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  • Who are NRI's

    NRI is defined separately under income tax laws and under foreign exchange laws. The definition of NRI under the tax laws is relevant for all income tax related matters. The definition of NRI under the foreign exchange regulations is relevant for purposes such as banking, repatriation, investments, etc.

  • Who are PIO's?

    PIO is a person of Indian origin whose ancestors were born in India and he/she has an Indian ancestry but not an Indian citizenship. As per the FEMA of 1999, a person of Indian origin can avail bank accounts, invest in shares and securities in India. So, he or she has had Indian Passport at any time himself/herself, parents or grandparents were Indian citizens (of the Constitution of India or Citizenship Act, 1955 (57 of 1955) is a spouse of an Indian citizen or a person who held an Indian Passport at any time is a spouse of a person who either was a citizen of India or his parents or grandparents were a citizen of India

  • NRI under the tax laws: Under the income tax laws, an individual is considered as an NRI for a financial year if he is either a citizen of India or a person of Indian origin, and is a non-resident in India for that year. An individual is considered as a non-resident in India for a financial year if:

    i) He was present in India for less than 60 days in the financial year, OR

    ii) He was present in India for a period of 60 days or more but for less than 182 days in the financial year AND he was in India for a period less than 365 days during the preceding 4 financial years, OR

    iii) He was present in India for a period of 60 days or more but for less than 182 days in the financial year AND he, being an Indian citizen, either left India during the year for the purposes of employment outside of India or he, being a person of Indian origin or an Indian citizen, came to visit India during the year.

    NRI under the foreign exchange regulations:

    An individual is considered as an NRI if he is a non-resident of India for that year and is either a citizen of India or a person of Indian Origin. An Individual is considered as a non-resident if he has left India for the purposes of taking up employment outside of India or carrying out a business/profession outside of India or for any other reason with an intention to stay outside of India for an indefinite period of time.

  • Can a NRI buy property in India?

    Yes, an NRI can purchase immovable property in India other than an agricultural land.

  • Do an NRI need RBI permission for buying property in India?

    No, an NRI does not need to obtain permission from RBI for buying immovable property (other than agricultural land) in India.

  • What are the document required for obtaining Homelaom for NRI's & POI's?

    1. NRIs are required to submit additional documents than is normally required for a resident Indian.

    2. A copy of the passport

    3. A copy of the works contract (also sometimes referred to as the contract card/labor card)

    4. The power of attorney (POA). The POA is required because the borrower is not based in India and in such a scenario; the HFC would need a representative 'in lieu of' the NRI to deal with as required. Although not compulsory, the POA is usually drawn on the NRI's parents, wife or children.

  • What is the mode of payment for NRI home loan?

    The loan towards the home has to be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from accounts that are allowed by RBI. Currently, payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI permissions to each HFC.


FAQ-About Property

  • What are the documents you need to check before buying?
  • What is meant by Carpet Area, Built-Up Area & Super Built-Up Area?

    Carpet area is defined as the precise area within the walls of your home. If you had to lay out a wall-to-wall carpet in your entire home, the area covered would be the carpet area. Built-up area is inclusive of not just the carpet area but also the area being occupied by the walls of your home. Super built-up area takes into account all the area under the common spaces which is the apartment's proportionate share of the lobby, staircase, elevator and the corridor outside the apartment.

  • What constitutes conclusion of sale of a property?

    The housing society share certificate and the sale/purchase deed of the property are the main documents required to sell a residential property. If the property has been sold and bought multiple times, a copy of the previous deeds may be required to prove the authenticity of the deal. Other than these, copies of Stamp Duty and registered house documents will also be needed. In case of property being mortgaged, these papers will be held by the bank and you can use a photocopy of the required documents to initiate a deal. Depending on the kind of property and ownership, some more documents, such as a No-Objection Certificate from the housing society and a documented consent in case of jointly owned property, may be required.

  • What is a Sale Deed?

    A Sale Deed is a document prepared on the basis of previous ownership document for the transfer of property from seller to buyer, providing the buyer the absolute and undisputed ownership of property.

  • How much is the registration Fees on sale of immovable property?

    During the transfer of property from one to another, the stamp paper and registration fee has to be paid which is equivalent to 7 to 8 per cent of the value of the property or those of circle rates. These rates are the notified rates of a particular area set by the government on which the registration charges on the value of the property are calculated. The circle rates can be seen on government registration and stamp department websites of each city.

  • What is Stamp Duty and who is liable to pay the Stamp Duty, the purchaser or the Developer?

    Stamp Duty is supposed to be paid every time there is a transfer of ownership. It is calculated on the basis of the total value of your property.

  • Which documents must be complusary registered? When and where should a document be registered?

    The Registration Act, 1908 came in the year 1908 and made compulsory registration of the deed. You have a property of the year 1978. Therefore, it should be registered. Since the agreement is unregistered, it is not valid and does not transfer the ownership to you. Before you make a gift deed, you need to register the sale deed in your favor as you are not the legal owner yet.

  • What is meant by valuation of property?

    Valuation of property simply means arriving at the actual prevailing cost of the property. It could depend upon number of parameters, location of property being the most important one. One needs to consider other parameters such as age of property, projects available, facilities offered and the sizes available in that project. The latest transaction price of a similar property needs to be considered to arrive at the closest value of the given property.

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