Indian Citizen–Foreign Passport Holder-PIO Card–Property Buying Eligibility
If you are of an Indian Origin and holding an Indian Passport then you are
entitled to buy any property. If you are an overseas passport holder like a US
Passport or a British Passport Holder, then you need to have a PIO Card (Person
of Indian Origin Card). This can be applied at the Indian Embassy or Consulate in
your country where are you residing or you could enquire with them for further
details. Even, if you have your fathers or mothers passport or birth certificate or
any other proof of their being Indian Citizen, then it is ok. It is essential although,
to carry that proof with you.
Person or Persons of Indian Origin need not require any approval by the Government of India to buy immovable properties.
If you are buying the property through your NRE accounts, then you could
repatriate your sale proceeds and rental income to your foreign account after
deduction of Income Tax and Capital Gains on the Sale proceeds as applicable.
Please ensure that before you are coming to Mumbai, you should have an NRE
(Non Resident External) and NRO Bank Account (Non Resident Operative) set
up in India. You can remit the funds from your overseas account to an NRE
account for further payment for acquisition of property.
In your NRO accounts you can deposit sale proceeds or rental income and from
there you could transfer the funds to your NRE for repatriation as required.
If you are an NRI you should ideally remit funds from your bank to the Indian
Bank where your NRE Account is set up to buy a property.
If you buy the property through the NRE account, then the source of funds is not
required to be disclosed usually to any one as this is your inwards remittance.
Please remit at least INR 500,000/- to 10,00,000/- in your Bank Accounts to India
prior to your leaving your country where you are based. This will act as placing
the down payment of at least 10% with the Builder/Property owners. If you are
buying a property of around 1 CR, this amount can be proportionately increased
if you are looking at high value properties.
At Mumbai Property Exchange.com, we provide you comprehensive advise on
market conditions, projects and location analysis and future investment
Power of Attorney
If you are settled outside India and come once in a couple of years, then for all
practical purposes, you should give a specific power of attorney to some one
here in Mumbai, so that in your absence, things like Registration, Possession,
Execution of Agreement for Sale, Agreement of Leave and License etc, can be
taken care of with ease.
You could give a very specific POA to some one e.g. only for buying, or leasing,
etc. you could fine tune the rights you would like to give out.
Names in the Sale Deed/Legal/Capital Gains
Please decide the names in which you need to have the property in to begin with,
we will advice you on other aspects after understanding your requirement and
Inform Mumbai Property Exchange.com about your arrival in Mumbai
Inform Mumbai Property Exchange.com about your proposed date of arrival and
dates to see the properties in Mumbai, Thane or Navi Mumbai. We will be able to
take you through the entire projects etc as required.
If you are looking to buy your property with a Home Loan then it is even better,
as you could save on a lot of down payment from your personal account. Usually,
you could get a loan of around 85 to 90% of the property agreement value.
A pre-approval of your home loan is mandatory to know how much eligibility you
have and based on this letter from the bank you can go ahead and book any
Your personal documents required for your Home Loan Pre-Approval only.
Disbursement of the loan amount will happen only when you buy the property.
We request you to carry a copy of these documents with you or scan and
email it to us so that we could begin submitting the same to HSBC for their
approvals in principle based on the paper work. (This is not shared with
any third party and these are kept as confidential documents.)
Salaried (Non Resident Indian)
a) Loan Application form duly filled and signed Two photographs of both the
applicant and the co-applicant with signature on front and back.
b) Copy of Passport. (Along with latest Visa Stamp and Date of Entry stamp)
Proof of residence in India. (Electricity / Telephone Bill / Ration Card /
Society Maintenance Bill / LIC Policy / Mobile Bill / Utility Bill e.g Gas
Supply bill) Proof of residence in Abroad. (Electricity / Telephone Bill /
Mobile Bill / Utility Bill e.g. Gas Supply bill / Driving License) Copy of
Identity card / Social Security Card / Work Permit (Hikama) Copy of Credit
Card (front & back) Last 06 months bank statements of all the NRE / NRO
Account in India.
c) Last 06 months bank statements of Bank Account held abroad where
salary is credited Copy of Contract / Employment Certificate Copy of
Annual Salary Certificate specifying the mode of payment (If payment is
fully or partly received in cash) Salary Slips for the immediately past 06
d) Copies of Sanction Letter of Loans availed in India and abroad Self
Declaration of Residential Status Initial Processing fees cheque of Rs
5612/-, this is charged by the Bank, we can do away with this for the time
being and once you want to have the application approved you please
send this to us.
e) Please note that all the above documents need to be certified by the
INDIAN EMBASSY abroad / Any HSBC Branch Official abroad / Originals
verified by HSBC in INDIA.
Documents relating to Income / Salary needs to be attested as True by your Employer.
All documents in foreign language need to be translated in English.
Pan Card Application
It is advisable to apply for Permanent Account Number with the Income Tax so
that in future you can easily receive rent and even repatriate money.