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1. What should a buyer keep in mind while purchasing a flat?
  • Locality i.e. transports schools, hospitals, market, business district, entertainment centers, hotels, restaurants, pollution levels, etc.
  • Quoted area of the flat, i.e., carpet, built up area and super built up area
  • Car parking space
  • Quality of construction
  • Reputation of the builder or seller
  • Sufficient water and electric supply, other utilities
  • Cost components: price, stamp duty, registration charges, transfer fees, monthly outgoings and society charges, costs of utilities
  • Potential for resale or renting out of the property
  • Any other distinguishing features or advantages of the property
2. Do NRIs require consent of the Reserve Bank to buy immovable property in India?

No, NRI's do not require permission to buy any immovable property in India other than agricultural/plantation property or a farmhouse.

  • Loans to NRIs, PIOs and OCIs* for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority in India.
    1. Avail of Home Loan Advisory Services in the country where you currently reside.
    2. Attractive interest rates. No hidden charges.
    3. Loans also available for those employed in the Merchant Navy.
3.What are the guiding principles for getting hold of agricultural land / plantation property / farmhouse by NRIs and foreign citizens of Indian origin?
All requests for purchase of agricultural land/plantation property/farm house by any person residing outside India may be made to:
  • The Chief General Manager,
  • Reserve Bank of India, Central Office
  • Exchange Control Department
  • Foreign Investment Division (III)
  • Mumbai 400 709
4.Can a home/land be sold without the permission of Reserve Bank?
Yes, the Reserve Bank has granted general permission for sale of property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.

5. Can authorized dealers grant loans to NRIs for purchase of a flat/house for residential intention?
Authorized dealers have been granted permission to grant loans to NRIs for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. 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.

6. What are the documents required along with the application?
The following documents are normally required to be submitted along with the application:
  • Photocopy of the labor contract and English translation duly countersigned by your employer
  • Latest salary certificate (in English) specifying the following: name (as it appears in the passport), date of joining, passport number, designation, perquisites and salary.
  • Photocopy of labor card/identity card
  • Photocopy of valid resident visa stamped on the passport
  • Photocopy of monthly statement of local bank account for the last 4 months
  • Property related documents
7. What aspects should overseas investors look at in the Indian real estate market to facilitate the suitability of their projects?
Any NRI before investing in the Indian real estate should also focus on the particular segment that he plans to invest in like residential, retail or office space. Consulting legal firms and real estate firms providing professional NRI services can be very useful.

8. How is the sanctioning authority and monitoring authority different in India?
In some states, the Municipal authority is the ultimate monitoring authority. In smaller states and in non-urban areas, the town and country planning corporation acts as the monitoring authority. In urban areas where most of the construction takes place, the municipal authority wields power in giving the final permission and sanctioning drawings and plans. Clearances on electricity, water supply and other utilities also come from here.

9.How do I apply for the loan?
By calling on our toll free no. at 1800-200-555