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General Information to Non-Residential Indian By Krish Group

Krish Group is one of the most successful projects of Krish Group real estate developer group in Bhiwadi Gurgaon and in Delhi NCR which provides flats ,apartment for sale at a very affordable prices as compared to any other real estate group in Bhiwadi ,Gurgaon , Delhi NCR or in India .For more information just go to the link https://www.krishgroup.org/or call us on 9660714446

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General Information to Non-Residential Indian By Krish Group

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  1. Legal Information At Krish Group, we aim to help you resolve every concern and doubt. We have compiled basic legal information to help you buy a house in India. Read through the following points and get in touch with us if you have any more queries. Non-resident Indians holding Indian passport do not require any permission from RBI for acquiring immovable property for bonafide residential purposes like for family members, investment etc. Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO/ NRE account. The properties which an NRI can purchase in India: As per the general permission issued by RBI, an NRI and a Person of Indian Origin (PIO) can purchase any residential property in India without any specific permission from RBI. However an NRI is not allowed to buy any agricultural land, plantation property or farmhouse in India without specific permission from RBI. RBI guidelines on home loan for buying residential accommodation: RBI has given general permission to banks and Housing Finance Companies (HFCs) registered with National Housing bank to grant home loan to NRIs for the purpose of buying residential house property in India. As per these guidelines, the loans to be granted to NRIs shall be on the same basis and criteria as those are applicable in case of resident Indians. These would include the loan amount eligibility based on the income, tenure of the loan and the extent to which the lenders can finance purchase of residential house property by NRIs. It may be noted that these loans shall be given in Indian Rupees and shall also be repayable in Indian Rupee. It is interesting to note that as per the regulations, the amount of loan cannot be credited directly to the bank account of the NRI and thus by implication should only be disbursed to the seller or the builder. In case where the NRI has already paid the consideration, the loan cannot be availed subsequently. The home loan to NRI shall be secured by equitable mortgage of the property which the NRI intends to purchase. The lenders are also allowed to accept any other assets in India as security. Repayment of the home loan: The home loan taken by NRI from these banks/ housing finance companies can be serviced through various sources. Since the NRI is working outside India, it is always convenient for him to pay the EMI by way of remittances through the banking channels. The loan can also be serviced out of the funds lying in his credit in any of the banking accounts like his NRE account. Even the home loan taken by him can be repaid out of the funds lying in his NRO account. The RBI even permits the rental incomes received on such property to be used for the purpose of servicing of the EMIs. Repatriation of the sale proceeds: In case he has purchased any property through home loan, he cannot repatriate whole of the sale proceeds. There are some restrictions on repatriation of the funds. Though there are no restrictions as to the number of properties an NRI can purchase or retain in India but he is allowed to remit sale proceeds of only two properties out of India as per the existing guidelines. Moreover only the portion of sale proceeds which was paid using the foreign currency can only be repatriated. This will include the money remitted directly from abroad as well as money utilized out of the Foreign Currency Non Resident Account or NRE account. However in case the funds were used from the NRE account, the amount to be remitted would be restricted to equivalent foreign currency used on the date of payment. The above money will include the down payments made as well as amounts remitted/used for servicing of the housing loan out of the above sources. It is pertinent to note that an NRI can sell the property so purchased anytime and there is no lock-in period for selling the property so acquired. In addition to the above amount he can remit an amount equal to USD One Million every year from his NRO account. So from the above discussion it becomes clear that home loans are available to not only the resident Indians but also to non residents as well as to persons of Indian origin on the same terms and conditions. Moreover you are allowed to            

