NRI Corner

I sensed that senior citizens’ post-retirement days should be stress-free and enjoyable. Every individual is entitled to a self-sufficient and comfortable way of life. Our only mission was to deliver senior citizens an independent life. And through Everest Dignity, we enabled them to live a graceful lifestyle. After, the tremendous success of Dignity 1 & 2, we are launching Dignity 3 and Dignity Karamsad, Anand.

As the government relaxation of FDI rules & Land acquisition (in the Land Acquisition Act), Property continues to remain the best option for NRIs looking to invest in India.

Dignity group offers you a one-stop solution for all your real estate needs. From buying your apartment without leaving your city to placing your apartment on rent for monthly yields to eventual selloffs to generate high capital appreciation, Dignity endeavors to provide an integrated real estate solution for your investments We believe that our job is not just to build homes but also to build lifelong relationships & build dream.

Provide basic assistance for loan and eligibility and documentation aspects without any service charge and with banks for disbursement.

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. (Persons posted in U.N. organizations and officials 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 citizens (NRIs).

A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:

• Who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955
• Must have an Indian Passport

Under the general permission available, the following categories can freely purchase immovable property in India:

• Person of Indian Origin (PIO) – that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who at any time, held Indian passport, or who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955.
• Non-Resident Indian (NRI) – that is a citizen of India resident outside India.

Yes

Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.

Yes, Under The General Permission Granted By The Reserve Bank, Property Other Than Agricultural Land/Farm House/Plantation Property Can Be Acquired By NRIs Provided The Purchase Consideration Is Met Either Out Of Inward Remittances In Foreign Exchange Through Normal Banking Channels Or Out Of Funds From The Purchaser€™s NRE/FCNR Accounts Maintained With Banks In India And A Declaration Is Submitted To The Central Office Of Reserve Bank In Form IPI 7 Within A Period Of 90 Days From The Date Of Purchase Of The Property/Final Payment Of Purchase Consideration.

The Reserve Bank has granted some general permission to only certain financial institutions providing housing finance and authorized dealers to grant housing loans to NRI subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians.

A Power Of Attorney (POA) or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other. The person authorizing the other to act is the principal, grantor, or donor (of the power). A Power of Attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property. A Power Of Attorney, or letter of attorney, is a document that authorizes another person, known as the agent or attorney-in-facts€” usually a legally competent relative or close friend over 18 years old-to handle any combination of financial, legal and health care decisions. A power of attorney is also referred to as a POA. Generally, one chooses a POA as a provision if he or she becomes incapacitated.

Though RBI has given general permission to the NRIs to purchase immovable properties in India, the permission does not grant power to acquire any and every property in India. The NRIs are allowed to purchase only residential or commercial property. So NRIs cannot purchase any agricultural land or plantation property.

Another vital document required while processing an NRI home loan is the power of attorney (POA). The POA is important because, since the borrower is not based in India; the Home Finance Company would need a ‘representative’ ‘in lieu of’ the NRI to deal with and if needed.

The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like copy of the passport and a copy of the works contract, etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India.

1. Copy of a valid passport showing VISA stamps
2. A copy of a valid visa/work permit / equivalent document supporting the NRI status of the proposed
3. Overseas Bank A/C for the last 6 months showing salary credits
4. Latest contract copies evidencing Salary / Salary Certificate / Wage Slips
5. Brief profile of the applicant and business / Trade license or equivalent document
6. Computation of income, P&L account and B/Sheet for the last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts)

Formalities and documentations are uniform in India but might vary depending on the type of project. The registration process for buying land is different from buying a well-built apartment. A good and cooperating seller or a reputed builder can make your documentation process hassle free.

Below is the list of documents required:

• Pan card
• OCI/PIO card (Overseas Citizenship of India/ Persons of Indian Origin)
• Passport
• Passport size photographs
• Address proof
• Registered power of attorney (if you are not physically present at the register office) With these documents in hand, an NRI will be able to buy a property in India at ease. Consult with the builder and a lawyer about the property registration and other legal formalities. Where we transfer document things mail / Courier & get back from client with all sign and stamp then we register document without purchase.

Yes, an Overseas Citizen of India (OCI) card holder can buy/sell real estate in India. As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property. The guidelines also state that one can buy any number of residential or commercial properties.

To buy property, NRIs may use money in their Non-Resident External (NRE)/Non-Resident Ordinary (NRO) Savings account or a Foreign Currency Non-Resident (FCNR) account in India. NRIs are also allowed to transfer money to India if it is the income earned overseas or their personal savings abroad.

Easy Repatriation

Liberalization of Repatriation Rules: Unlike earlier when you could repatriate sale proceeds of only 2 properties in your lifetime, you can now repatriate sale proceeds of an unlimited number of properties (upto $1 Million per annum per person or approx Rs.6 crores), making it very easy for you to repatriate your money without the fear of having it stuck in India.

Substantial Returns

While returns of up to 12% can be safely taken

As opposed to earlier times when an NRI had to struggle with various taxation issues, municipal rules and highly cumbersome and bureaucratic legislations, NRIs now enjoy a stress-free and fairly straightforward investment experience due to simpler and more transparent procedures and availability of professional assistance in the entire investment and repatriation process.