NRI SUPPORT

NRIIndia is one of the most exciting emerging markets in the world. Skilled managerial and technical manpower that matches the best available in the world and a sizeable middle class provide India with a distinct cutting edge in global competition. India’s time tested institutions offer foreign investors a transparent environment that guarantees the security of their long term investments. A number of liberalization measures have been taken to promote portfolio foreign investment.

India is ranked as the fifth most attractive destination for future real estate investments in a list topped by China, according to a latest report of FICCI and Ernst and Young.

NRIs are entitled for the following :

1. All persons, whether resident in India or outside India, who are citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan require prior permission of Reserve Bank for acquiring or transferring any immovable property in India.

2. A person resident outside India, who has been permitted by Reserve Bank to establish a branch, or office, or place of business in India has general permission of Reserve Bank to acquire immovable property in India, which is necessary for, or incidental to, the activity. However, in such cases a declaration is required to be filed within 90 days of the acquisition of immovable property.

3. An Indian citizen resident outside India does not require any permission to acquire any immovable property in India other than agricultural/plantation property or a farm house.

4. An Indian citizen resident outside India does not require any permission to transfer any immovable property, to a citizen of India who is resident in India.

5. An Indian citizen resident outside India does not require any permission to transfer any immovable property other than agricultural or plantation property or farm house, to a person

Checklist for buying a residential property?

Market Trends about prevalent rates of property in the vicinity and last known transactions
Ask for photocopies of the all 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

Clearance from Municipality, Electricity, Water, Pollution, Lift authorities

Check the building bye-laws in that area to verify any issue with setback, side setback, height, etc

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.

Documents Checklist For NRI Loan

Photocopy of the labour contract and English translation duly countersigned by your employer
Latest salary certificate (in English) specifying the following:

  • Name (as it appears in the passport)

  • Date of joining

  • Passport Number

  • Designation

  • Perquisites and salary

Photocopy of labour card / identity card

Photocopy of valid resident visa stamped on the passport

Photocopy of monthly statement of local bank account for the last 4 months

Property related documents