Investing flats in mangalore
NRIs have always been opportunistic in terms of investment avenues and returns. Real estate is one of the sectors which always grabs the attention of non-residents. Another thing that dominates an NRI’s mind is that he might want to return home after some years, and the very next thought after that is the purchase of property here.
NRIs have always been keen on investing their money in India. Buying a property in one’s home country will always have its own advantages. Occasions like wedding, anniversary or a misfortune may want them to visit their homeland to keep the Indian connection alive.
An Indian Citizen who stays abroad for employment/carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident.
Non-resident Indian citizen doesn’t require permission of Reserve Bank to acquire residential/commercial property in India.
Reserve Bank has granted general permission to foreign citizens of Indian Origin, whether resident in India or abroad, to purchase immovable property in India for their bonafide residential purpose. They are, therefore, not required to obtain permission of Reserve Bank.
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.
Yes. The Reserve Bank of India has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, provided gift tax has been paid.
The Reserve Bank of India has granted general permission to certain financial institutions providing housing finance. Many banks offering t housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions.
There is no restriction on the number of residential/commercial property that an NRI/PIO can purchase under the general permission available.
- Passport and Visa
- A copy of the appointment letter and contract from the company employing the applicant.
- The labor 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