NRI process buying flat from builder

garamchai2go · Post by **garamchai2go** » Tue Dec 23, 2014 4:11 am

Is there a separate process of buying flat as NRI from builders? Do builders need to register as NRI/OCI status or is it just required when doing registry?
Also if you bought a flat and need to change status to OCI, what is the process? Is there any complication related to showing how it was funded etc.?

garamchai2go · Post by **garamchai2go** » Tue Dec 23, 2014 8:39 pm

Anybody? Could you please point to some NRI real estate guide/thread. I see some on internet but no details.

FB2020 · Post by **FB2020** » Sun Jan 25, 2015 3:42 am

Did you try the real estate arm of this forum? I don't go there often so don't have much details, but you may find your answers.

http://www.indianrealestateboard.com/forums/forum.php

garamchai2go;588779Anybody? Could you please point to some NRI real estate guide/thread. I see some on internet but no details.

garamchai2go · Post by **garamchai2go** » Mon Feb 02, 2015 7:42 am

When agreement is made what address shall I use - the foreign address or Indian address where it says resident of ...?
Problem is there is no permanent foreign address? But if I use Indian address for residency then how will use NRI status for buying.
In case a property is bought as resident Indian, can it be changed as Non-resident at the time of registry?
Also if registry is also done as resident Indian, does it need to be changed as non-resident/OCI (overseas citizen of India).

Please advise. I am sure there are members on this forum who definitely bought properties in India.

clinger · Post by **clinger** » Mon Feb 02, 2015 3:23 pm

garamchai2go;592802When agreement is made what address shall I use - the foreign address or Indian address where it says resident of ...?
Problem is there is no permanent foreign address? But if I use Indian address for residency then how will use NRI status for buying.
In case a property is bought as resident Indian, can it be changed as Non-resident at the time of registry?
Also if registry is also done as resident Indian, does it need to be changed as non-resident/OCI (overseas citizen of India).

Please advise. I am sure there are members on this forum who definitely bought properties in India.

When i purchased property i registered it on my india address (I was an NRI at that time). there is no need to tell anyone that you are NRI as there are no extra steps in such sale. But make sure that you are able to register the peoperty without your presence there and find out the whole process for that.

hope this helps!

Imissindia · Post by **Imissindia** » Mon Feb 02, 2015 6:10 pm

NRIs, whether holding OCI or not, do not need any permission to purchase property in India. They are restricted in purchasing agricultural land but for normal residential property, they can purchase just like any Indian citizen. Thus there is nothing special that you need to do. You can use your Indian address to make things easier if needed.

makubay · Post by **makubay** » Thu Feb 04, 2016 10:17 pm

My bad.... Did not understand your issue.

What type of home loan are you planning to take - if its an NRI loan - they yes the banks require that the payments (pre-payment or EMI payment) need to go from an NRO/NRE account.
Also if the loan is in your name, I dont think that the banks would accept the payment from your parents account.

Alternately, you can take a regular loan (obviously it will be at a higher interest rate) and you can signup for ECS from your regular resident account and transfer from your parents account to that account.

vasu123 · Post by **vasu123** » Fri Feb 05, 2016 12:29 am

makubay;622017My bad.... Did not understand your issue.

What type of home loan are you planning to take - if its an NRI loan - they yes the banks require that the payments (pre-payment or EMI payment) need to go from an NRO/NRE account.
Also if the loan is in your name, I dont think that the banks would accept the payment from your parents account.

Alternately, you can take a regular loan (obviously it will be at a higher interest rate) and you can signup for ECS from your regular resident account and transfer from your parents account to that account.

there is no regular resident account to me. i have NRE and NRO accounts in one bank. i previously sent amount to my parent and i thought of using that amount for down payment of my home loan but i can not now. my parent can transfer that to my NRO account but i need to check with bank whether they take that or not for down payment, that also my money but this stupid logic allows or not. if not then i will take personal loan/balance transfer cards in US and pay it.

makubay · Post by **makubay** » Fri Feb 05, 2016 1:51 am

vasu123;622046 my parent can transfer that to my NRO account but i need to check with bank whether they take that or not for down payment

This option should work. I have done it 3 years ago with HDFC (exact scenario where I took my parents money into my NRO account. The amount that I had remitted to my parents account) without any issues

vasu123 · Post by **vasu123** » Fri Feb 05, 2016 2:31 am

makubay;622072This option should work. I have done it 3 years ago with HDFC (exact scenario where I took my parents money into my NRO account. The amount that I had remitted to my parents account) without any issues

then perfect. i will do the same.