/farm house acquired by him in India?
A foreign national of non-Indian origin resident outside
India would need to seek prior approval of Reserve Bank
for transfer, by way of sale, agricultural land/plantation
property/farm house acquired in India.
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- Transfer of immovable residential
property in India by way of gift by a person resident outside
India
- Under general permission available can NRI/PIO transfer
his residential or commercial property by way of gift?
Yes. NRI/PIO may transfer by way of gift residential/commercial
property in India to a person resident in India or to a
NRI or a PIO.
- Under general permission available to whom can NRI/PIO
transfer by way of gift agricultural land/plantation property/farm
house in India?
Under the general permission available NRI/PIO may transfer
by way of gift agricultural land/plantation property/farm
house in India to a person resident in India who is a citizen
of India.
- Can a foreign national of non-Indian origin resident
outside India transfer by way of gift agricultural land/plantation
property/farm house acquired by him in India? No. A foreign
national of non-Indian origin resident outside India would
need to seek prior approval of Reserve Bank for transfer
by way of gift agricultural land/plantation property/farm
house acquired by him in India.
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- Transfer of residential/commercial property
in India by way of mortgage by a person resident outside India
- Can NRI/PIO transfer by way of mortgage his residential
commercial property in India to an authorized dealer/housing
finance institution in India?
Yes.
- Can NRI/PIO transfer by way of mortgage his residential
or commercial property in India to a party abroad?
No. He should seek prior approval of RBI.
- Can a foreign national of non-Indian origin resident
in India or outside India transfer by way of mortgage his
residential/commercial property in India acquired with the
specific approval of Reserve Bank to a party in India or
abroad?
No. He should seek prior approval of RBI. However, immovable
property purchased by a person resident outside India who
has established a Branch Office or other place of business
for carrying on in India any activity in accordance with
FERA/FEMA regulations, may under general permission available,
mortgage such a property with an authorized dealer as a
security for any borrowing.
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- Mode of payment for purchase of
residential/commercial property in India by NRI/PIO
- Under the general permission available what is mode of
payment for purchase of residential/commercial property
in India by NRI/PIO?
Under the general permission available NRI/PIO may purchase
residential/commercial property in India out of funds remitted
to India through normal banking channel or funds held in
his NRE/FCNR (B)/NRO account. No consideration shall be
paid outside India.
- Can refund of application/earnest money/purchase consideration
made by the house building agencies/seller on account of
non-allotment of flat/plot/cancellation of bookings/deals
for purchase of residential/commercial property together
with interest, if any (net of income tax payable thereon)
be credited to NRE account?
Yes, provided original payment was made by way of inward
remittance or by debit to NRE/FCNR (B) account. For this
purpose no permission of Reserve Bank is required and they
may approach the Authorised Dealer directly in the matter.
(Please refer to A. P. (DIR Series Circular No. 46 dated
November 12, 2002).
- Can NRI/PIO for the purpose of acquisition of flat/house
in India for his own residential use avail of loan from
authorized dealer against the security of funds held in
his NRE Fixed Deposit account/FCNR (B) account?
Yes, subject to certain terms and conditions.
- Can NRI/PIO, avail of housing loan in rupees from an
authorized dealer or housing finance institution in India
approved by the National Housing Finance Bank for purchase
of residential accommodation or for the purpose of repairs/renovation/improvement
of residential accommodation?
Yes, subject to certain terms and conditions. Such loans
can be repaid by the borrower by way of inward remittance
through normal banking channel or by debit to his NRE/FCNR
(B)/NRO account or out of rental income derived from renting
out such property. Such loan can also be repaid by the borrower's
close relatives through their account in India by crediting
the borrower's loan account. (Please refer to Regulation
8 to Notification No. FEMA 4/2000-RB dated 3rd May 2000
and A.P. (DIR Series) Circular No.95 dated April 20, 2003
and A.P. (DIR Series) Circular No.94 dated May 25, 2003).
