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GENERAL
1) What is meant by valuation of property?
The valuation process evaluates the market value of the property. Demand and supply forces operating in the market, as well as other factors like type of property, quality of construction, its location, the local infrastructure available, maintenance, are all taken into consideration before the market value is decided.

2) How does property valuation help?
Typically, if a real estate agent is asked to judge the value of a piece of property, he would do so based on information of recent sales or purchases of similar properties in that area.
Though this may give a fair idea of the property market value, an official property valuation would carry more weight. E.g. if you need to use this piece of property as security against a loan, the banks loan approval process would be faster and smoother if the property is certified by an official valuer. Many banks now insist on valuation certificates before issuing loans against properties. The value thus certified may also have chances of getting a higher amount of loan sanctioned. Another benefit of official valuation is that it is a useful negotiating tool when selling the property. Such certification also becomes essential in situations where the correct value of the property has a legal bearing such as, a will statement, insurance papers, business balance sheets etc.

3) What is the meaning of a property market value? How is its stamp duty decided?
The price that a property can command in the open market is known as its market value. Stamp duty is based on the market value or the agreement value of the property, whichever is greater.

4) What does the term Leasehold Property mean?
When a piece of property is given or leased to an individual (known as the Lessee) for a stipulated period of time, by the owner of the property (known as the Lessor), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission.

5) What does the term Freehold Property mean?
When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as Freehold Property. Unlike in the case of leasehold property, no annual lease charges need to be paid and the freehold property can be registered and / or transferred in part(s).

6) Are there any benefits in converting a leasehold property to a freehold one?
There are several benefits: if you convert the property to a freehold property, you become a full-fledged owner by getting the sale deed and having it registered. A freehold property has better marketability and can be sold, mortgaged or kept for standing security, which cannot be done with leasehold property.

7) Are there any income tax considerations while transferring newly acquired property?
If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good.

8) What constitutes conclusion of sale of a property?
An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession.

CORPORATE

1)Can corporate bodies use residential properties as office space?
It is illegal to put residential properties to commercial use. However service-based industries are allowed to operate from residential areas, on the condition that they will vacate the property if any complaint is received from other residential owners.
2) Before purchasing property owned by a company, what aspects should be considered?
Before purchasing property from a company, it is necessary to verify with the Registrar that the property is not mortgaged or is not being used as a security against a loan, otherwise it is not considered a freehold property.

RESIDTIAL

1) What is the difference between carpet area, built-up and super built-up area?
The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.

2) When there are apartments of different sizes in a complex, how is the maintenance charge calculated?
Legally, the actual area owned by the individual is the basis for calculation of maintenance charge.

3) Why do Co-operative Housing Societies collect a Sinking Fund?
Co-operative Housing Societies have a statutory obligation to collect a Sinking Fund. This is done so that in case the building needs to be repaired or reconstructed in the future, the society has sufficient funds to carry out the work. The amount to be contributed is decided by the General Body of the society; It should be at least ΒΌ percent per annum of the cost of each apartment, excluding the cost of the land. This fund may be used after a resolution is passed at the General Body meeting with the prior permission of the Registering Authority. This could be to carry out reconstruction, repairs, structural additions or alterations to the building as the architect thinks is required and certifies.

RESIDENT INDIANS

1) Who can apply for a home loan?
A] Any Indian Resident, Non-resident Indian or Person of Indian Origin can apply for a home loan if they are 21 years of age at the origin of the loan and 65 years or below at loan maturity. Housing Finance Companies (HFCs) usually give home loans for properties located in India to people who are employed or self-employed, with a regular source of income.

2) When can a home loan be applied for?
A] An individual can apply for a home loan even before the property has been selected. The loan amount is sanctioned based on the ability to repay. This helps in planning a budget while purchasing the house.

3) How does the lender calculate eligibility?
A] Loan eligibility is calculated based on the ability to repay. Factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history are taken into consideration.

4) How do I repay the loan?
A] You can repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by EMIs commences from the month following the month in which you take full disbursement. Till then, you only need to pay the interest on the amount disbursed.

5) What is pre-EMI interest?
A] Before final disbursement, you may have to pay interest on the portion of the loan disbursed. This is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of EMI commencement.

6) Is there a fixed interest rate for the duration of the loan?
A] Most HFCs offer the fixed rate as well as the variable rate options to customers.

7) What is a fixed rate loan?
A] A rate of interest that is constant throughout the duration of the loan is known as a fixed rate loan.

8) What is a floating rate loan?
A] A floating rate is when the interest rate on the loan changes according to the rates in the market during the period of the loan.

