Real estate in India has been constantly changing, with more opportunities for investment emerging every day.
Vrundavan Bliss, widely known as Vadodara’s most loved developer, has always looked forward to aiding people in finding homes that truly reflect their dreams. With a number of breathtaking residential properties to our name, our passion to create unparalleled living spaces inspires us to create more.
Over the years, many have made rewarding investments with our help, making stunning Radiance homes their own. It would be our honor to help you make the investment of a lifetime.
Built on tradition and driven by innovation, Vrundhavan Bliss is a formidable force in the real estate industry.
With over 70 years of experience in delighting families and reinventing lifestyles, Vrundhavan Bliss has crafted stunning infrastructure that is a testament to their prowess.
Having tailored many new beginnings with flair, Radiance Realty hopes to create many more.
The Non-Resident Indians (NRIs) are recognized under the Foreign Exchange Regulation Act, 1973. Every bank and housing finance company follows the RBI guidelines to define an NRI – “An Indian citizen who holds a valid document like an Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is an NRI.”
Broadly categorized, Non-Resident Indians qualifying for NRI housing loans are:
Documents required for Resident Indians and NRIs for getting home loans are different in some respects. Home loans for NRIs are available for construction of new houses/ flats, purchase of old house/ flat addition/ alteration to an existing house and repairs/ renovation etc. NRIs can avail of loans by mortgaging an existing residential property. However, for availing home loans, NRIs have to fulfill certain conditions, according to the provisions of the Income Tax Act. They should have stayed in India for a period of 182 days or more within an assessment year or they should have stayed in India for at least a total of one year or more.
The FDI policy that permits FDI up to 100% from a foreign/ NRI investor under the automatic route has boosted NRI confidence. Banks have attractive NRI housing schemes to accommodate the housing needs of NRIs. From the stables of HFCs, NRI housing finance plans with suitable repayment options are available.
Last but not the least, NRIs should take due care while selecting their home loan provider companies or HFCs. Considering the geographical distances involved, it is significant that loan seekers associate with a proactive and responsive HFC.
| Parameter | Description |
|---|---|
| Age | The loan applicant has to be 21 years of age. |
| Qualification | The NRI loan seeker has to be a graduate. |
| Income | The loan applicant has to have a minimum monthly income of $2,000 (although, this criterion may differ across HFCs). The eligibility is also determined by the stability and continuity of employment or business. |
| Payment Options | The NRI also has to route his EMI (Equated Monthly Installment) cheques through his NRE/ NRO account. He cannot make payments from another source such as, his savings account in India. |
| Number of Dependents | The eligibility of the applicant is also determined by the number of dependents, assets, and liabilities. |
Home loans for an NRI applicant range from a minimum of INR. 5 lakhs to a maximum of INR. 1 crore, based on the repayment capacity and the cost of the property, which although is variable by the priorities of the home loan provider. An applicant will be eligible for a maximum of 85% of the cost of the property or the cost of construction as applicable and 75% of the cost of land in case of purchase of land, based on the repayment capacity of the borrower.
However, the eligibility can be enhanced by applying for home loans with a co-applicant who has a separate source of income. Also, the rate of interest for home loans to NRIs is higher than those offered to Resident Indians. The difference is somewhere between 0.25%-0.50%. Some HFCs also have an internally earmarked ‘negative criterion’ for NRI home loans. As such, the NRIs who hail from locations that are marked as being ‘negative’ in the books of HFCs, find it difficult to get a home loan.
The Reserve Bank of India (RBI) has clarified that Non-Resident Indians (NRIs) and Persons of Indian Origin (PIO), purchasing immovable property in India must pay for the acquisition by funds received in India through normal banking channels by way of inward remittance from outside the country.
The NRIs and Resident Indians can also acquire immovable property in India other than agricultural property, plantation or a farmhouse. It has issued certain directives for sanctioning home loans to Non-Resident Indians.
Apart from the documents mentioned below, a vital document required while processing any NRI home loan is the ‘Power of Attorney’ (POA). Since the borrower is not based in India, the POA is important because HFCs would need a ‘representative’ ‘in lieu of’ the NRI to deal with if necessary. Although not obligatory, the POA is usually drawn on the NRI’s parents/ wife/ children.
| Salaried NRI Applicants | Self-Employed NRI Applicants |
|---|---|
| Copy of a valid passport showing visa stamps | Passport copy with valid visa stamps |
| Copy of valid visa/ work permit/ equivalent document supporting the NRI status of the proposed account holder | Brief profile of the applicant and business/ Trade license or an equivalent document |
| Overseas bank A/C for the last 3 months showing salary credits | 6 months overseas bank account statements and NRE/ NRO account |
| Latest contract copy evidencing salary/ salary certificate/wage slips | Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts) |
Before construction on a project can begin, the builder must seek several permissions and approvals from relevant bodies. Without these clearances, the construction may attract litigation.
An NRI is any citizen of India who is not residing in India and has resided in India for less than 182 days in the preceding financial year. NRIs have professional or other commitments which require them to live outside India for an indefinite period of time.
A PIO is any citizen not of Pakistan or Bangladesh who has:
A PIO can also buy real estate in India, and invest in Indian properties.
An OCI is a person who is a citizen of another country, but also:
With NRI investment in India growing at a large rate, an OCI can also buy real estate in India.
According to guidelines laid down by the RBI, the following can purchase property in India:
All three categories are generally referred to as NRIs for the purpose of opening bank accounts, for bank deposits, for purchasing property, etc. NRI investment in India shows great potential, and any of the aforementioned can buy real estate in India.
The RBI allows NRIs to purchase immovable property in India including:
However, NRIs are forbidden from purchasing:
If you are looking for NRI investment in India and want to purchase one of these, you will need to specially apply to the RBI for permission and your case will be considered separately.
NRIs looking to purchase property in India fall under two categories: salaried individuals and self-employed individuals.