  2. f you are a NRI, acquiring a home loan in India can be a complicated and confusing process. Go through the following information to understand the process of receiving a home loan. HOME LOANS: The Non-Resident Indians (NRIs) are recognized under the Foreign Exchange Regulatory Act, 1973. Every bank and housing finance companies follow the RBI guidelines to define NRI – “An Indian citizen who holds a valid document like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI. “Broadly categorized, Non-Resident Indians qualifying for NRI housing loans are: Indian citizens who stay abroad for employment or for carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad; Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources; Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organization (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP); Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad. Documents required for Resident Indians as well as for NRIs for getting Home Loans are different in some respect. Home loans for NRIs are available for purchase of old and new house/flats. Last but not the least, NRIs should take due care while selecting their home loan provider companies or HFCs. Considering the geographical distances involved, it is significant that loan seekers associate with a proactive and responsive HFC. NRI home loan FAQs 1. For what purposes can an NRI avail a home loan? To purchase a house either ready-built, under construction or from a second owner, however he cannot secure a home loan for self construction of a property. What is the eligibility for obtaining NRI Home Loans? The eligibility for an NRI is calculated on the same lines as a resident Indian. Emphasis is placed on the following for an NRI: a) Qualifications – the NRI applicant has to be graduate b) Current job profile & past experience c) Probability of staying abroad for the entire loan tenure d) Probability of servicing the loan with an extended tenure in case you have to return to India. What is the repayment period for a NRI Home Loan? The housing finance offered to NRIs normally does not exceed 5 years. However, some Housing Finance Companies offer loans for a term of 7 years. The repayment for the loan is by way of EMIs. The EMIs begin only after the entire loan is disbursed. In case of a part disbursement, you pay simple interest at the rate applicable on the loan amount that is disbursed to you. What is the mode of payment for NRI home loans? The loan towards the home has to be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from accounts that are allowed by RBI. Currently, payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI permissions to each HFC.                        

  3. What are the documents required for obtaining NRI Home Loans? NRIs are required to submit additional documents than is normally required for a resident Indian. Duly filled & signed application NRI loan application form. One passport size photograph to be affixed on the application form & to be self attested by applicant &/ co-applicant. Copy of identify proof of both applicant &/ co-applicant. (Passport, pan card, driving license). Copy of residence proof of both Indian and overseas address of applicant&/co applicant. (Utility bill- electricity/telephone bill, lease agreement, passport, bank statement, letter from employer). Copy of visa stamped on the passport.( last visit details to be highlighted)* Copy of employment contract. Website address of the employer and contact details of HR Manager Copy of last 3 months salary slip/ original salary certificate. Bank statement of the overseas bank account for the last 6 months. (salary credits & rent paid to be highlighted) Bank Statement of the NRE/NRO account for the last 6 months.( in India) Profile of the applicant&/co applicant and qualification proofs Past occupational history (in case of less than 2 years of work experience or recent change in employment) Copy of Latest Income tax return (Form W 2 in US, P60 in UK) Details of any other loan availed from any other bank/financial institution in India or overseas.(to be mentioned on the application form) Bank statement showing repayment of the loans availed from any other bank/ financial institution for the last 6 months / repayment track record from the bank/ financial institution the loan has been availed from. Credit Bureau Report (incase facility not available in the country applicant&/ co applicant are based at than declaration to be collected mentioning details of any other loans availed) Processing fee cheque in favor of “HDFC LTD” from NRE/NRO account. Power of attorney details or local contact person’s details to be updated on the application form Incase property is selected, copy of property documents are also required. (please provide details such as complete property address, owners & payment made to the builder from own sources ) * Incase customer is permanent resident of the overseas country then permanent resident card will be required. Note – All the documents to be self attested. If the documents are in language other than English an English translation of the same attested by the embassy should be provided. Incase applicant/& co applicant is not present in India at the disbursement of the loan and POA has been identified then KYC documents of the applicant &/ co applicant to be attested by the notary public or Indian Embassy. Or customer can provide banker’s certificate from his bank on their letter head mentioning that applicant &/ co applicant are KYC complied with the bank. How is the loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian? The repayment capacity of the applicant(s) based on resident status is reassessed and a revised repayment schedule is worked out. The new rate of interest will be revised according to the rates for Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A confirmation letter on the status change is provided to the loan consumer.                            

