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FAQ
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Can NRIs hold/acquire residential/commercial properties in India?
Yes. NRIs have been legally supported to acquire and continue further dealings with any form of immovable property in India.
How can an NRI pay for the property he buys in India?
Payment modes can either be foreign exchange inward remittances via normal banking channels or out of funds from NRE/FCNR accounts maintained with banks within India.
Are there any legal formalities to be completed?
Yes. You should file in a declaration in form IPI7 maintained with the Central Office of Reserve Bank of India, Mumbai, in not less than 90 days from the date of payment.
Can NRIs purchase property through power of attorney?
Purchase formalities may be done by filing the Power of Attorney in favour of their reliable relatives residing in India at the time of purchase. This must be executed on a valid stamp paper bought in India and in the witness of proper authority
Does law restrict to rent out such an immovable property?
No. However, the income thus generated shall not be remitted outside India; instead as to be credited to the ordinary non-resident rupee account of the owner of the property in India.
Can NRIs avail loan facility from financial institutions in India?
There are certain financial institutions approved by RBI providing loan facility for NRIs, though are subjected to certain conditions - the loan borrower should be in a financial standing to bear at least 25% of the total cost, paid out of inward remittance in foreign exchange through normal banking channels or out of funds held in his NRE/FCNR accounts.
Will Indian companies provide loans to their NRI employee?
Yes. For this the employee who is designated outside India should hold a valid Indian passport.
Are there reliable home loan providers?
From nationalized banks to private housing finance institutions and banks provide home loan for a home-buyer – HDFC, ICIC bank, SBI, LIC housing finance, HSBC etc are just few among the long list.
What is the loan amount a single buyer can avail?
About 85% of the consideration value of the home you are intending to buy or build is allowed as the loan amount.
Can the term of loan repayment be wavered?
Yes. You can pick your comfort limits; choose a time span of 15 years or your retirement age, whichever is earlier.
How can you apply for a home loan?
Approach a financial institution for a loan application form. Adhere to the guidelines while filling in the form and do submit relevant documents with the processing fees. The bank might ask for a Co-lateral security. You will be intimated with a sanction letter, in case if your request has been approved