- Can NRI avail of housing loan in rupees from his employer
in India? Yes, subject to certain terms and conditions (Please
refer to Regulation 8A to Notification No. FEMA 4/2000-RB
dated 3rd May 2000 and A.P. (DIR Series Circular No.27 dated
October 10, 2003).
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- Repatriation of sale proceeds of residential/commercial
property purchased by NRI/PIO
- Can NRI/PIO repatriate the sale proceeds of residential/commercial
property in India acquired by way of inward remittance through
normal banking channel or by debit to NRE/FCNR (B)/NRO account?If
so, what is the quantum?
NRI/PIO may repatriate the sale proceeds of residential/commercial
property in India acquired by way of inward remittance through
normal banking channel or by debit to NRE/FCNR (B) account.
The amount to be repatriated should not exceed the amount
paid for acquisition of residential/commercial property
(a) in foreign exchange received through normal banking
channel or by debit to FCNR (B) account or (b) the foreign
currency equivalent, as on the date of payment, of the amount
paid by debit to NRE account. The sale proceeds of residential/commercial
property in India acquired by way of debit to NRO account
cannot be repatriated and should be credited to NRO account
only.
- The rupee loan availed by NRI for purchase of residential
accommodation was repaid either by inward remittance or
by debit to NRE/FCNR (B) account. Can the sale proceeds
of such property be repatriated?
Yes. Repayment of loan in foreign exchange is treated as
equivalent to the foreign exchange received for purchase
of residential accommodation.
- Is there any lock in period for sale of residential/commercial
property purchased out of inward remittance/debit to NRE/FCNR(B)
account?
No lock in period is applicable for sale of such property.
- Is there any restriction on repatriation of sale proceeds
of residential property purchased by NRI/PIO out of funds
remitted to India through normal banking channel or funds
held in his NRE/FCNR (B) account?
Yes. Repatriation of sale proceeds is restricted to not
more than two residential properties.
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- Remittance of sale proceeds of residential/commercial
property received by way of gift by NRI/PIO
Into which account the sale proceeds of residential/commercial
property received by way of gift by NRI/PIO can be credited?
The sale proceeds of residential/commercial property received
by way of gift by NRI/PIO should be credited to NRO account
only
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- Remittance of sale proceeds of
immovable property inherited by a person resident outside India
- Can sale proceeds of any immovable property inherited
by NRI/PIO from a person resident in India be remitted abroad?
Yes. Amount not exceeding USD one million, per calendar
year subject to production of documentary evidence in support
of inheritance and Tax clearance certificate/no objection
certificate from Income Tax authority to authorized dealer
for remittances. However, if a PIO is a citizen of Pakistan
or Bangladesh or Sri Lanka or Afghanistan or China or Iran
he should seek prior approval of Reserve Bank with documentary
evidence in support of inheritance and tax clearance/no
objection certificate from Income Tax authority. This remittance
facility is not available to a citizen of Nepal or Bhutan.
(Please refer to Regulation 4 (3) to Notification No. FEMA
13/RB-2000 dated 3rd May 2000)
- Can sale proceeds of any immovable property in India
inherited, by a foreign national of non-Indian origin resident
outside India, from a person resident in India be repatriated
by him?
Yes. Amount not exceeding USD one million, per calendar
year subject to production of documentary evidence in support
of inheritance and Tax clearance certificate/no objection
certificate from Income Tax authority to authorized dealer
for remittances. However, a citizen of Pakistan or Bangladesh
or Sri Lanka or Afghanistan or China or Iran shall seek
prior approval of Reserve Bank with documentary evidence
in support of inheritance and tax clearance/no objection
certificate from Income Tax authority. This remittance facility
is not available to a citizen of Nepal or Bhutan. (Please
refer to Regulation 4 (2) (ii) to Notification No. FEMA
13/RB-2000 dated 3rd May 2000)
- Can sale proceeds of any immovable property in India
inherited, by a person resident outside India (i.e. NRI
or PIO or foreign national of non-Indian origin resident
outside India), from a person resident outside India be
repatriated by him or his successor?
