Ans. Any Indian citizen staying abroad for employment or business or staying for an uncertain duration is a non-resident. Persons posted in U.N. Organizations and officials deputed abroad by Central / State Government and PSUs on temporary assignments are also treated as non-residents. Non-resident foreign citizens of Indian Origin are treated on par with NRIs for the purpose of certain facilitations.
Ans. No, permission is not required by non-resident Indian nationals to acquire immovable property in India.
Ans. Yes, foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.
Ans. About 40% of your monthly gross income can be availed as the loan amount. Though you can only get a home loan of up to 80% of the Total Consideration Value, or, your eligibility whichever is lower.
Ans. They are required to file a declaration in Form IPI 7 with the Central Office of the Reserve Bank of India at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
Ans. Yes. The Reserve Bank of India has granted general permission for sale of such property. However, where 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 balances in NRE/FCNR accounts.
Ans. Yes, one can select his / her husband / wife, son / daughter, father / mother as a Co-Owner in the property.
Ans. In respect of residential properties purchased on or after May 26, 1993, the Reserve bank of India considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to May 26, 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property. The Reserve Bank of India also considers repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for acquisition of commercial properties.
Ans. Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final or consideration amount, whichever is later.
Ans. Application for necessary permission for remittance of sale proceeds should be made in Form IPI 8 to the Central Office of the Reserve Bank of India at Mumbai within 90 days of the sale of the property.
Ans. Yes. The Reserve Bank of India has granted general permission to foreign citizens 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 of Indian origin whether resident in India or not, provided gift tax has been paid.
Ans. Yes. The Reserve Bank of India has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income has to be credited to NRO account.
Ans. The Reserve Bank of India has granted general permission to certain financial institutions providing housing finance. HDFC, LIC Housing Finance Ltd., etc., to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions.