An NRI is an Indian citizen who stays outside India:
- For purposes of carrying out employment or any business or vocation
- Under circumstances indicating an intention to stay outside India for an uncertain duration
- Any Indian citizen deputed outside India for a temporary period in connection with employment
A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO if:
- He / She at any time held an Indian Passport
- He / She or either of his/ her parents or grandparents was a citizen of India
- Spouse (not being a citizen of Bangladesh or Pakistan) of an Indian Citizen or (a) or (b) above
An NRI is allowed to inherit or dispose of a real estate property in India, from a resident Indian. Also, an NRI can inherit an immovable property in India, from a person who resides outside India. However the RBI has a restriction on the purchase of Agricultural Land/Plantation Property or Farmhouses in India.
An NRI or PIO can purchase a property either through an inward remittance in foreign exchange through normal banking channels or through the funds available in the NRE/NRO/FCNR accounts maintained in India by the investor.
There is no clause by the RBI, which restricts an NRI or PIO to rent the properties acquired by them. The amount received from rentals can also be repatriated back to the country they are residing in, without any restriction.
Yes. NRIs can definitely appoint a Power of Attorney to complete all loan formalities towards the purchase of a property in India, considering the fact that an NRI wouldn't be in India for long periods. The stringent formalities followed by Indian banks, only mean that the appointment of a Power of Attorney would be ideal.
The Reserve Bank of India has not fixed any restrictions on the number of Residential/Commercial properties that can be purchased by an NRI/PIO. However, the RBI has a restriction in the purchase of Agricultural Land/Plantation Property or Farmhouses in India.
At Unique, we have a team of qualified individuals, specially trained on Foreign Investment policies, pertaining to Property. We also have a dedicated Sales number that can be called for further assistance by our representatives. The team is also updated on each property development at Hoysala, so they would be able to assist NRI customers on any queries related to project status, payment schedules, loan assistance etc.
We do the facility of site visits for customers on their arrival in India.
At Unique we believe in associating with our customer for the long term and therefore, have a dedicated team of professionals who help assist all Unique Property Owners in renting or leasing their property.
An NRI or PIO can get a Home Loan of up to 85% of the Total Consideration Value of the property. Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc., to grant housing loans to NRI's for acquisition of a house/flat for self-occupation subject to certain conditions. The purpose of loan margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the investor's NRE/FCNR/NRO accounts.
There aren't any tax implications for NRIs for the purchase of properties in India, however any income earned from the rental of a residential property would be taxable under House Property, in the Income Tax Act of 1961. Income earned out of the rental of a commercial property would be taxable under Business Income in the Income Tax Act of 1961 & Income earned from the sale of a property is taxable under Capital Gains of the Income Tax Act of 1961.