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Q. 1 |
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Do non-resident
Indian nationals require
permission of Reserve Bank
to acquire residential/
commercial property in India? |
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| ANS. |
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No permission
is required by non-resident
Indian national to acquire
immovable Property in India. |
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Q. 2 |
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Are foreign
nationals of Indian origin
allowed to purchase immovable
property in India? |
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| ANS. |
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Yes,
foreign national of Indian
origin, whether resident
in India or abroad have
been granted general permission
to purchase immovable property
in India. |
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Q. 3 |
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What should
be the method of payment
for purchasing residential
immovable property in India
by foreign national of Indian
origin under the general
permission? |
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| ANS. |
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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. |
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Q. 4 |
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What way the
Non-resident Indian can
finance the flat? |
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| ANS. |
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The
purchase of the flats can
be financed from fresh remittance
through the normal banking
channels or from payment
from original non-resident
account or from Non-resident
(External) accounts. When
the flat is under construction,
it may be possible to get
installment facilities from
the builder. Loan may also
be available in India for
purchase of flats, for example
from Housing Development
Finance Corporation, ANZ
Grindlays Bank, Citi Bank
etc. Non-resident Indians
who are citizens of India
(India Passport Holders)
are eligible for housing
finance for the acquisition
of an immovable property
or construction of a new
house, or a flat for their
occupation or for that of
their family in India. But
the HDFC also considers
granting loans to non-resident
Indians even if they are
abroad, provided a family
member of his or her in
India is made a co-borrower
and a power of attorney
is given to his representative
in India. |
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