9) It is better to opt for a fixed or a floating interest rate?
A] If interest rates are falling, a floating rate loan is a better option. But when interest rates are rising, opt for a fixed rate loan, because you will then know in advance what your EMIs will be.

10) Is there a difference between monthly rest & annual rest?
A] On the basis of the principal at the start of every month, the interest is calculated in monthly rest. For annual rest, this is done at the beginning of every year.

11) What are the other areas of expenditure before I get a home loan?
A] Processing and administrative fees, pre-payment charges and delayed payment charges, legal fees, technical fees, stamp duty and registration of mortgage deed are all likely areas of expenditure.

12) Is a guarantor required?
A] A guarantor is insisted on by the HFC so as to ensure that the loan is paid back in full and in time. The guarantor is responsible for the repayment of the loan if the borrower is unable to do so.

13) Can I repay the loan before the set date of repayment?
A] You could do this, but some HFCs require a pre-payment fee to be paid. Check with your HFC.

14) How do I select my HFC?
A] Various considerations would help you zero down on the HFC most suitable for your loan requirements. Analyze the following points before taking your decision:

Loan amount: The minimum and maximum loan amounts vary between HFCs. Find out if the amount you require falls within this limit.

Duration: There is no lower and upper limit to the tenure of the loan. Find out if the time limit you want it for can be accommodated. This varies between HFCs. Normally HFCs offer loans ranging from 5-20 years, with some going up to 30 years. For NRIs the maximum tenure could be 10 years in some cases. Depending on your requirements, this would have a bearing on the loan you opt for.

Interest rate: This varies between HFCs. Fix a duration that you want the loan for and find out the EMI from them. Compare and identify the lowest EMI.
Pre-payment: Check if the HFC charges for repaying the loan before its due date.

Flexibility: Find out whether you can change your interest scheme from fixed to variable if so desired or if there are restrictions.
Guarantor: Some HFCs require this, while others don't.

Documents required: These may vary between HFCs although there are a few standard documents like proof of income, proof of age and residence and a salary slip.

Co-owner: If there is to be a co-owner or co-applicant for the loan, the HFC has to accept the relationship between the two.

Other fees: Each HFC has different fees for administration and processing among others.

15) Can a loan be switched over if I have obtained it at a high rate of interest, but another HFC is offering a better interest rate?
A] You could do this. After discussing the reasons with the current HFC, they may even reconsider the interest rate.

16) What is the maximum amount of housing loan available?
A] The maximum amount is 85% of the cost of the property, including the cost of land, subject to a maximum amount of Rs 1 crore.

17) What is the amount I can borrow and what are the criteria?
A] Generally, the amount is up to 2.5 times your gross annual income. But your equated monthly installments usually should not exceed 35 per cent of your gross monthly income. Besides this, HFCs will assess your eligibility based on your ability to repay..

18) What is the period in which I will have to repay the loan?
A] Usually in a period of between 5 to 15 years, but definitely before you retire. A few HFCs also offer a 20-year repayment period, usually at a higher interest rate.

19) How is the interest calculated on my loan?
A] Most HFCs follow the yearly reducing balance method, which accounts for your principal repayments only at the end of their financial year. Thus you pay interest on the principal that you have already returned to the HFC during the year. The effective interest rate is thus higher than the quoted interest rate by around 0.7 per cent. Banks and some HFCs, in contrast, follow the daily or monthly reducing balance method, which results in a lower interest burden.

20) How do I apply for a loan?
A] Approach an HFC with the latest salary slip and TDS Form 16 of the last two financial years for yourself and your co-applicant. The loan officer will informally tell you the amount of loan you are eligible for and the terms, in areas in which they finance homes.
Collect a loan application form and confirm the needed documents.
Visit more than one company since you are likely to get better terms / larger loan amount if you shop for the best deal.

At your chosen HFC, submit the duly filled loan application along with the required documents and an application fee (around 1 per cent). They will then interview you on the same. After conducting an appraisal of your application, the HFC will give an in-principle sanction of your loan.
You now have to submit your property documents, which should show a clear title. The HFC will check these and levy an administrative fee (around 1 per cent). It will then disburse the loan, either fully or in installments, directly to the builder / seller of the property.

21) Who can be co-applicants for the housing loan?
A] Usually a spouse can be a co-applicant. Other immediate family members are also acceptable to some companies, depending on merits. If both partners are working, it is better to have your spouse as a co-applicant since this will entitle you to a much larger loan.

