FREQUENTLY ASKED QUESTIONS (FAQ) FOR NRI

Find the most frequently asked questions answered for your complete assurance.

NRIs and OCBs can make investments in India in consonance with the Indian law, RBI rules and regulations as well as other regulations set by the Foreign Investment Promotion Board (FIPB). NRIs and OCBs can make up to 100% equity investment in real estate sector and the nation's civil aviation sector. Moreover, all investments, except for the real estate investments, are fully repatriable. For real estate investments, the lock-in period on original investment is 3 years.
The Reserve Bank of India (RBI) has granted general permission to certain financial institutions, dealing in housing finance, to grant housing loans to non-resident Indians for acquisition of houses/flats for self-occupation subject to certain conditions.
They are required to file a declaration in Form IPI 7 with the central office of RBI in Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration. This declaration also needs to be supported with a certified copy of the documents proving these transactions and bank certificate regarding the consideration paid.
Yes, The Reserve Bank of India (RBI) has granted general permission for sale of such property as well. However, in case the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balance in NRE/FCNR accounts.
Yes. The Reserve Bank of India (RBI) has granted general permission to foreign citizen of Indian Origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin, whether resident in India or not, subject to compliance with applicable tax laws.
Yes. Under the general permission granted by The Reserve Bank of India (RBI) properties other 'than' agricultural land/farm house/plantation property can be acquired by foreign citizen of Indian origin provided the purchase consideration is made either out of inward remittance in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India. A declaration is also required to be submitted to the central office of RBI in Form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.
One can choose not to grant the Power of Attorney (POA) to the developers. However, this will mandate the mailing of all documents to your foreign residence and might cause additional time delays.
According to RBI’s guidelines for NRIs, 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 than the loan amount, can be met with 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 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.
You can get a Home Loan of up to 85% of the Total Consideration Value.
Yes. We very well understand that as an NRI you have a different set of needs with respect to your real estate management and investment requirements. We also understand that it needs special set of services to cater to your requirements. The good news from India is that government has allowed 100% repatriation for NRIs. The Reserve Bank of India (RBI) has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd. etc. to grant housing loans to non-resident Indian nationals for acquisition of houses/flats for self-occupation subject to certain conditions.