No. He needs to seek prior approval of Reserve Bank with
documentary evidence in support of inheritance and tax clearance/no
objection certificate from Income Tax authority.
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- Acquisition of immovable property for
carrying on a permitted activity in India
- Can a person resident outside India who has established
a Liaison Office in India in accordance with FERA/FEMA regulations
purchase immovable property?
No.
- Can a person resident outside India who has established
a Branch Office or other place of business for carrying
on in India any activity in accordance with FERA/FEMA regulations
purchase commercial/residential property?
Yes, provided it is necessary for or incidental to carrying
on such activity and all applicable laws, rules, regulations
or directions are duly complied with. The purchase price
should be paid by way of inward remittance through proper
banking channel. A declaration in form IPI should be filed
with Reserve Bank within ninety days from the date of acquisition
of commercial/residential property.
- Can such a property referred to in Q. No.41 be mortgaged
with an authorized dealer as a security for any borrowing?
Yes, RBI has granted general permission for such a mortgage.
- On winding up of the business can the sale proceeds of
such property be repatriated?
Yes, with prior approval of Reserve Bank..
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- Acquisition/Transfer of immovable property
in India by Foreign Embassies/Diplomats/Counsel Generals
- Can Foreign Embassies/Diplomats/Counsel General purchase/sell
immovable property in India?
Yes. Under general permission available Foreign Embassies/Diplomats/Counsel
General may acquire any immovable property other than agricultural
land/plantation property/farm house in India. Such property
may be purchased/sold provided prior clearance from the
Government of India, Ministry of External Affairs has been
obtained for such purchase/sale. The consideration for purchase
of such property should be paid by way of inward remittance
through normal banking channel.
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- Other issues
- Can NRI/PIO rent out the residential/commercial property
purchased out of foreign exchange/rupee funds, if not required
for immediate use?
Yes. Rent received, being current income may be credited
to NRO/NRE account or remitted abroad.
- Can NRI who had acquired immovable property viz., residential/commercial
property/agricultural land/plantation property/farm house
in India while he was a person resident in India continue
to hold or transfer such immovable property? In which account
the sale proceeds may be credited?
Yes, under the provisions of Section 6 (5) of the Foreign
Exchange Management Act, 1999 NRI who had acquired immovable
property in India while he was a person resident in India
may continue to hold such property. Under the general permission
available he may transfer by way of sale or gift agricultural
land/plantation property/farm house in India to a person
resident in India who is a citizen of India and may transfer
by way of sale or gift residential/commercial property in
India to a person resident in India or to a NRI/PIO. The
sale proceeds may be credited to NRO account.
- Can a PIO who had acquired immovable property viz., residential/commercial
property/agricultural land/plantation property/farm house
in India while he was a person resident in India continue
to hold or transfer such immovable property? In which account
the sale proceeds may be credited?
Yes, under the provisions of Section 6 (5) of the Foreign
Exchange Management Act, 1999, PIO who had acquired immovable
property in India while he was a person resident in India
may continue to hold such property. Under the general permission
available he may transfer agricultural land/plantation property/farm
house in India by way of sale or gift to a person resident
in India who is a citizen of India and residential/commercial
property in India by way of sale to a person resident in
India and way of gift residential/commercial property in
India to to a person resident in India or to a NRI/PIO.
However, if a PIO is a citizen of Pakistan or Bangladesh
or Sri Lanka or Afghanistan or China or Iran or Nepal or
Bhutan he should seek prior approval of Reserve Bank for
transfer of such immovable property in India. The sale proceeds
may be credited to NRO account.
- Can the sale proceeds of the immovable property referred
to in Q. Nos. 46 and 47credited to NRO account of NRI/PIO,
be remitted abroad?