22) What security do I have to provide?
A] A first mortgage of the property to be financed. The title should be clear marketable. Some HFCs may also require collateral security like the assignment of life insurance policies, pledge of shares, NSCs, units or mutual funds, bank deposits or other investments.

23) Does the Agreement for Sale have to be registered?
A] Yes. In many Indian states, the agreement between the builder and purchaser has to be registered. This can be done at the office of the sub-registrar appointed by the State government.

24) Does the property have to be insured?
A] The property should be insured against fire and other hazards and the HFC will have to be the beneficiary of the policy.

25) How long does it take to get my application processed and my loan sanctioned?
A] It will take around 15 days for the processing of your application if your documents are in order. Make an application only if you are eligible for the loan since the HFC will not return the application-processing fee. It will take another week for the company to check out your property papers and make the disbursement.

26) When do I have to make my share of the contribution to the purchase price of the property?
A] You will have to make your payments towards the property price up-front before the HFC disburses any installment of the loan.

27) What do I have to do when my housing loan is sanctioned?
A] You must submit the property papers and pay an administrative fee (approximately 1 percent). When the HFC clears these papers, you must take the first disbursement of the loan within a stipulated period (usually three months) and avail of the entire loan within about a year's time.

28) In how many installments can the loan be disbursed?
A] The loan can be either disbursed in full for outright-purchase / ready properties or in a few installments for under construction properties. The disbursement will be made taking into account the requirement of funds and the progress of construction.

29) Do I get tax benefits on the loan?
A] Yes. You are eligible for certain exemptions on both the principal and interest components of the loan as per the Income Tax Act, 1961. The principal repayment of the loan up to Rs 10,000 is eligible for a rebate @ 20 per cent U/s 88 of the IT Act. The income tax exemption limit for interest paid on housing loans is Rs 75,000 per annum on self-occupied houses. Therefore an interest payment of up to Rs 6,250 per month can be deducted from taxable income in arriving at the total income tax payment of an individual.

30) Can I get a loan for extension / upgradation / renovation of my house?
A] Yes, these loans are available from some HFCs. However the loan terms may be different from the usual housing loans.

31) Can I sell the property on which I have taken the loan?
A] Yes. But the loan will have to be repaid before the sale is effected. Some HFCs allow the transfer of loan to the buyer of the property, depending on his eligibility for loan.

32) Can I rent the property on which I have taken the loan?
A] Yes, this is allowed by HFCs.

MISCELLANEOUS

1) How is a lease agreement created?
A lease agreement can be reached in either of two ways, depending upon each case:
In cases where the lease contract is from year-to-year / exceeding one year's rent / reserving yearly rent, then a registered instrument can be created, which both the lessor and the lessee must execute.
In cases other than the above, an oral agreement followed by delivery of possession is considered enough.

2) What are the charges to be paid while gifting property?
When a gift of property is made, a gift deed needs to be made by a lawyer. Stamp duty on the market value of the property also needs to be paid, as well as the necessary registration charges.

NRI FAQ's

GENERAL

1. Am I an NRI?
Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:

a) Indian citizens who stay 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

b) 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

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

OR

d) Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.

2. Who is a foreign citizen of Indian Origin?
A foreign citizen is deemed to be of Indian Origin if :

a) he held an Indian Passport at any time or

b) he or his father or paternal grand father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955. However this does not apply to citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal

3. What is the difference between carpet area, built-up and super built-up area?
The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.

PURCHASE

1. What should a buyer keep in mind while purchasing a residential flat?
Some of the factors to consider while purchasing a flat are:

a) Locality i.e. transport, schools, hospitals, market, business district, entertainment centres, hotels, restaurants, pollution levels

b) Quoted area of the flat i.e. Carpet, Built Up Area and super Built Up Area

c) Car parking space

d) Quality of construction

e) Reputation of the builder or seller

f) Sufficient water and electric supply, other utilities

g) Cost components: price, stamp duty, registration charges, transfer fees, monthly outgoings and society charges, costs of utilities

h) Potential for resale or renting out of the property

i) Any other distinguishing features or advantages of the property

2. Checklist for buying a residential property?
a) Market Trends about prevalent rates of property in the vicinity and last known transactions

b) Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.

c) Check for approved layout plan and approved building plan with number of floors.

d) Clearance from Municipality, Electricity, Water, Pollution, Lift authorities.

e) Check the building by-laws in that area to verify any issue with setback, side setback, height, etc.

f) Confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.

