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 duration of stay abroad is a non-resident.

(Person Posted in U.N organizations and official 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 citizen (NRIs).

A Person of Indian Origin (PIO) is a citizen of any other country but whose ancestors were Indian nationals at least four generations away.

Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or origin resident outside India as also overseas trusts in which at least 60% of the beneficial interest is irrevocably held by such persons.

Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs as long as the ownership/beneficial interest held in them by NRIs continues to be at least 60%

"THE CASTLE" has a dedicated team in place, to handle the NRI customer queries. We provide assistance on email and telephone providing information relating to projects, work in progress, loan assistance, and money transfers etc. A GPA is also provided for the clients benefit.

It is advisable that an NRI customer keeps his NRO account number handy, while planning to buy an THE CASTLE property.

Yes, THE CASTLE arranges for site visits.

Executives maintain regular contact with the clients and assist them even after the villa is occupied.

The table below explains the policies and restrictions on NRIs and PIOs defined by the Foreign Exchange Management Act, 2000 on the acquisition and sale of property.

Reserve Bank permits Indian Banks/NBFC to grant housing loans to customers working/ deputed abroad and holding Indian passports subject to certain conditions.

You can get a Home Loan of 75-80% of the Total Consideration Value.

According to Reserve Bank guidelines for NRIs

The loan amount shall not exceed 85% of the cost of the dwelling unit.

Own contribution, which is the cost of dwelling unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.

Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.

One will need a guarantor for a loan mainly for collateral security. The guarantor will have to demonstrate appropriate net worth to cover for the loan. Most of the Banks do not ask for guarantors nowadays.

Yes. We very well understand that as an NRI you have a different set of needs with respect to your real estate management and investment requirements and we also understand that it needs special set of services to cater to your requirements. The good news from India is that government has allowed 100% repatriation for NRIs.

Reserve Bank has granted general permission to financialinstitutions to provide housing finance to non-resident Indian nationals for acquisition of houses/flats for self-occupation subject to certain conditions.

One can choose not to grant the Power of Attorney (POA) to the developers. However, this will mandate the mailing of all documents to your foreign residence and associated time delays. A good compromise is to grant the POA to parents/Relatives only for specific necessary items.

If you are an NRI or a Property Buyer/Investor you need to understand your Investment Horizons in Real Estate well.

Term of Investment - This is important as you need to hold on for at least 1 to 3 Years for a decent capital appreciation and if you sell your property within 3 years you are in for a short term capital gains which is at par with the Income Tax rules of nearly 30 to 35% as applicable. It is better to stay invested for 3 years and then plan the next investments with Capital Gains etc.

The attorney should preferably be a resident of India.

The power of attorney should be executed in the GPA format of the bank,as the case may be as applicable in the country in which the power of attorney is executed.

Any authorized official of the Indian Embassy/Consulate/Trade commissioner in the country where the executants resides should attest the signature of the executants.

The attorney's signature should be verified in India and adjudicated in the nearest Sub-registrar office.

Yes, they are, but under the general permission granted by the Reserve Bank, which are subject to further terms and conditions. A commercial property includes properties other than agricultural land/farm house/plantation property.

Yes, a NRI can definitelyinvest in immovable property in India.

Yes. Reserve Bank has granted general permission to foreign citizen of Indian Origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian Citizen or a person of Indian origin whether resident in India or not, subject to compliance with applicable tax laws.

Yes. General permission has been granted by Reserve Bank to non-resident persons (foreign citizen) of Indian Origin to transfer by way of gift immovable property held by them in India to relatives and charitable trust/organizations subject to the conditions that the provisions of any other law, including Foreign Contribution (Regulation) Act, 1976, as applicable, are duly complied with.

Yes

Yes. Repatriation of original investment in respect of properties purchased by foreign citizen of Indian Origin on or after 26th May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, whichever is later. Application for the purpose is acquired to be made to the Central Office of Reserve Bank within 90 days of the sales of property in Form IPI 8.