Yes, provided the immovable property was held for a period
not less than ten years.
What if such an immovable property was held for less than
ten years?
- If such a property acquired out of rupee funds is sold
after being held for less than ten years, remittance can
be made, if the sale proceeds were held for the balance
period in NRO account (Savings/Term Deposit) or in any other
eligible investment, provided such investment is traced
to the sale proceeds of the immovable property.
- Under erstwhile FERA, foreign nationals of non-Indian
origin resident in India or outside India had with the specific
approval of Reserve Bank acquired residential property in
India. While they can continue to hold the same under the
provisions of Section 6 (5) of the FEMA, 1999 can they transfer
such property?
Yes. only with the prior approval of Reserve Bank.
- Is a person resident in India governed by the provisions
of Foreign Exchange Management (Acquisition and transfer
of immovable property in India) Regulations, 2000?
A person resident in India who is a citizen of Pakistan
or Bangladesh or Sri Lanka or Afghanistan or China or Iran
or Nepal or Bhutan is governed by the provisions of Foreign
Exchange Management (Acquisition and transfer of immovable
property in India) Regulations, 2000.
- Where are the terms a ?person resident in India? and
a ?person resident outside India? defined?
Section 2 (v) and section 2 (w) of the Foreign Exchange
Management Act, 1999 defines a 'person resident in India'
and a 'person resident outside India' respectively.
- What is meant by a person resident in India?
From FEMA angle, a person resident in India means a person
residing in India for more than one hundred and eighty-two
days during the course of the preceding financial year (April-March)
and who has come to or stays in India either for taking
up employment, carrying on business or vocation in India
or for any other purpose, that would indicate his intention
to stay in India for an uncertain period. In other words,
to be treated as ?a person resident in India?, under FEMA
a person has not only to satisfy the condition of the period
of stay (being more than 182 days during the course of the
preceding financial year) but has also to comply with the
condition of the purpose/intention of stay.
- Does Reserve Bank determine the residential status of
a person for the purpose of acquisition of immovable property
in India?
No. Under FEMA residential status is determined by operation
of law. The onus is on an individual to prove his/her residential
status if questioned by any other authority.
- If a foreign national (except a citizen of Pakistan,
Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and
Bhutan) is a person resident in India as per the provisions
of Section 2 (v) (i) B of the Foreign Exchange Management
Act, 1999 does he require approval of RBI to purchase any
immovable property in India?
No, he does not require approval from Reserve Bank from
FEMA angle. However, approvals if any, required in terms
of regulations prescribed by other authorities such as the
concerned State Government etc., will have to be obtained
by him/her.
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- What should be the method of payment
for purchasing residential immovable property in India by foreign
nationals of Indian origin under the general permission?
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
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- Do non-resident Indian nationals require
permission of Reserve Bank to acquire residential / commercial
property in India?
No permission is required by non-resident Indian nationals to
acquire immovable Property in India.
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- Are foreign nationals of Indian
origin allowed to purchase immovable property in India?
Yes, foreign nationals of Indian origin, whether resident in
India or abroad, have been granted general permission to purchase
immovable property in India
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- What way the Non-resident Indian
can finance the flat?
The purchase of the flats can be financed from the fresh remittance
through the normal banking channels or from payment from original
non-resident account or from Non-resident (External) Accounts.
When the flat is under construction, it may be possible to get
instalment facilities from the builder. Loan may also be available
in India for purchase of flats, for example from Housing Development
Finance Corporation, ANZ Grindlays Bank, Citi Bank etc. Non-resident
Indians who are citizens of India (India Passport holders) are
eligible for housing finance for the acquisition of an immovable
property or construction of a new house, or a flat for their
occupation or for that of their family in India. But the HDFC
also considers granting of loans to non-resident Indians even
if they are abroad, provided a family member of his or her in
India is made a co-borrower and a power of attorney is given
to his representative in India
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- Non-resident Indians are staying abroad
can the property be purchased through the agent or through the
Power of Attorney?