3) Do NRI's require permission of Reserve Bank to acquire immovable property in India?
No. NRI's do not require any permission to acquire any immovable property in India other than agricultural / plantation property or a farm house. Refer to the table below for a comprehensive list of transactions possible.
NRI PIO Resident Note
Buy Property From Yes Yes Yes For NRI
Sell Property To Yes Yes Yes
Receive Gift From Yes Yes Yes
Give Gift To Yes Yes Yes
Agricultural Property
Purchase Property From No No No
Sell Property To No No Yes
Receive Gift From No No No
Give Gift To No No Yes
Buy Property From Yes Yes Yes For PIO
Sell Property To No No Yes
Receive Gift From Yes Yes Yes
Give Gift To Yes Yes Yes
Agricultural Property
Purchase Property From No No No
Sell Property To No No Yes
Receive Gift From No No No
Give Gift To No No Yes

4. In what manner the purchase consideration for the immovable property should be paid under the general permission?
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from any non resident accounts maintained with banks in India.

5. Is there any restriction on the number of residential properties that may be purchased by an NRI?
There are no restrictions on the number of residential properties that may be bought by an NRI. However, repatriation is allowed only in respect of two such properties.

6. What are the guidelines for acquisition of agricultural land / plantation property / farmhouse by NRIs and foreign citizens of Indian origin?
All requests for acquisition of agricultural land / plantation property / farm house by any person resident outside India may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.

LOAN RELATED

1.Does RBI have any guidelines for loans to NRI's/PIO's?
Yes. There are guidelines issued by the by the Reserve Bank of India for grant of Housing Loans to NRIs. The guidelines are:

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

b)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.

c)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.

2. Can authorised dealer grant loans to NRIs for acquisition of a flat/house for residential purposes?
Authorised dealers have been granted permission to grant loans to NRI's for acquisition of house/flat for self-occupation on their return to India, subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors' NRE/FCNR/NRO accounts

3. Can authorized dealer grant housing loan to NRI's where he is a principal borrower with his resident close relative as a co-applicant / guarantor or where the land is owned jointly by such NRI borrower with his resident close relative?
Yes. Such housing loans availed in rupees can also be repaid by the close relatives in India of the borrower.

4. What are the documents I have to submit along with the application?
The following documents are normally to be submitted along with the application:
Photocopy of the labour contract and English translation duly countersigned by your employer.
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 for the last 4 months
Property related documents

5. Can an NRI take a loan against the security of immovable property in India? Are there any restrictions on the use of loan amount?
An NRI can borrow against the security of immovable property from Authorised Dealer subject to following conditions:
a) the loan should be used for meeting the personal requirements or for borrower's own business purposes; and
b) loan should not be used for prohibited activities, namely;
i) business of chit fund, or
ii) Nidhi Company, or
iii) agriculture or plantation activities or in real estate business, or construction of farm houses, or
iv) trading in Transferable Development Rights (TDRs),
v) the loan amount cannot be remitted outside India,
vi) repayment of loan shall be made from out of remittances from abroad or by debit to NRE/FCNR/NRO account or out of the sale proceeds of shares or securities or immovable property against which such loan was granted.

NRI [Non- Resident Indians]

1)Do NRI's require permission of Reserve Bank to acquire immovable property in India?
A] No. NRI's do not require any permission to acquire any immovable property in India other than agricultural / plantation property or a farm house.NRIs

2)Do NRI's require permission of Reserve Bank to transfer immovable property in India?
A] No. NRI's do not require any permission to transfer any immovable property in India. Permission is required only in the case of transferring of agricultural or plantation property or farm house to another citizen of India NRI or PIO.

3)Do PIO's require permission of Reserve Bank to purchase immovable property in India for their residential use?
A] Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property other than agricultural land/farm house/plantation property, in India. They are, therefore, not required to obtain separate permission of Reserve Bank or file any declaration.

4)In what manner should the purchase consideration for the immovable property be paid by PIO's under the general permission?.
A] The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from any non-resident accounts maintained with banks in India.

5)Can such property be sold without the permission of Reserve Bank?
A] Yes. Reserve Bank has granted general permission for sale of such property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.

6) Can sale proceeds of such property if and when sold be remitted out of India?
A] In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a NRI or PIO, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied: -
The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999;
The amount to be repatriated does not exceed (a) the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in foreign currency non-resident account or (b) the foreign currency equivalent, as on the date of payment, of the amount paid where such payment was made from the funds held in non-resident external account for acquisition of the property; and
In case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.

