Can OCI holders open PPF account in India
Question: Can OCI holders open PPF account in India?
Raju Kanumuri: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on the subject of bank accounts, technically such OCIs cannot continue to hold NRO or NRE accounts. This is because residents cannot have Non-Resident bank accounts. In such cases they are expected to re-designate their NRO accounts to Resident bank account. They can:
1.Open a resident account and move the balances of their NRO account into this account.
2. Open a RFC account (Resident Foreign Currency) and transfer the balances in their NRE account into this account.
Q: How much finance can an NRI avail against the property value?
A: An NRI can borrow up to 75 % of the market value of your property subject to your income eligibility.
Q: For how long period can an NRI get a home loan?
A: NRI's can get home loans from a minimum of three years to maximum of 15 years.
Q: What is the minimum income requirement for an NRI to get loans?
A: * For Middle East countries: 3, 00,000 AED (UAE Dhms) per annum
* For USA and other countries: 80,000 USD per annum
* For Merchant navy: 50,000 USD per annum
Q: What is the applicable rate of interest on NRI loans?
A: The rate of interest varies depending upon your loan amount, property type, income, etc and this will be communicated to you by our sales representatives.
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.
Q: Can NRI transfer money out of India?
A: Interest earned and balances held in NRE and FCNR accounts are not taxed and can be freely repatriated abroad. RBI allows NRIs to transfer money from NRO to NRE account, subject to the overall...