NRI Corner
NRI Corner
As an NRI you need following documents to buy a property in India:
Non-Resident Indians (NRIs) looking to establish a re-connect with their homeland, have numerous options to choose from. The AAI Infrastructures believes in this unbelievable potential of Indian Real Estate. Come, join us in the emerging market- make your investment in this growing economy with The AAI Infrastructures.
Power of attorney in the name of someone in India who can carry out legal & financial proceedings on your behalf
In case your PAN crd is not available, then a copy of your passport.
An NRE or NRO account via which you can transact with the builder.
Your PAN CARD or Other Valid ID Proof
NRI FAQ's
A person residing outside India who is a citizen of India or a person outside India who is of Indian origin is an NRI. The definition of Person resident outside India is defined under section 2(w) of Foreign Exchange Management Act, 1999 as "a person who is not resident in India"
A person shall be deemed to be a person not resident in India in the following cases: -
When the person stays in India for less than or up to 182 days during the preceding financial year.
When a person who has gone out of India or who stays outside India, in either case For or on taking up employment outside India, or For carrying on outside India a business or vocation outside India, or For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period
NRIs/OCB’s Are Granted Following Facilities:
Maintenance of bank accounts in India
Investments in securities/shares of, and deposits with, Indian firms/companies
Investments in immovable properties in India
Yes, Under The General Permission Granted By The Reserve Bank, Property Other Than Agricultural Land/Farm House/Plantation Property Can Be Acquired By NRIs Provided The Purchase Consideration Is Met Either Out Of Inward Remittances In Foreign Exchange Through Normal Banking Channels Or Out Of Funds From The Purchaser’s NRE/FCNR Accounts Maintained With Banks In India And A Declaration Is Submitted To The Central Office Of Reserve Bank In Form IPI 7 Within A Period Of 90 Days From The Date Of Purchase Of The Property/Final Payment Of Purchase Consideration.
The Reserve Bank Has Granted Some General Permission to Certain Financial Institutions Providing Housing Finance E.G. HDFC, LIC Housing Finance Ltd., Etc., And Authorized Dealers to Grant Housing Loans to NRI Nationals for Acquisition of A NRI House/Flat for Self-Occupation Subject to Certain Conditions. Criteria Regarding the Purpose of the Loan, Margin Money and The Quantum of Loan Will Be at Par with Those Applicable To Resident Indians. Repayment of The Loan Should Be Made Within a Period Not Exceeding 15 Years, Out of Inward Remittance Through Banking Channels or Out of Funds Held In The Investors’ NRE/FCNR/NRO Accounts.
Since general permission is not available to NRI/PIO to acquire agricultural land/plantation property/farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.