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What is the best time for an NRI to buy property in India?
When the value of Indian Rupee falls increasing the value of foreign exchange is the best time for investment in the Indian real estate by the NRIs. Moreover one should keep a check on the RBI grants and the various offers given by banks and developers to attract foreign capital and Foreign Currency Non-Resident Deposits.
Which are the property types that an NRI can purchase in India?
The general permission issued by the RBI states that a Person of Indian Origin or an NRI is free to purchase any residential or commercial property in any part of India which won’t require any specific permission from any authority or the RBI. In case a NRI or a PIO (Person of Indian Origin) wants to buy any agricultural land or farmhouse or a plantation [url=http://www.wholesalencaacollegejerseysshop.com/]Cheap Jerseys China[/url] , he or she has to obtain a specific permission from RBI.
What are the RBI guidelines on procurement of home loan for NRI on residential property?
RBI has granted general permission to banks and financial institutions and the Housing Finance Corporation (HFC) which is registered with National Housing Bank to give home loan for NRI for buying residential properties in India. These loans granted should be on the same basis of granting loans to the Indian residents. The loans should be given in Indian Rupees and is payable in Indian Rupees too. The regulations of RBI states that the loan amount won’t be credited directly to the NRI’s account and should be disbursed to the builder or the seller. This loan should be procured by an equitable mortgage of the property being bought by the NRI. Although the lender is allowed to accept any other property or asset in India as security.
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