Tips For Buyers

When a bank account may give you only marginal interests, a real estate investment (like investing in a new apartment) gives you value appreciation interest every year.

Yes. There is no regulation that restraints self-employed/businessmen from availing home loan facility. But, you are required to submit certain documents to be proven eligible for the same.

The finance institution that provides home loan facilities may ask to produce the following documents.
A brief description about your Business/Profession.
Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a qualified CA.
A photocopy of Advance Tax payments (if applicable).
A photocopy of Registration Certificate of Establishment under Shops and Establishments Act/Factories Act.

Sure, most of the nationalized as well as the private housing finance provide home loans these days. Some of them include – SBI, SBT, HDFC, PNB, ICICI Bank, LIC Housing Finance, HSBC, CITI Bank, ABN AMRO etc. The institution would assess your repayment capacity before sanctioning the same.

The period of home loan repayment is different with different financial institutions.

According to the Income Tax Act of 1961, you can enjoy tax benefits on principal and components of a loan.

An NRI who wishes to buy a property in India is required to file in a declaration in form IP17, with the Central Office of RBI in Mumbai. This has to be done within 90 days from the date of payment.

Those financial institutions approved by RBI can provide loan facility to NRIs. However, this completely depends on the down payment capacity of the bearer.
Under certain conditions, the Reserve Bank permits Indian companies to grant housing loans to their employees those who are deputed abroad and holds a valid Indian passport.

•  Application Form

•  Passport-size Photograph of Applicant (and co- applicant)

•  Copy of Passport and Visa

•  Copy of authorized Work Permit

•  Bank Statement of last 6 months of both International & Domestic accounts

•  Power Of Attorney (POA) attested by Indian Consulate

•  Copy of Appointment Letter or Contract

•  Copy of Identity Card

•  Salary Certificate

In your absence purchase formalities can also be fulfilled through a Power of Attorney, filed in favor of any of your reliable relatives living in India at the time of the purchase. This need to be executed on a valid stamp paper bought from anywhere in India and signed in front of qualified authorities.

Reserve Bank has granted permission for sale of such property. However, when the property is purchased by another foreign citizen of Indian origin, funds towards the purchase should either be remitted to India or paid out of balances in NRE/FCNR accounts.

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