NRI Corner

Wherever you are in the world, Anjani Buildconn makes real estate buying the easiest for you.

Benefits of NRIs

Proactive investment guidance for maximum customer benefit 

Competitive prices

Initial sharing of all AutoCAD drawings and Legal documents 

Regular updates on project progress 

Collaborative home loan assistance with leading banks 

Legal support for Power of Attorney and Agreement-related documents 

FAQs

Have some questions ? Hope these answer them.

If not, feel free to reach out

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  • +971-552798501

Yes.

Yes. NRIs and PIOs can freely rent out immovable property, whether purchased through the application of forex or otherwise, without seeking permission from the RBI. The rental income, being a current account transaction, is repatriable outside India only if property tax is paid or provided for.    

Yes, under the general permission granted by the Reserve Bank, property other than agricultural land/farmhouse/plantation 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. A declaration is then submitted to the Central Office of Reserve Bank in form IPI 7 within 90 days from the date of purchase of the property/final payment of purchase consideration. 

Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties 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. 

  • A Power Of Attorney (POA) is an instrument people use to confer authority on somebody else to act on their behalf legally. There are two types of POAs. 
  • Special Power of Attorney (SPA), while a SPA transfers a specific right to the person on whom it is conferred. 
  • General Power of Attorney (GPA): GPA authorizes the holder to do whatever is necessary. 
  • There is no sale clause of the immovable property mentioned in the POA (notarized) 
  • A registered POA from the registration office allows anyone a sale clause and POA. 

NRIs/OCB’s are granted the following facilities:

  • Maintenance of bank accounts in India
  • Investments in securities/shares of, and deposits with, Indian firms/companies
  • Investments in immovable properties in India
  • A Power of Attorney (POA) or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other. The person authorizing the other to act is the principal, grantor, or donor (of the power). 
  • A Power of Attorney is not an instrument of transfer regarding any right, title or interest in an immovable property. 
  • A Power of Attorney, or letter of attorney, is a document that authorizes another person, known as the agent or attorney-in-fact—usually a legally competent relative or close friend over 18 years old—to handle any combination of financial, legal and health care decisions. 
  • One chooses a POA as a provision if one becomes incapacitated. 

A person of Indian origin means an individual (not being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan) who: 

  • Held an Indian Passport at any time, or 
  • Who or whose father or paternal grandfather was a citizen of India by the Constitution of India or the Citizenship Act 1955 

The documentation required to be submitted by the NRIs is different from the Resident Indians as they are required to submit additional documents, like a copy of the passport and a copy of the work contract, etc., and of course, NRIs have to follow specific eligibility criteria to get Home Loans in India. Another vital document required while processing an NRI home loan is a power of attorney (POA). The POA is necessary because the borrower is not based in India; the Home Finance Company would need a ‘representative’ ‘in lieu of’ the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI’s parents/wife/children/ close relatives or friends. 

Under the general permission available, the following categories can freely purchase immovable property in India: 

  • Non-Resident Indian (NRI) – a citizen of India resident outside India. 
  • Person of Indian Origin (PIO) – that is an individual (not being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan) who : 
  • At any time, held an Indian passport, or 
  • Who or either of whose father or grandfather was a citizen of India by the Constitution of India or the Citizenship Act, 1955 (57 of 1955)? 

The general permission, however, covers only residential and commercial property purchases. 

An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain stay abroad is a non-resident. (Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non-resident Indian citizens (NRIs).