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RBI Guidelines for NRI’s

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RBI Guidelines for NRI’s to purchase property in India:-

The Reserve Bank of India has clearly granted permission to all Non Resident Indian’s (NRIs) & Foreign Citizens of Indian origin (PIOs) to acquire & dispose immovable property in India, be it Residential or Commercial Property. However the RBI has a restriction on the purchase of Agricultural Land/Plantation Property or Farmhouses in India.

How Much Loan can an NRI get?

An NRI can get a Home Loan of up to 75-80% of the Total Consideration Value of the property.

What method should an NRI use in order to purchase a property in India?

An NRI or PIO can purchase a property either through an inward remittance in foreign exchange through normal banking channels or through the funds available in the NRE/NRO/FCNR accounts maintained in India by the Investor.

Can the properties (Residential/Commercial) be given on rent if not required for immediate use?

Yes! There is no clause by the RBI, which restricts an NRI or PIO to rent the properties acquired by them. The amount received from rentals can also be repatriated back to the country they are residing in, without any restriction.

Documents Required:-

  • Visa stamped on passport
  • Copy of the employment contract
  • If the contract is in any language other than English, the same has to be translated into English and counter signed by the employer/Indian Embassy.
  • Latest salary slips (Certified) for the past 6 months.
  • Identity card issued by the present employer.
  • Continuous discharge certificate (if applicable)
  • Latest work permit.
  • If you are working in merchant navy, contract slip with income details.
  • Copy of the local income tax returns.
  • Non Resident External (NRE), FCNR, NRO and International account passbook sheets.
  • Overseas Bank account statement for the past six months.
  • Bio data details about educational qualifications, age, job experience and profession/business with proof.
  • Power of attorney in favour of local representative in India.

Personal documents:-

  1. Title deeds of the builder/land owner for a period of last 13 Years
  2. If the land is developed by the builder, development agreement between the builder and land owner.
  3. Power of Attorney executed in favour of the builder, if applicable.
  4. An Encumbrance Certificate (EC issued by the concerned sub registrar) for the past 13 years.
  5. Khasra Pahani (a document indicating ownership of property as entered by the revenue authorities)
  6. A sanctioned plan.
  7. An agreement for sale and a construction agreement with the borrower.

In case, if you are in India, the Power of Attorney can be locally notarized. Normally Wife, Husband, Father, Mother, Brother, Sister can be given the power of attorney. The power of attorney holder does not have the power of dealing with the property. He or she gets the powers that you clearly mentioned in the power of attorney

Property Documents required for purchase of a flat from a reputed builder in Hyderabad.

  1. Passport size photograph.
  2. Copy of your passport, PAN card, Driving License, SSC – School leaving certificate, Birth Certificate, LIC Policy.
  3. Bankers sign verification.

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