NRI Guide

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[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”0″ padding_right=”0″ hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_tabs design=”clean” layout=”vertical” justified=”yes” backgroundcolor=”” inactivecolor=”” bordercolor=”” class=”” id=””][fusion_tab title=”Introduction” icon=”fa-quote-left”]

Vijay Khetan Group has witnessed tremendous growth since its inception in 2001 and is now one of the leading real estate developers in Mumbai. The appreciation of property in Mumbai in the past decades clearly signifies the investment opportunity that lies in the real estate market. There has never been a better time to invest in a property in Mumbai, as the macroeconomic fundamentals strengthen and the rupee is forecasted to appreciate against the dollar in the coming months.

VKG employs the most advanced construction equipments and technologies ensuring on time delivery. We use world class materials which are imported from the best manufactures across the globe that guarantees the property does not lose value at the time of resale for decades to come. We have gained expertise in the commercial sector of construction and we now use our proficiency to develop and transform the residential sector.

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The process of acquiring a loan for an NRI in India can be complex and confusing. We have developed the following information in an attempt to make this process straightforward.

Non-Resident Indians (NRIs) are recognized under the Foreign Exchange Regulatory Act, 1973. All banks and housing finance companies follows the RBI guidelines to define NRI – “An Indian citizen who holds a valid document like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI”.

Documents required for Resident Indians as well as for NRIs for getting Home Loans are different in some respect. Home loans for NRIs are available for construction of new house / flats, purchase of old house / flat addition / alteration to an existing house and repairs / renovation etc. NRIs can avail of loans by mortgaging an existing residential property. However, for availing home loans, NRIs have to fulfill certain conditions according to provisions of the Income Tax Act. They should have stayed in India for a period of 182 days or more within an assessment year or they should have stayed in India for at least a total of one year or more.

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  • The loan applicant must be at least 21 years of age, maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity
  • The NRI loan seeker has to be a graduate
  • The loan applicant has to have a minimum monthly income of $ 2,000 (although, this criterion may differ across HFCs). The eligibility is also determined by the stability and continuity of your employment or business
  • The NRI also has to route his EMI (Equated Monthly Installments) cheques through his NRE/NRO account. He cannot make payments from another source say, his savings account in India
  • The eligibility of the applicant is also determined by the number of dependents, assets and liabilities

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  • The home loan amount should not exceed 85% of the cost of the dwelling unit, as the remaining amount that is 15% needs to be provided an own contribution towards the cost of unit financed.
  • The cost of dwelling unit which is own contribution financed less the loan amount, can be met from direct remittances from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India.
  • However, repayment of the loan, comprising of the principal and interest including all the charges are to be remitted to the HFC from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India.

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NRIs need to submit a few additional documents when compared to resident Indians, these include a copy of the passport, a copy of the works contract, etc. and of course they need to meet the eligibility criteria to acquire a loan. One of the vital documents required while processing an NRI home loan is the power of attorney (POA). The POA is important because the borrower is not based in India; the lender would need a representative in lieu of the NRI to deal with if needed. Although not obligatory, the POA is usually drawn on the NRI’s parents/wife/children.

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  • Latest Salary Slip for 1 complete month
  • Last two year’s B4/P60/Work contract
  • Last 3 month’s bank statement reflecting salary credit

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  • Passport size photograph
  • Copy of Passport with Visa page

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  • Driving License/PAN Card

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  • Latest Sale Deed with previous chain link
  • Allotment Letter, Payment Plan and Receipts for under construction properties

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Any other documents as might be required depending on the nature of the property.[/fusion_tab][fusion_tab title=”FAQs” icon=”fa-comments-o”]

[fusion_accordion divider_line=”” class=”” id=””][fusion_toggle title=”Who is a non-resident Indian (NRI)?” open=”no”]A non-resident Indian (NRI) is a citizen of India who holds an Indian passport and has temporarily emigrated to another country for six months or more for employment, residence, education or any other purpose.[/fusion_toggle][fusion_toggle title=”Who is a person of Indian origin (PIO)?” open=”no”]A person of Indian origin (PIO) is a person of Indian origin or ancestry but who is not a citizen of India and is the citizen of another country. A PIO might have been a citizen of India and subsequently taken the citizenship of another country, or have ancestors born in India or other states[/fusion_toggle][fusion_toggle title=”Who can purchase an immovable property in India?” open=”no”]Under the general permission available, the following categories can freely purchase immovable property in India:
i) Non-Resident Indian (NRI)
ii) 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
1. at any time, held Indian passport, or
2. 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 and not for purchase of agricultural land / plantation property / farm house in India.[/fusion_toggle][fusion_toggle title=”Can NRIs acquire commercial spaces in India?” open=”no”]Yes, under the general permission granted by the Reserve Bank of India, 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.[/fusion_toggle][fusion_toggle title=”Can NRIs acquire/dispose residential properties by way of gift?” open=”no”]Yes[/fusion_toggle][fusion_toggle title=”Can NRIs obtain loans for a residential property from financial institutions providing housing finance?” open=”no”]The Reserve Bank has granted some general permission to certain financial institutions providing housing finance and authorized dealers to grant housing loans to NRI nationals for acquiring a 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. The loan must be repaid 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[/fusion_toggle][fusion_toggle title=”Does capital gain tax (CGT) apply to NRI / PIO / OCI?” open=”no”]Yes. Long-term and short-term capital gains are taxable in the hands of non-residents.
Short term 20.6%
Long term 30.9%[/fusion_toggle][/fusion_accordion]

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Thank you for visiting our website.
We are currently in the process of revising our website in consonance with the Real Estate (Regulation and Development) Act, 2016 and the Rules made there under (“RERA”), which have been brought into effect from 1st May, 2017.
Until our website is duly revised and updated, none of the images, material, stock photography, projections, details, descriptions and other information that are currently available and/or displayed on the website, should be deemed to be or constitute advertisements, solicitations, marketing, offer for sale, invitation to offer, invitation to acquire, including within the purview of the RERA.

You are therefore requested to directly verify all details and aspects of any proposed booking/acquisition of units/premises, directly with our authorised representatives. Please do not rely on the information contained on this website, until our revision and updation is complete.
Please note, that we will not be accepting any bookings or allotments based on the images, material, stock photography, projections, details, descriptions that are currently available and/or displayed on the website.

We thank you for your patience and understanding.