NRIs looking for Flats in Navi Mumbai will find their much desired address in Balaji Symphony, Panvel.
An NRI is
An Indian citizen living abroad due to job opportunities or is conducting business or indulging in a vocation outside India for an uncertain duration of stay. A Non-resident Indian status is also applicable to Indians working in U.N organizations and to officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments. NRIs and NRFCIOs (Non-resident foreign citizens of Indian origin) are treated equally with regard to being eligible for certain facilities.
A person of Indian origin is
A foreign citizen, other than a citizen of Pakistan or Bangladesh, who at any time possessed an Indian passport or that he, his parents or grandparents were citizens of the country, by virtue of the Citizenship Act, 1955 (57 of 1955) under the Constitution of India.
A spouse of
Facilities that a person of Indian Origin can avail.
Opening and maintaining bank accounts
Investing in Shares/securities in India
With regard to investing in immovable property, (A foreign citizen, other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal is considered to be of Indian origin, only if he held an Indian passport at any time or he, his father or grandfather was an Indian citizen, by virtue of the Citizenship Act, 1955 (57 of 1955) under the Constitution of India.
NRIs acquiring property in India
Non-resident Indians do not require Reserve Bank permission to acquire property, be it residential or commercial in India.
Foreign Citizens of Indian origin do not require Reserve bank permission to purchase immovable property in India for their bona-fide residential purposes. Purchases can be made through either inward remittances in foreign exchange through normal banking channels or through NRE/FCNR accounts maintained with banks in India.
Things to do for NRIs to acquire property in India
To purchase immovable property in India, foreign citizens of Indian origin need to file a declaration in form IPI 7 with
Can NRIs and Foreign citizens of Indian origin sell their property
Foreign citizens of Indian origin are allowed to sell their property. However, in the event of purchase by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
Repatriation of property sale proceeds
The Reserve Bank considers
Application for such repatriations can be considered only if the property is sold three years after
To seek permission for repatriation of property sale proceeds, an application should be made in form IPI 8 within 90 days of property sale
As per Reserve Bank guidelines, Foreign citizens of Indian origins are allowed to acquire or dispose of property
Transfer of immovable property by NRIs and Foreign Citizens of Indian Origin
The Reserve Banks
NRIs and Foreign Citizens of Indian Origin acquiring Commercial property
The Reserve Bank grants permission to foreign citizens of Indian origin to acquire commercial land other than agricultural land/ farm houses / plantation property provided the purchase is met through inward remittances in foreign exchange from normal banking channels or from the purchaser’s NRE/FCNR account funds maintained with banks in India. A declaration in form IPI 7 will need to be submitted by the applicant to the Central office of the Reserve Bank of India within 90 days of final payment towards purchase of the property.
Repatriation after sale of these properties
The Reserve Bank allows the repatriation of the original investment amount with regard to purchase of property provided the purchase took place on or after 26th May 1993 and is sold after a period of 3 years from the date of final purchase deed or final installment of consideration amount, whichever is later. Application for the same to be made 90 days from the property sale in form IPI 8.
Renting of property acquired by NRIs and Foreign Citizens of Indian Origin
The Reserve Bank allows NRIs and foreign citizens of Indian origin to rent out their acquired property.
The rental income is eligible for repatriation.
Housing Loans to NRIs and Foreign Citizens of Indian Origin
The Reserve Bank allows financial institutions like HDFC, LIC Housing Finance Ltd
Housing Loans by Companies
Reserve Bank allows Indian Companies to grant loans to their foreign based Indian employees holding Indian passport.
Housing Loans to NRIs as principal borrower with resident relative as guarantor
It is allowed provided payment of margin money and repayment of loan installments is made by the NRI
© Copyright 2019 , Balaji Symphony . All rights reserved. | Crafted by Matrix Bricks .