Non-Resident Indians (NRIs) looking to establish a re-connect with their homeland, have numerous options to choose from. The Hiray Builders & Developers believes in this unbelievable potential of Indian Real Estate. Come, join us in the emerging market- make your investment in this growing economy with The Hiray Builders & Developers.
An Non Resident Indian (NRI) is an Indian Citizen who resides in India for less than one hundred & eighty two days during the course of the preceding financial year, or
who has gone out of India or who stays outside India for the purpose of employment,
who has gone out of India or who stays outside India for carrying on business or vacation outside India
who has gone out of India or who stays outside India for any other purpose indicating his intention to stay outside India for an uncertain period.
NRIs/OCB’s Are Granted 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
Yes Under The General Permission Granted By The Reserve Bank, Property Other Than Agricultural Land/Farm House/Plantation Property Can Be Acquired By NRIs Provided The Purchase Consideration Is Met Either Out Of Inward Remittances In Foreign Exchange Through Normal Banking Channels Or Out Of Funds From The Purchaser’s NRE/FCNR Accounts Maintained With Banks In India And A Declaration Is Submitted To The Central Office Of Reserve Bank In Form IPI 7 Within A Period Of 90 Days From The Date Of Purchase Of The Property/Final Payment Of Purchase Consideration.
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.
Since general permission is not available to NRI/PIO to acquire agricultural land/plantation property/farm house in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.