Being an educated and enterprising people, a large number of Mangaloreans have gone overseas for better prospects, in places as far apart as UK, USA, Middle East, East Asia, Europe, Africa and Australia. These Non Resident Indian (NRI) citizens share a strong bond with their motherland and many wish to own a home in their place for various reasons like upbringing of children, providing care for parents and loved ones or for one’s one use during home visit or post retirement.
To address the specialized needs of the NRI community, We provides comprehensive services to ensure hassle free acquisition and maintenance of the property. Please contact our customer service executives for further assistance, details or clarifications.
Legal Status of NRIs and PIOs
For legal purposes, a Non Resident Indian (NRI) is defined as a citizen of India, who stays overseas for employment, business, government service or other specified purposes with intention to return to homeland after an indefinite period.
Person of Indian Origin (PIO) is a status given to foreign citizens (other than citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan) who once held an Indian passport or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955
Non-resident foreign citizens of Indian origin (PIOs) are treated at par with NRIs and persons belonging to both categories are eligible to freely purchase immovable residential and commercial property in India.
Reserve Bank of India guidelines also allow NRIs to acquire or dispose of properties in India by way of gift from or to a relative who may be an Indian citizen or a Person of Indian Origin (PIO) whether resident in India or not.
Finance facilities for NRIs
NRI citizens are eligible for availing finance in India and many banks and financial institutions offer attractive schemes to them for the following purposes:
- Constructing a property on a plot of land.
- Purchase of an under construction or resale house.
- Purchase of a plot sold by a society / development authority.
- Renovation or improvement of an existing property.
Documentation required for availing NRI loans
- A copy of your passport and visa.
- Salary certificate in English, specifying name, date of joining, designation and salary details.
- Both domestic (NRE/NRO/FCNR) and international bank statements for the last six months.
- If you are not available in India when the application form is submitted, then a General Power of Attorney duly attested by the Indian consulate in your resident country needs to be submitted. If you will be in India then the Power of Attorney can be locally notarized.
- A copy of your appointment letter and contract.
- If employed in the Middle East, you should submit your labour card/identity card duly translated in English and countersigned by the respective consulate.
- If employed in merchant navy, you should submit a copy of your CDC and contract slip with income details.
Unless the returns are filed in India, NRIs cannot avail tax benefits applicable under home loans.
Other Facilities available for NRI/OCBs
- Maintenance of bank accounts in India
- Investments in securities/shares of, and deposits with, Indian firms/companies
- Investments in immovable properties in India