NRI

Dear NRI Investor,

If you are looking to invest in property in Hyderabad you are on the right page.

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We've created this section on our website especially for you, in order to answer every question that you may have pertaining to Investing in Hyderabad

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Who is an NRI?

Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:

Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad;

OR

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;

OR

Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organisation (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP)

OR

Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.


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.What are the guiding principles for getting hold of agricultural land / plantation property / farmhouse by NRIs and foreign citizens of Indian origin?


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 400 001


Are NRI's eligible for Home Loans in India?

NRIs are eligible for a home loan in India under the same conditions that apply to an Indian citizen. There are a few differences in the rate of interest and loan tenure. The rate of home loan interest is usually higher for an NRI as compared to an Indian resident. While a resident can get a maximum loan tenure of 30 years, for an NRI, it ranges between five and 20 years. There are some conditions that need to be fulfilled before applying for a loan including the following:

 

  • The NRI should be aged 18 years or above
  • Should have a valid Indian passport
  • Should be employed abroad for two years or more
  • Should have a steady source of income
  • Should possess a valid work permit

Repayment of loans: An NRI can only repay the loan through the NRE or NRO accounts with remittance from abroad. The borrower can repay in Indian rupees only, and no other currency can be used to this end.


 

 

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