NRI Lounge

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  1. Who is an NRI?
  2. Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:
    Indian citizens who stays abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad;

    OR
    Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources;

    OR
    Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organization (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP)

    OR
    Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.
     
  3. For what purposes are loans available to NRIs?
  4. NRIs can avail loan for buying or constructing a new home, extending or improving an existing home or even to buy a plot.


  5. What are the common documents to be submitted along with the application?
  6. The following documents are required along with the application form:
    Photocopy of the labour contract duly countersigned by your employer (translated to English for non-English documents). Latest salary certificate (in English) specifying the following:
    • Name (as it appears in the passport).
    • Date of joining.
    • Passport Number.
    • Designation.
    • Perquisites and salary.
    • Photocopy of labour card/identity card.
    • Photocopy of valid resident visa stamped on the passport.
    • Photocopy of monthly statement of local bank account.
    • Property related documents.

  7. Can I give a Power of Attorney in favour of a person of my choice in India to complete loan formalities on my behalf?
  8. Yes. Normally it is desirable to appoint a Power of Attorney in India to represent you in dealings in India. The Power of Attorney should be executed as per drafts provided by the housing finance company. The Power of Attorney can be given to any person of your choice in India.

    With changing trends many NRIs, are opting to purchase homes in India for Investment purpose. This trend has pushed up the demand for flats in the Metros. Besides residential properties, many NRI industrialists are seeking commercial properties in suitable locations to operate in India.

    With so many townships being planned in the National Capital Region (NCR), we are looking forward to serve the NRIs who have the taste and aspiration to lead a luxurious life in their home towns. We are catering to the NRIs who want to invest in property in India and are looking for something of international standards â something that is commensurate with their lifestyles and needs.