Vyas Buildcon Pvt. Ltd has been a trusted name in residential redevelopment and open plot residential development for more than two decades. We design and develop residential projects in prime locations of Pune City with modern amenities for your dream homes. With our efforts to create homes that are better than world-class, projects in Pune are a perfect investment option for NRIs. We ensure all support and assistance to our valued NRI customers to make buying a home in our projects a hassle-free and smooth experience. We have a dedicated team of experts to assist and advise NRI clients on buying a home in India.
Ans. NRIs can directly purchase a residential/commercial property in India, receive it as a gift deed from an Indian resident, or inherit it from an Indian resident, as per the RBI guidelines, under Section 6(5) of the Foreign Exchange Management Act (FEMA), 1999.
Ans. There is no limit to the number of properties that NRIs can buy in India.
Ans. NRIs can buy both residential and commercial properties in India.
Ans. No. The approval of the Reserve Bank of India is not required for the purchase/sale of residential/commercial real estate in India under the FEMA, of 1999.
Ans. When an NRI acquires a property in India, TDS is calculated depending on the total purchase amount, residential status of the seller, and applicability of capital gains.
Ans. Yes, the RBI allows NRIs to give away their residential or commercial properties for rent. After taxation, the rent received can be credited to their NRO/NRE (Non-Residential External) accounts and repatriated abroad through remittances. Rental income is also taxable in India. Therefore, it is necessary to have a TAN account to facilitate the income tax return process.
Ans. A power of attorney authorizes a trusted person to execute all documents and other official work on behalf of another person. It authorizes the person to collect rent, insure the property, and pay taxes. The POA can be given to close family members or friends. The process of drafting the POA can be done by a lawyer. The procedure for granting a POA can be completed in India in a sub-registrar’s office drafted on stamp paper.
Ans.
> Eligibility and interest rates for home loans for NRIs depend on the financial institution itself. Generally, you are eligible for a loan if you are an employed or self-employed NRI and if you have previously lived in India for at least 100 days.
> The disbursed amount of a home loan ranges from 75 % to 90 % of the property cost. It depends on annual income, credit score, term, etc.
> The documents required to apply for a housing loan are different for self-employed and salaried people. (General documents required: passport, PIO/OCI card, visa, work permit, Salary slips for six months, one year’s bank statements from NRO / NRE accounts, IT Returns, POA)
> The repayment of the loans/payment of EMIs is possible through remittance from NRE/NRO accounts.
Ans. A copy of your passport (PIO card if you have a foreign passport/OCI card for children of Indian parents), power of attorney, PAN card, and proof of address is required to buy a property in India.
Ans. NRIs can procure or transfer the right of a property in India from or to relatives who are residents/non-residents by a gift deed.