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NRI Services

Who is an NRI?
Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:

  • Citizens of India who reside abroad for employment or undertaking business or vocation outside India or for any other purpose which involve an indefinite period of stay abroad;
  • Government employees who are posted abroad with the Indian missions and similar other agencies set up abroad by the Government of India; OR
  • Government employees deputed abroad on assignments with foreign Governments or regional/international agencies;
  • Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.


Who is a foreign citizen of Indian Origin?
A foreign citizen is said to be of Indian Origin (also referred as People of Indian Origin) if:

  • he/she held an Indian Passport at any time or
  • he/she or his/her father or paternal grand father was a citizen of India as considered by the Constitution of India or the Citizenship Act, 1955.



However this does not apply to citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal.

What should one consider while purchasing a residential flat?
Evaluating a property option can be a mind-boggling exercise. Some of the points one should consider while purchasing a flat:

  • The locality & proximity distances to public transport, schools/colleges, hospitals, market, business district, entertainment centres, restaurants.
  • Area of the flat i.e. Carpet Area, Built-up Area and Super Built Up Area.
  • Carpet Area: The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid.
  • Built-up Area: When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area.
  • Super Built-up Area: The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.
  • Car parking for self and visitors.
  • Quality of construction.
  • Reputation of the builder or seller.
  • Supply of water, power and availability of other basic utilities.
  • Hidden cost components: stamp duty, registration charges, transfer fees, monthly outgoings and society charges.
  • Potential for resale or renting out of the property.
  • Any other distinguishing features or advantages of the property.


What is to be considered to verify the legal compliance have been fulfilled by the builder?

  • Check for the market trends about prevalent rates in the vicinity and last known transactions. This would help you in judging the price range.
  • Seek photocopies of the deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.
  • Check for approved layout plan and approved building plan with number of floors.
  • Check for certificates that signify clearance from Municipality, Electricity, Water, Pollution, Lift authorities.
  • Confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.
  • In case purchasing a resale property, check for pending dues.


  • As an NRI, do I need any approval from the Reserve Bank of India to purchase a property in India?
    No. The Government of India has granted general permission for an NRI to buy property in India except for agricultural land, plantation property or farmhouse.

    In what manner should the purchase consideration for the property be paid?
    The purchase consideration can be paid either in form of inward remittances in foreign exchange through normal banking channels or out of funds from any non resident accounts maintained with banks in India.

    Is there any uppermost limit to the number of residential properties that may be purchased by an NRI?
    No, there is no limit on the number of residential properties that may be bought by an NRI. However, repatriation is allowed only in respect of two such properties.

    Are there any guidelines for loans to NRI's/PIO's?
    Yes, there are guidelines issued by the Reserve Bank of India for home loans issued to NRIs. These are:
    • The loan amount shall not exceed 85% of the cost of the dwelling unit.
    • Own contribution, which is the cost of dwelling unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
    • Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.


    List of documents to be submitted along with the loan application?

    The following documents are to be submitted along with the loan application:

    Personal Documents:

    • Application Form - fully filled and signed by Applicant & Co-Applicant (soft copy attached) to be provided in Original
    • Latest Photograph of Applicant & Co-Applicant
    • Age, ID and Proof of Applicant & Co-Applicant ( PAN card / Passport & Latest telephone bill / rent agreement)
    • All pages of Passport showing VISA Stamps Applicant & Co-Applicant
    • Residence Proof of India and Overseas Applicant & Co-Applicant
    • Copy of Office I Card Applicant & Co-Applicant
    • Highest qualification certificate of Applicant & Co-Applicant


    Financial Documents:

    • Six Months salary slips of Applicant & Co-Applicant (duly stamped by finance / HR department) , in case the salary is fortnightly 12 salary slips are required
    • Contract Letter/ Labor Card / work permit / deputation letter / Offer Letter of Applicant & Co-Applicant
    • Six months bank a/c statement for Salary a/c of Applicant & Co-Applicant (and other accounts) to be stamped by Bank
    • Six months NRE/ NRO a/c statements of Applicant & Co-Applicant - to be stamped by Bank
    • Two years W2/ ITR of Applicant & Co-Applicant
    • Letter of yearly bonus / variable components of Applicant & Co-Applicant (if any and if required)
    • Past Occupational history of Applicant & Co-Applicant (copy of the old organisation letter reqd)
    • Credit Report Applicant & Co-Applicant
    • Copy of sanction letter , Track Records of present loans of Applicant & Co-Applicant taken in India OR Abroad (if any)


    Legal Documents:

    • Power of attorney as per Bank format To be provided in Original, POA for Home Loan related documents only (Not for property related documents, Please consult with broker/ builder for the same)
    • Property papers - all chain link documents -in case the property is identified
    • Pre approval Letter - In case the property in not identified OR not yet approved

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