In India's fast-growing economy, real estate has emerged as one of the most appealing investment areas. Real estate is considered as one of the biggest asset among Indians, no matter which part of the world you live in. A home in India is the greatest dream of most Indians. The Indian laws, over the years, have made this a fairly easy job. The Reserve Bank of India governs such transactions and they fall under the purview of the Foreign Exchange Management Act (FEMA).
NRI's, who are looking to migrate back to India, are investing in real estate in India. Indian Economy is growing, and the real estate is at its boom. This is the right time to invest foreign Currency in Indian climbing property market, for the best capital value appreciation.
Realty Solutions has been serving to specific requirements for NRIs who are planning for investments in India. We have professionals who are adept with the prevailing laws and have credible experience in consulting NRI customers on property purchase decisions in India. We guarantee our clients with a completely reliability, transparency and flawless experience. We promise you with the best deals in our service areas.
Our planning process involves:
- Getting in touch with you and knowing your requirements.
- Determining your budget and location.
- Providing you with number of choices and recommending among alternatives.
- Presenting of the properties selected – Marking the map, taking pictures, scanning of layouts.
- Sending Digital pictures and scanned copies of documents of the selected properties.
- Negotiating the price, so that you get the best deal.
- Getting you pre-approved through your choice of bank.
Some important FAQs
Who is a Non-Resident Indian (NRI)?
An Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Person Posted in U.N organizations and official deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian Origin are treated on par with non resident Indian citizen (NRIs).
What should you keep in mind while purchasing a residential flat?
Some of the factors to consider while purchasing a flat are:
- Locality, meaning to transport, schools, hospitals, market, business district, entertainment centres, hotels, restaurants, pollution levels, Car parking space
- Quality of construction
- Reputation of the builder or seller
- Sufficient water and electric supply, other amenities
What documents are required for loan application?
List of documents of both Applicant and Co-Applicant to be submitted along with the loan application:
- Application Form - To be completed
- Latest Photograph
- Birth Certificate
- ID and address proof - PAN card / Passport / Latest telephone bill / rent agreement
- All pages of Passport showing VISA Stamps
- Residence Proof of India and Overseas
- Copy of Office I Card
- Degree and certificate
- Six Months salary slips
- Contract Letter/ work permit / deputation letter / Offer Letter of
- Six months bank statement for Salary account to be stamped by Bank
- Two years ITR
- Letter of yearly bonus / variable components
- Past Occupational history
- Credit Report
- Copy of sanction letter , Track Records of present loans taken in India OR Abroad
- Power of attorney as per Bank format to be provided in Original, POA for Home Loan related documents only
- Property papers - all documents for the identified property
- Pre approval Letter - In case the property in not identified OR not yet approved
NRI important facts:
- NRI's holding Indian passport does not require prior permission of Reserve Bank of India to buy residential or commercial immovable property in India.
- The purchase consideration may be paid either by remittance of funds from abroad through normal banking channels or out of NRE / FCNR / NRO account.
- NRI's of Indian nationality do not require any permission for acquisition, transfer or disposal by way of gift of immovable property which is not a farmhouse or agricultural land or plantations property. Declaration on form IPI 7 for acquisition of commercial property for carrying on any industrial, commercial or trading activity by their proprietary / partnership firm in India is required to be filed with RBI within 90 days from date of purchase.