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. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments as well 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 citizens (NRIs).(Pursuant to Clause 49(II)(E) of the Listing Agreement and Companies Act, 2013)

A. What are the facilities available for NRI

NRIs/OCBs are granted the 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

B. Can NRI Purchase of immovable property:

A person resident outside India can purchase a property under Foreign Exchange Management Act (1999). Under this section an NRI can hold, purchase, and invest in immovable property in Indian currency if such currency or property was acquired, held or owned by such person when he was a resident in India or inherited from a person who was a resident in India. Under the general permission available, the following categories can freely purchase immovable property in India: Non-Resident Indian (NRI) - that is a citizen of India resident outside India Person of Indian Origin (PIO) - that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who 1. at any time, held Indian passport, or 2. who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955). The general permission, however, covers only purchase of residential and commercial property.
Can NRIs sell the properties they hold in India without the Reserve Bank's permission? yes, NRIs holding Indian passport has the permission to sell the property in India subject to certain conditions. He can transfer any immovable property to a person resident in India. The Non-Residents need to take prior approval of the RBI for sale of residential property in India acquired with specific permission of the RBI to a person resident in or outside India.NRIs have been allowed to repatriate original investment in equivalent foreign exchange in residential properties only after obtaining prior approval subject to a maximum of two houses under certain conditions.. Brokerage, legal fees and other expenses incurred in selling the property would be allowed as a deduction from the taxable capital gains.

C. Can NRIs acquire or dispose residential property by way of gift?

Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.

D. Can NRIs acquire commercial 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.
Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?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.

E. Are there any taxation rules?

yes

F. Are there any tax exemptions?

yes

who is PIO

A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who: held an Indian Passport at any time, or who or whose father or paternal grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.

what is the buying process?

a) Documents required for registration are:
b) If necessary, all the documents should be reviewed by a lawyer within 15 working days.
c) Agreement is to be done within 15 days of booking.
d) Stamp duty must be paid before the execution of agreement and as per the market value.
e) Timely payment installments as per the work stages.
f) Possession agreement is required to be done between the buyer and the seller.
g) Keys will be handed after possession agreement and upon completion of the payment.
PSCLGroup is in the business of construction which includes development of townships, redevelopment projects, commercial projects including SEZ for IT/ITES companies, affordable housing, senior living/ assisted living, hospitality

process of NRI Home Loan

GPA holder is mandatory for processing a home loan application for a NRI. Maximum age of GPA should not cross 75 Years Maximum age considered for NRI is 58 Years All the repayments are given at a maximum period of 15 years Funding will be released ones documents gets registered on the applicants name. For semi-finished apartments and houses the funding will be released depending on the construction stage of the property. Funding will be done for properties with in the geo limits of the bank. GPA notary is mandatory in the residing countries which in turn to be validate din INDIA. TAX Benefit is not applicable for NRI’s on any type of loans.

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