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Services that we provide:
» Property Purchase & Sale
» Corporate Leasing
» Documentation
» Property Management Services
» ECD Root (External Commercial Borrowing)
Siddhi Realty as Real Estate Solutions provider, offers a varied range of services for NRI clients. We lend full support to foreigners or NRIs to both purchases and / or sell properties in India. It collaborates with leading professionals and organizations to offer innovative solutions to deliver excellence in every aspect of Real Estate consultancy to NRI Investors and property owners.
We look into NRI properties for every aspect of property management, starting from maintaining property inventory, recommendations and suggesting plan of action regarding property, Sale/ Purchase/ Leasing of property, taxation of income and repatriation of funds, Legal advisory to complete property documentation and many such services. Also offering specialized consulting for Investments in Real Estate through models such as Joint ventures, Pre-launch and bulk discount deals and in prominent properties.
We can arrange for Home loans to NRI Clients for purchase of properties in India. Following are few details for obtaining a Home Loan towards purchase of Property.
DOCUMENTS REQUIRED FOR LOAN:
The documentation required to be submitted by the NRIs are different compared to that of the Resident Indians, and are required to submit additional documents, like a copy of the passport, copy of the works contract, etc. And of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India.
Another vital document required while processing an NRI home loan is the power of attorney (POA). The POA is important because the borrower is not based in India; the HFC would need a ‘representative’ / ‘in lieu of’ the NRI to deal with, if needed. Although not obligatory, the POA is usually drawn on NRI’s parents/wife/children.
The documents needed for obtaining NRI home loans are:
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- Passport and copy of Resident Visa
- A copy of the appointment letter and contract of the company employing the applicant
- The labor card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East
- Salary certificate (in English) specifying name, date of joining, designation and salary details
- Bank Statements for the last six months
Procedure for purchase of property
NRI’s holding Indian passport does not require prior permission of Reserve Bank of India to buy residential or commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India.
The purchase consideration may be paid either by remittance of funds from abroad through normal banking channels or out of NRE / FCNR /NRO account.
Income accruing by way of rent from the properties purchased or acquired by inheritance will not be allowed to be repatriated abroad even if the purchase consideration was met out of NRE / FCNR account. It is however, necessary for foreign citizens of Indian origin to declare such property to RBI within a period of 90 days from the date of purchase in the prescribed IPI 7 to the Chief General Manager, Exchange Control Department, Foreign Investment Division, Central Office Department, Foreign Investment Division, Central Office, RBI Bombay.
