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NRI Corner

An Indian Citizen who stays abroad for employment or is engaged in business or vocation outside India or stays abroad under circumstances indicating an intention for an non-resident Indian certificate is an NRI. Non-resident foreign citizens of indian Origin are treated at par with NRIs. A person who is not resident in India for a period over 182 days is a non-resident Indian. Persons posted in U.N. organizations and officials deputed abroad by Central / State governments and Public Sector undertakings on temporary assignments are also treated as non-resident Indians.
Under the provisions of Foreign Exchange Management Act (FEMA), a person of Indian origin is an individual (other than a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan) who at any time held an Indian passport, or he or his father or his grandfather was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 (57 of 1955).
NRIs and PIOs do not require permission from RBI to acquire residential / commercial premises in India (other than agricultural land / farm house / plantation property).
Under the general permission available, the following categories can freely purchase immovable property in India: Non- Resident Indian (NRI). Person of Indian Orgin (PIO). The general permission, however, covers only purchase of residential and commercial projects
The sale proceeds of immovable property other than agricultural land / farmhouse / plantation property can be remitted out of India on fulfillment of certain conditions.
The Reserve Bank of India (RBI) permits Indian firms / companies to grant housing loans to their employees deputed abroad and holding Indian passports, subject to certain conditions.
An NRI loan is a loan applicable for Non-Resident Indians only when any of the following are undertaken in India. Renovation or improvement of an existing property. Purchase of an under construction or resale house. Constructing a property on a plot of land. Purchase of a plot sold by a society / development authority.
Loan sanctions depend on your repayment capacity – which is based on your current income and your future repayment capacity. You could include your spouse’s income to enhance the loan amount. The maximum loan that can be sanctioned varies with each bank/institution and ranges from Rs.10 lakhs to Rs.1 crore.
Yes, RBI has granted general permissions for letting out any immovable property in India. The rental income or proceeds of any such income are eligible for repatriation subject to payment of taxes and production of a certificate issued by a chartered accountant with the guidance of an Authorized Dealer, such as, a bank for completion of formalities.
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 / NRO accounts maintained with banks in India.

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