The non-resident Indians who are staying abroad may enter into
an agreement through their relatives and/or by executing the
Power of Attorney in their favour as it is not possible for
them to be present for completing the formalities of purchase
(negotiating with the builder or Developer, drafting and signing
of agreements, taking possession, etc.) These formalities can
be completed through some known person who can be given the
Power of Attorney for this purpose. Power of Attorney should
be executed on the stamp paper before the proper authorities
in foreign countries. Power of Attorney cannot be drafted on
the stamp paper bought in India.
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- Can such residential property be given
on rent if not required for immediate residential use?
YES
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- Can the rental income from such property
be remitted outside India?
No. Such income cannot be remitted abroad and will have to be
credited to the ordinary non-resident rupee account of the owner
of the property.
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- Can such property be sold without the
permission of Reserve Bank?
Yes. However, such property can be sold to another foreign
national of Indian origin provided funds towards the purchase
consideration are either remitted to
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- What should be the method of payment
for purchasing residential immovable property in India by foreign
nationals of Indian origin under the general permission?
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
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- Do non-resident Indian nationals require
permission of Reserve Bank to acquire residential / commercial
property in India?
No permission is required by non-resident Indian nationals to
acquire immovable Property in India.
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- Are foreign nationals of Indian
origin allowed to purchase immovable property in India?
Yes, foreign nationals of Indian origin, whether resident in
India or abroad, have been granted general permission to purchase
immovable property in India
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- What way the Non-resident Indian can
finance the flat?
The purchase of the flats can be financed from the fresh remittance
through the normal banking channels or from payment from original
non-resident account or from Non-resident (External) Accounts.
When the flat is under construction, it may be possible to get
instalment facilities from the builder. Loan may also be available
in India for purchase of flats, for example from Housing Development
Finance Corporation, ANZ Grindlays Bank, Citi Bank etc. Non-resident
Indians who are citizens of India (India Passport holders) are
eligible for housing finance for the acquisition of an immovable
property or construction of a new house, or a flat for their
occupation or for that of their family in India. But the HDFC
also considers granting of loans to non-resident Indians even
if they are abroad, provided a family member of his or her in
India is made a co-borrower and a power of attorney is given
to his representative in India
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- Non-resident Indians are staying abroad
can the property be purchased through the agent or through the
Power of Attorney?
The non-resident Indians who are staying abroad may enter
into an agreement through their relatives and/or by executing
the Power of Attorney in their favour as it is not possible
for them to be present for completing the formalities of purchase
(negotiating with the builder or Developer, drafting and signing
of agreements, taking possession, etc.) These formalities can
be completed through some known person who can be given the
Power of Attorney for this purpose. Power of Attorney should
be executed on the stamp paper before the proper authorities
in foreign countries. Power of Attorney cannot be drafted on
the stamp paper bought in India.
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- Are there any formalities to be completed
by foreign nationals of Indian origin for purchasing residential
immovable property in India?
They are required to file a declaration in form IPI 7 with
the Central Office of Reserve Bank at Bombay within a period
of 90 days from the date of purchase of immovable property.
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- Can such residential property be given
on rent if not required for immediate residential use?
YES
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- Can the rental income from such property
be remitted outside India?
No. Such income cannot be remitted abroad and will have
to be credited to the ordinary non-resident rupee account of
the owner of the property.
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- Can such property be sold without the
permission of Reserve Bank?
Yes. However, such property can be sold to another foreign national
of Indian origin provided funds towards the purchase consideration
are either remitted to
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- Ref: NRI City project. 1. Can
the property be rented to a non-NRI person? 2. Can it be sold
to a non-NRI person?
Yes you can rent/sell it to a non-NRI person.
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- Can Indian nationals buy a property in
the NRI City.
Yes! An Indian Nationals can buy a property in NRI City.
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