|Anyone who is an Indian citizen by birth, but for employment or other vocational reasons stays outside India for an indefinite period time can be all as a NRI.
Person-of-Indian Origin can be people who are citizens of a foreign country, but who are born in India or whose father and forefathers were of Indian origin.
Overseas Corporate Bodies
These are bodies largely owned by people who are Indian citizens or of Indian origin but reside outside India. They include overseas companies, corporate bodies and partnership firms owned mostly by the Indian citizens or people of Indian origin. In these bodies, three-fourth of the interest are owned by Indian citizens or people of Indian origin.
Is it possible for Non-Resident Indians and Overseas Corporate Bodies to invest in India?What is the procedure of payment for a residential property, for foreign citizens?How many commercial properties can an NRI acquire in India legally? Are foreign citizens of Indian origin allowed to acquire an immovable property through inheritance?Are residents of Indian origin allowed to send remittances of their owned/inherited assets in India, outside India?What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission?Do Non-Resident Indian nationals require permission of Reserve Bank to acquire residential / commercial property in India? Are foreign nationals of Indian origin allowed to purchase immovable property in India?In what way the Non-Resident Indian can finance the flat?Can the property be purchased through the agent or through the Power of Attorney?Can NRI Investors lease their property in India?What is carpet area, built up area and super built up area?What is the maximum allowed percentage of common area?Under whose name do I have to purchase the stamp paper and who pays the stamp duty during a transaction of buying and selling?How does one get tax benefit on the loan?Do Banks/FI assist one in selecting property / Building / Flat of ones own choice?What security does one provide against the loan amount to be borrowed? Can one repay the loan ahead of schedule?Does the property have to be insured?Home Loans: What is the amount that can be sanctioned?What is meant by an EMI (Equated Monthly Instalments)?What is Pre EMI – Interest?What is a Floating interest rate?
- Yes, it is possible for them however, through the RBI and Government bodies, which includes, Foreign Investment Promotion Board (FIPB). These Individuals and bodies can invest up-to 100% equity in Indian real estate and civil aviation sectors. Their investment in India is fully repatriable except in case of real estate with a 3-year lock-in period on original investment, along with 16% cap on dividend repatriation.
- The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from original non-resident account or from Non-resident (External) Accounts. 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 of 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.
- The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possession, etc.) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose. Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be drafted on the stamp paper bought in India.
- You will have to ensure that the property is duly and properly insured for fire and other Appropriate Hazards, as required by banks/ financial institutions with whom you may mortgage the property, during the pendency of loan. In such cases the beneficiary of the policy will be the concerned institution offering the loan. Even otherwise, it is advisable to insure your property from fire and other hazards.
- An EMI is the monthly amount to be repaid by the bank or financial institutions against a loan amount borrowed for a fixed period of time. An EMI has two components, the principal component and the interest component. There are two methods reducing balance method and Monthly balance method. The reducing balance method reduced the principal amount already paid from the outstanding loan amount. Every time you make a payment, you pay interest on the part of the original principal sum that has remain update till then.