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Q - Who is a Non-Resident Indian (NRI)?

A - A Non Resident Indian (NRI) as per India’s Foreign Exchange Management Act 1999(FEMA), is an Indian citizen or Foreign National of Indian Origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period. An individual will also be considered NRI if her/his stay in India is less than 182 days during the preceding financial year.

Q - Who is a Person of Indian Origin (PIO)?

A - 1. As per the Gazette of India (Part-I, Section-I) published on 09.01.2015, all the existing Persons of Indian Origin (PIO) card holder registered as such under new PIO Card scheme 2002, shall be deemed to be Overseas Citizens of India Cardholder.

2. Again as per the Gazette of India (Part-I, Section-I) published on 30.09.2014, a PIO card issued to an applicant shall be valid for his lifetime, provided such applicant has a valid Passport.

Q - Are NRIs or PIOs allowed to purchase or sell immovable property in India?

A - The NRIs or PIOs are allowed to buy or sell commercial or residential properties in India but are not allowed to buy or sell agricultural land, plantation property or farmhouses.

Q - Do NRIs/Foreign citizens of India need to submit any documents with RBI when purchasing immovable residential property in India?

A - NO. They are not required to submit any documents under general permission.

Q - What mode of payment can an NRI or PIO make to purchase a residential property in India?

A - Under general permission, they can use funds remitted to India through normal banking channel or funds held in their NRE/FCNR/NRO accounts.

Q - Can an NRI give their residential property on rent if not required for immediate use?

A - Yes.

Q - Can NRIs obtain loans for acquisition of a property for residential purpose from financial institutions?

A - Under general permission, the NRIs and the PIOs are allowed to obtain loans from dealers or banks like HDFC, LIC Housing loans etc but the maximum time of paying off the loan will cannot be more than 15 years.

Q - What is the Loan Sanction process and what are the documents required?

A - Loan Sanction - In the entire process of home loan—right from the application to the final disbursement, the sanction letter from a bank or financial institution holds a lot of importance. Home loan sanction letter. A home loan sanction letter is issued by a bank or financial institution to an applicant who has applied for the loan.

The general documents required for the process are -

1. Identity Proof: Passport/ Driving License/ Voter ID/ PAN

2. Address Proof: License/ Registered Rent Agreement/ Electricity Bill (up to 3 months old), Passport

3. Employment Appointment Letter: Required if the current employment is less than 1-year- old

4. Financial Documents:

  • 3 months salary slip
  • 6 months bank statement
  • 2 years Form 16

Q - Can an NRI give a Power of Attorney to an Indian resident to carry out the documentation formalities on his behalf?

A – Yes, only if the NRI is not available in India for longer periods of time.

Q - Can an NRI or PIO transfer their residential property by way of gift?

A - Yes.

Above are some general queries by a NRI, who is looking to buy or invest in any real estate projects by a real estate company or looking to buy residential apartment in Noida or any other city.

Small time investment suggestion can be to go for 2 bhk apartments in Noida Extension considering the development and price factor.

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