NRI CORNER

NRI FAQ'S

ANSWER:
Yes, NRI's and PIO's are permitted to purchase or sell immovable property in India with the exception of agricultural land, farm house and plantation property. No special permission requires to be obtained for this purpose from the Reserve Bank of India.

ANSWER:
Yes, NRI's and PIO's are permitted to avail of loans to purchase residential/commercial premises in India. These loans are available for construction of new house / flats, purchase of old house / flat addition / alteration to an existing house and repairs / renovation etc. NRIs can avail of loans by mortgaging an existing residential property. However, for availing home loans, NRIs have to fulfill certain conditions according to provisions of the Income Tax Act. They should have stayed in India for a period of 182 days or more within an assessment year or they should have stayed in India for at least a total of one year or more.

ANSWER:
The Reserve Bank of India (RBI) permits Indian firms / companies to grant housing loans to their employees deputed abroad and holding Indian passports, subject to certain conditions.

ANSWER:
An NRI or PIO loan applicant must be at least 21 years of age and have a minimum monthly income of $2,000/-. Further, the loan seeker must be at least a graduate. In addition banks and financial institutions consider the stability and continuity of your employment or business, number of dependents, assets and liabilities, etc.

ANSWER:
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 / NRO accounts maintained with banks in India.

ANSWER:
You can only open a joint NRE and FCNR account if the other person is also an NRI. An NRO account can be held with an Indian Resident.

ANSWER:
Yes, RBI has granted general permissions for letting out any immovable property in India. The rental income or proceeds of any such income are eligible for repatriation subject to payment of taxes and production of a certificate issued by a chartered accountant with the guidance of an Authorised Dealer, such as, a bank for completion of formalities.

For more information or any other query regarding NRI property sales you can contact us here.
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