It is always a great feeling to know that you have a place of your own to retreat when homeland beckons. Pune is not just an emerging real estate hub, but it is also becoming a preferred choice for NRIs to invest in property. Some of the reasons that make Pune a favorite real estate destination amongst the Indian diaspora are :
Proximity to Mumbai
Shift of economic growth from tier I cities to tier II and tier III cities
Rapidly growing industrial, manufacturing and IT sector
Increase in youth population, thereby increasing demand for residential spaces
Well developed infrastructure, greenery, less pollution compared to megacities
Ever increasing demand for rental properties due to fast growing IT-ITES sector
The well heeled and well travelled NRI community is exposed to the superior quality of infrastructure and construction in developed nations. Naturally, when they set to hunt residential properties in India, their expectations are often elevated. One of the top builders in Pune, Amit Enterprises Housing Limited (AEHL) is proud to announce that it is also one of the leading brands catering to NRI population's residential property investment demands.
The best thing about Amit Enterprises Housing Limited (AEHL) is that over the years, it has launched a range of upscale projects to suit the elite taste of NRI community. This group typically eyes the properties in the range 50 lacs to 5 crore and more. This one of the reputed builders of Pune, AEHL has launched several projects housing luxurious apartments, lavish villas and magnificent bungalows, all of which prove to be ideal investment options for NRIs.
However, the investment in residential property may not be a smooth ride for the NRIs, who may be away from the country for several years. Often, such investments are done through relatives or closed associates. The concerned people may not be aware of the potential of certain upcoming localities that can assure great returns on investments in future. At Amit Enterprises Housing Limited (AEHL), one of the quality builders in Pune, we believe in educating the NRI community about the challenges involved and also implement programs to help them make a best buy.
|There is a general permission available under which the Non-Resident Indian (NRI) and Person of Indian Origin (PIO) are permitted to purchase immovable properties in India.|
Any foreign citizen (who is not a citizen of Bangladesh, Pakistan, Bhutan, Afghanistan, Nepal or Sri Lanka) is deemed to be of Indian origin if
He/she held Indian passport at any time
If his/her father or paternal grandfather was a citizen of India by power of the Constitution of India or the Citizenship Act, 1955.
A home loan can be sanctioned to the NRIs for any of the schemes below:
To buy a house which is either ready-built, yet to be constructed or from a second owner.
For the self-construction of a property
To fund for the purchase of a plot of land allotted by a society or development authority
For renovation or improvement of an existing property in India
The eligibility to obtain NRI Home Loans is calculated in the same way as for resident Indians. We emphasize more on the following criteria in the appraisal of a NRI case:
Qualifications- the NRI applicant must be a graduate
Present job profile & past experience
Probability of continuing abroad
Probability of servicing the loan with an extended tenure if there comes a condition to return to India
The housing finance offered to NRIs normally does not exceed 5 years. However, there are few Housing Finance Companies that offer loans for a term of 7 years. The repayment is generally done in EMIs.
|There are no such tax benefits available for NRI customers until and unless you file return and thereby become eligible to avail of the tax benefits.|
NRIs are supposed to submit additional certificates than is normally required for a resident Indian. Those certificates are as follows:
A copy of the passport
A copy of the works contract
The power of attorney(POA)
|Reserve Bank of India permits Indian firms/companies to permit housing loans to their employees deputed abroad and the one holding Indian passport during certain conditions.|
|Yes, properties can be given on rent as per Reserve Bank of India. The rental income or proceeds of any kind of investment of such income has to be credited to NRO account.|
|Yes, you require permission of RBI to buy immovable property in India. However, Reserve Bank has granted general permission to foreign citizens of Indian origin that they are eligible to purchase immovable property in India for their bona fide residential purpose. So, they don't need to obtain separate permission of Reserve Bank.|
|One can choose not to grant Power of Attorney to the developers. However, this will authorize the mailing of all documents to the foreign residence and associated time delays. It would be a good compromise to grant the Power of Attorney to the builder but only for specific necessary items.|
|No. A foreign national of non-Indian origin cannot be a second holder to immovable property by NRI/PIO.|