- Do non-resident Indian nationals require permission of Reserve Bank to acquire residential/ commercial property in India?
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| No permission is required by non-resident Indian national to acquire immovable Property in India. |
- Are foreign nationals of Indian origin allowed to purchase immovable property in India?
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| Yes, foreign national of Indian origin, whether resident in India or abroad have been granted general permission to purchase immovable property in India. |
- What should be the method of payment for purchasing residential immovable property in India by foreign national of Indian origin under the general permission?
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| 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 accounts maintained with banks in India. |
- What way the Non-resident Indian can finance the flat?
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| The purchase of the flats can be financed from fresh remittance through the normal banking channels or from payment from original non-resident account or from Non-resident (External) accounts. When the flat is under construction, it may be possible to get installment facilities from the builder. Loan may also be available in India for purchase of flats, for example from Housing Development Finance Corporation, ANZ Grindlays Bank, Citi Bank etc. Non-resident Indians who are citizens of India (India Passport Holders) are eligible for housing finance for the acquisition of an immovable property or construction of a new house, or a flat for their occupation or for that of their family in India. But the HDFC also considers granting loans to non-resident Indians even if they are abroad, provided a family member of his or her in India is made a co-borrower and a power of attorney is given to his representative in India. |
- What are the documents I will have to submit to the bank?
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| Different banks require different sets of documents for processing a housing loan. |
| Following are some documents generally required by most banks: |
| 1.Proof of Income |
- Salary certificates and form No. 16 for last three years
- TDS certificate for last 3 years
- Bank statements showing credit entries for salary/ professional fees received for past 12 months
- Professional qualification certificates etc
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| 2.Title of the property |
- Copy of the property sale deed
- Title report by a solicitor
- Valuation report
- NOC from the builder/condominium/society
- Amenities agreement, if any
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| 3.Other Documents |
- Proof of age – Copy of passport, driving license etc
- Proof of residence – Copy of ration card, passport, society letter etc
- Photographs with signature
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| Documentation required for guarantor, if any |
If you have other questions that are not answered here, please feel free to write to us at info@srisairamgroup.com, and we’ll be happy to get you all the right answers! |
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