What way non-resident Indian can finance the flat
Question: What way non-resident Indian can finance the flat?
Raju Kanumuri: The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from the original non-resident account or from Non-resident (External) Accounts. When the flat is under construction, it may be possible to get installment facilities from the builder. The loan may also be available in India for purchase of flats, for example from State Bank of India, Housing Development Finance Corporation, IDBI, Axis bank, etc.
Non-resident Indians who are citizens of India (India Passport holders) are eligible for housing finance for the acquisition of immovable property or construction of a new house or a flat for their occupation or for that of their family in India. But the HDFC also considers granting of loans to non-resident Indians even if they are abroad, provided a family member of his or her in India is made a co-borrower and a power of attorney is given to his representative in India.
Q: Can sale proceeds of such property if and when sold be remitted out of India?
A: In respect of residential properties purchased on or after May 26, 1993, the Reserve bank of India considers applications for repatriation of sale proceeds up to the consideration amount remitted...
Q: What is the procedure for seeking repatriation of sale proceeds?
A: Application for necessary permission for remittance of sale proceeds should be made in Form IPI 8 to the Central Office of the Reserve Bank of India at Mumbai within 90 days of the sale of the...
Q: Are there any formalities to be completed by foreign nationals of Indian origin for purchasing a residential immovable property?
A: They are required to file a declaration in Form IPI 7 with the Central Office of the Reserve Bank of India at Mumbai within a period of 90 days from the date of purchase of immovable property or...
Q: Can the rental income from the residential property be remitted outside India?
A: No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property. Restricted remittances are, however, now permitted.
Q: Can OCI holders open PPF account in India?
A: 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...
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.