Comprehensive Guide to NRI Investing in Signature Dwellings

Welcome to ‘NRI Insight’, tailored specifically for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs). Our focus is to provide you with clear, concise guidance on property investment, particularly in the context of the unique opportunities offered by Signature Dwellings. We aim to simplify your investment process, ensuring you have all the necessary information to make well-informed decisions about your property investments with us.

Understanding NRI, PIO and OCI:

Non-Resident Indians (NRIs) are citizens of India who live outside of the Indian territories for purposes of work, education, or other commitments.

Persons of Indian Origin (PIOs), on the other hand, are individuals who have Indian ancestry but might not be current citizens of India. This includes people who have held an Indian passport in the past, or whose parents or grandparents were citizens of India.

Overseas Citizens of India (OCIs) are individuals of Indian descent who hold citizenship in another country. They often include former Indian citizens and their descendants, such as those whose parents or grandparents were born and lived in India. OCIs enjoy certain privileges in India, reflecting their cultural and ancestral ties to the country.

Who can purchase immovable property in India?

Under the RBI’s general permission, an NRI, PIO & OCI have the freedom to purchase immovable property in India. It’s important to note that the general permission granted by the RBI for these categories specifically pertains to the acquisition of residential and commercial properties only, and does not include agricultural land, plantation property, or farmhouses.

Documents required for buying property

• Passport: A valid passport is essential. NRIs need to provide their Indian passport, while PIOs and OCIs must present their foreign passport along with their PIO/OCI card.
• OCI/PIO Card: For OCIs and PIOs, the OCI/PIO card is necessary to confirm their respective statuses.
• PAN Card (Permanent Account Number): A PAN card is critical for conducting financial transactions in India, including buying property.
• Address Proof: Proof of overseas residence, such as a utility bill, residence card, or driving license, is required.
• Photograph: Recent passport-sized photographs are needed for identification purposes.
• Power of Attorney (PoA): If the buyer is unable to be present in India for the entire transaction, a PoA may be assigned to a reliable individual in India to facilitate the purchase on their behalf.

NRI/PIO/OCI Home Loans: A Guide to Financing Your Property in India

Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) can avail home loans in India to finance their property purchases. These loans are tailored to meet the specific needs of NRIs, PIOs, and OCIs, allowing them to own property in India more easily.

Eligibility Criteria:

• The applicant must be an NRI, PIO, or OCI as defined by the RBI.
• The applicant should have a stable source of income, usually with a minimum employment period in the current job.
• The age and repayment capacity of the applicant are also considered.

Documents Required:

• Passport and visa/PIO/OCI card.
• Proof of income (salary slips, bank statements, employment contract).
• PAN card.
• Address proof (both overseas and Indian, if available).
• Property-related documents.

Features of NRI/PIO/OCI Home Loans:

Loan Tenure: These loans usually have a shorter tenure compared to those offered to resident Indians, often up to 15-20 years.

Loan Amount: Depends on various factors including the applicant’s income, property value, and repayment capacity.

Interest Rates: The interest rates may be slightly higher than those for resident Indians.

Property Types: Loans are typically available for buying residential properties or for constructing homes. As with resident Indians, NRIs, PIOs, and OCIs cannot use these loans for purchasing agricultural land, plantation property, or a farmhouse.