NRI Corner

We have a focused dedicated sales team which offers real estate solutions to our prestigious NRI clients. The team reaches out to NRIs in various regions by way of exhibitions, seminars and fulfills sales through our dedicated project sales team. We understand the requirements of our NRI clients and provide real estate solutions which fit their needs.

Below are few frequently asked questions for NRI. for any further information or an enquiry please Contact Us : sales@krisala.com / +91 7419 414 141

Who is a Non-Resident Indians (NRI) ?

An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments and are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated at par with non- resident Indian citizens (NRIs).

Who is a PIO ?

A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who: Held an Indian Passport at any time, or Who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.

What are the various facilities available to NRI ?

NRIs are granted the following facilities:

  • Maintenance of bank accounts in India.
  • Investments in securities/shares of, and deposits with, Indian firms/companies.
  • Investments in immovable properties in India.
Who can purchase immovable property In India ?

Under the general permission available, the following categories can freely purchase immovable property in India) Non-Resident Indian (NRI) – that is a citizen of India resident outside India) Person of Indian Origin (PIO) – that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who At any time, held Indian passport, or Who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

The general permission, however, covers only purchase of residential and commercial property.

Can NRIs sell the properties they hold in India without Reserve Bank's permission ?

Yes

Can NRIs acquire or dispose residential property by way of gift ?

Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.

Can NRI obtain loans for acquisition of a house / flat for Residential purpose from financial institution?

The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. 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.

What is loan sanction process and it's documentation ?

The documentation required to be submitted by the NRIs are different from the Resident Indians, as they are required to submit additional documents, like copy of the passport and a copy of the work contract etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India.

Another vital document required while processing NRI home loan is the power of attorney (POA). The POA is important because, since the borrower is not based in India; the Home Finance Company would need a ‘representative’ ‘in lieu of’ the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI’s parents/wife/children/ close relatives or friends.

The documents needed for obtaining NRI home loans are Bank specific. General list of documents are as mentioned below:

  • Passport and Visa
  • A copy of the appointment letter and contract from the company employing the applicant.
  • The labour card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East Salary certificate (in English) specifying name, date of joining, designation and salary details.
  • Bank Statements for the last six months.

List of Classified documents for Salaried and Self Employed NRI Applicants. Banks may have specific requirements apart from the below listed documents.

Salaried NRI Applicants :

  • Copy of valid passport showing VISA stamps.
  • Copy of valid visa / work permit / equivalent document supporting the NRI status of the proposed account holder.
  • Overseas Bank A/C for the last 3 months showing salary credits.
  • Latest contract copy evidencing Salary / Salary Certificate / Wage Slips.

Self-Employed NRI Applicants :

  • Passport copy with valid visa stamp.
  • Brief profile of the applicant and business/ Trade license or equivalent document.
  • 6 months overseas bank account statement and NRE/ NRO account.
  • Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts).

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