  4. f you are a NRI, acquiring a home loan in India can be a complicated and confusing process. Go through the following information to understand the process of receiving a home loan. HOME LOANS: The Non-Resident Indians (NRIs) are recognized under the Foreign Exchange Regulatory Act, 1973. Every bank and housing finance companies follow the RBI guidelines to define NRI – “An Indian citizen who holds a valid document like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI. “Broadly categorized, Non-Resident Indians qualifying for NRI housing loans are: Indian citizens who stay abroad for employment or for carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad; Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources; Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organization (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP); Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad. Documents required for Resident Indians as well as for NRIs for getting Home Loans are different in some respect. Home loans for NRIs are available for purchase of old and new house/flats. Last but not the least, NRIs should take due care while selecting their home loan provider companies or HFCs. Considering the geographical distances involved, it is significant that loan seekers associate with a proactive and responsive HFC. NRI home loan FAQs 1. For what purposes can an NRI avail a home loan? To purchase a house either ready-built, under construction or from a second owner, however he cannot secure a home loan for self construction of a property. What is the eligibility for obtaining NRI Home Loans? The eligibility for an NRI is calculated on the same lines as a resident Indian. Emphasis is placed on the following for an NRI: a) Qualifications – the NRI applicant has to be graduate b) Current job profile & past experience c) Probability of staying abroad for the entire loan tenure d) Probability of servicing the loan with an extended tenure in case you have to return to India. What is the repayment period for a NRI Home Loan? The housing finance offered to NRIs normally does not exceed 5 years. However, some Housing Finance Companies offer loans for a term of 7 years. The repayment for the loan is by way of EMIs. The EMIs begin only after the entire loan is disbursed. In case of a part disbursement, you pay simple interest at the rate applicable on the loan amount that is disbursed to you. What is the mode of payment for NRI home loans? The loan towards the home has to be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from accounts that are allowed by RBI. Currently, payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI permissions to each HFC.                        

  5. According to the Real Estate (Regulation and Development) Act, 2016, if any defects are found in the construction within five years of possession by a home buyer, the developer would be liable to fix it without any charge. The developer will have to get the work done within 30 days, failing which he would be liable pay compensation. According to the Act, a home buyer, who fails to comply with the orders of the Real Estate Regulatory Authority, will have to pay a penalty for each day of the period of non-compliance. The penalty may “extend up to five per cent of the property cost”. According to the Draft Model Tenancy Act 2015, a landlord cannot enter the premises without giving the tenant a written notice 24 hours. Landlords have to follow the same process if they want to carry out any renovation work. According to the Foreign Exchange Management Act (FEMA), foreign companies looking to set up branches in India are allowed to acquire real estate provided they make a declaration to the Reserve Bank of India (RBI) within 90 days of acquiring the property. For the repatriation of the proceeds obtained by selling the property, the company would need a prior approval of the central bank. However, companies from Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan have to take the RBI’s prior approval. While there are no restrictions on non-resident Indians (NRIs) and persons of Indian origin (PIOs) buying residential and commercial real estate in India, they have to seek the RBI approval if they want to buy agricultural land or a farm house. It is only after a consultation with the Centre that the RBI would grant it approval for such a transaction. It is to be noted that the FEMA norms regulate NRI investments in India.     

  6.  Krish Group is one of the most successful projects of Krish Group real estate developer group in Bhiwadi Gurgaon and in Delhi NCR which provides flats ,apartment for sale at a very affordable prices as compared to any other real estate group in Bhiwadi ,Gurgaon , Delhi NCR or in India .For more information just go to the link https://www.krishgroup.org/or call us on 9660714446

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  9.  221-223, Second Floor, Vipul Agora, MG Road, Gurgaon,Haryana – 122001 Phone: +91124-4375176 Email: enquiry@krishgroup.org

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