Indian Real Estate Forum - www.indianrealestateforum.com - View Single Post - Can Citizens of other countries buy Prop in India

pkumar · 23-06-10

You can get loan as a PIO. Quoting the reference I got from: http://www.uniconproperty.com/NRIServices.aspx

Are there any guidelines for loans to NRI's/PIO's?
Yes, there are guidelines issued by the by the Reserve Bank of India for home loans issued to NRIs. These are:
- The loan amount shall not exceed 85% of the cost of the dwelling unit.
- 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.
- 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.

List of documents to be submitted along with the loan application?
The following documents are to be submitted along with the loan 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.

23-06-10	#4
pkumar BANNED Join Date: Jun 2010 Posts: 17 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	You can get loan as a PIO. Quoting the reference I got from: http://www.uniconproperty.com/NRIServices.aspx Are there any guidelines for loans to NRI's/PIO's? Yes, there are guidelines issued by the by the Reserve Bank of India for home loans issued to NRIs. These are: The loan amount shall not exceed 85% of the cost of the dwelling unit. 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. 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. List of documents to be submitted along with the loan application? The following documents are to be submitted along with the loan 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.