AN INVESTMENT WITH US IS ONE CHOICE YOU WON’T REGRET
Kachhi Properties strives towards offering the best real estate experience to NRI Customers. We have assigned a dedicated and expertise team who are eager to serve them all the time.
FAQs
There is a general permission available under which the Non-Resident Indian (NRI) and Person of Indian Origin (PIO) are permitted to purchase immovable properties in India.
Any foreign citizen (who is not a citizen of Bangladesh, Pakistan, Bhutan, Afghanistan, Nepal or Sri Lanka) is deemed to be of Indian origin if
- He/she held Indian passport at any time
- If his/her father or paternal grandfather was a citizen of India by power of the Constitution of India or the Citizenship Act, 1955
A home loan can be sanctioned to the NRIs for any of the schemes below:
- To buy a house which is either ready-built, yet to be constructed or from a second owner.
- For the self-construction of a property
- To fund for the purchase of a plot of land allotted by a society or development authority
- For renovation or improvement of an existing property in India
The eligibility to obtain NRI Home Loans is calculated in the same way as for resident Indians. We emphasize more on the following criteria in the appraisal of a NRI case:
- Qualifications - the NRI applicant must be a graduate
- Present job profile & past experience
- Probability of continuing abroad
- Probability of servicing the loan with an extended tenure if there comes a condition to return to India
The housing finance offered to NRIs normally does not exceed 5 years. However, there are few Housing Finance Companies that offer loans for a term of 7 years. The repayment is generally done in EMIs.
There are no such tax benefits available for NRI customers until and unless you file return and thereby become eligible to avail of the tax benefits.
NRIs are supposed to submit additional certificates than is normally required for a resident Indian. Those certificates are as follows:
- A copy of the passport
- A copy of the works contract
- The power of attorney(POA)
Yes, properties can be given on rent as per Reserve Bank of India. The rental income or proceeds of any kind of investment of such income has to be credited to NRO account.
Yes, you require permission of RBI to buy immovable property in India. However, Reserve Bank has granted general permission to foreign citizens of Indian origin that they are eligible to purchase immovable property in India for their bona-fide residential purpose. So, they don't need to obtain separate permission of Reserve Bank.
One can choose not to grant Power of Attorney to the developers. However, this will authorize the mailing of all documents to the foreign residence and associated time delays. It would be a good compromise to grant the Power of Attorney to the builder but only for specific necessary items.