7) What other facilities are available for repatriation?
A] Authorized dealers can allow remittance up to USD 1 million for any purpose, per calendar year from balances in NRO accounts subject to payment of applicable taxes. The limit of USD 1 million per year includes sale proceeds of immovable properties acquired by the NRI/PIO's while they were resident in India and held for a period of 10 years and above. In case the property is sold after being held for less than 10 years, remittance can be made if the sale proceeds were held for the balance period in NRO account or in any other eligible instruments.

8) Can PIO's acquire or dispose of immovable property by way of gift?
A] Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of immovable properties other than agricultural land/farmhouse/plantation property by way of gift from or to an Indian citizen, NRI or PIO.

9)Can NRI's/PIO's rent out the properties (residential/commercial) if not required for immediate use?
A] Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income is eligible for repatriation

10) Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?
A] Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc., to grant housing loans to NRI's for acquisition of a house/flat for self-occupation subject to certain conditions. The purpose of loan margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the investor's NRE/FCNR/NRO Accounts.

11) Can authorized dealers grant loans to NRIs for acquisition of a flat/house for residential purposes?
A] Authorized dealers have been granted permission to grant loans to NRI's for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years out of inward remittance through banking channels or out of funds held in the investors' NRE/FCNR/NRO accounts.

12) Can authorized dealers grant housing loan to NRI's where he is a principal borrower with his resident close relative as a co-applicant / guarantor or where the land is owned jointly by such NRI borrower with his resident close relative?
A] Yes. Such housing loans availed in rupees can also be repaid by the close relatives in India of the borrower.

13) What are the guidelines for acquisition of agricultural land / plantation property / farmhouse by NRIs and foreign citizens of Indian origin?
All requests for acquisition of agricultural land / plantation property / farm house by any person resident outside India may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.

SALE & REPATRIATION

1. Can such propery be sold without the permission of Reserve Bank?
A] Yes. Reserve Bank has granted general permission for sale of such property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.

2. Can sale proceeds of such property if and when sold be remitted out of India?
A] In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a NRI or PIO, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied: -

The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999;

NRIs/PIOs can effect remittance of sale proceeds of immovable property in India irrespective of the period for which the property was held. The sale proceeds allowed to be repatriated should, however, not exceed the foreign exchange brought in to acquire the said property.

In case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties, if the property was purchased from funds held in NRE Account.

The amount sought to be repatriated abroad should not exceed the amount paid for acquisition of the immovable property in the foreign exchange received through normal banking channels or out of funds held in FCNR or NRE Account. In case of investment out of NRE Account the amount to be calculated as foreign currency is equivalent value as on the date of payment for acquisition of the said property.

RENT & REPATRIATION

1. Can NRI's/PIO's rent out the properties (residential/commercial) if not required for immediate use?
A] Yes. NRI/PIOs can freely rent out their immovable property, whether purchase through application of forex or otherwise, without seeking any permission from the RBI. The rental income being a current account transaction is repatriable outside India, only if proper tax is paid or provided for.

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14 December 2017


 
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Cluj Napoca       



250 Days TAIN Located at Buna Ziua in Cluj Napoca, Romania.
PLANNING











TAIN
  Goa PLANNING   -1657 Days Vagator is an attractive little bay between rocky headlands with a small
series of small beaches. It is adorned with the magnificent Chapora Fort
at its northern end and bordered by Anjuna Beach to the south. All these
together with the umbra of swaying palm trees, and black lava rocks makes
it a perfect surrounding for a peaceful living environment.

TAIN's residential project consists of open-plan minimalist design spaces,
which invite these excellent surroundings into its units. The design
focusses on the individual needs of each consumer, allowing them the
freedom to adapt the open-plan spaces provided as a blank canvas to let
their creativity flourish and customize their spaces to their individual
need.

Centered on your needs, TAIN is deliberately designed to represent the
owner's aspiration and value base. Unique interior and exteriors like no
beams, flat plate construction, and attention to detail is what has given
TAIN its unique edge.



 











   Belgaum


Located about 5 kms from the Express Highway on Bauxite Road, the property is about 7388 sq meters. Belgaum is a backbone to the auto ancillary units of Central and South India and the recent integrattion of facilities and proper infrastructure by State Government has given Belgaum the impetus it has needed to spur alternative growth engines besides trading.

To cater to Belagaum's aspiring and discerning clientele TAIN is to
introduce Belgaum to innovative concepts in design, construction, and
service.TAIN offers a different environment, catering to the emerging needs and desires of the global Indian.Centered on your needs, TAIN is deliberately designed to represent the owner's aspiration and value base. Unique
interior and exteriors like no beams, flat plate constructions, shell roof
and attention to details is what gives TAIN its unique edge



   -1638 Days PLANNING TAIN










































       








          


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