Buying flat/apt from builder - NRI status?

garamchai2go · Post by **garamchai2go** » Tue Nov 06, 2012 4:12 am

When buying flat/apt from builder in India, builder asking whether NRI status or resident.
How does it matter? Please guide.
Do builder issue any tax statement? Can I show NRI status at the time registry, I am hesitatnt to show NRI status to builder.
I am planning to make transactions majority from NRE and rest from NRO a/c but source of all fund is NRI.
Also does it make sense buy without loans, doing a loan from sitting in US is kind of impossible. Amount is in range of 30-40 lacs. Does taking a loan make the property investment somewhat secured in the sense someone cannot capture your property illegally. I am kind of naive so any help will help.
I waited long time hoping property prices will cool off in India but it simply does not seem to happen so decided to buy atleast some small dwelling.
Thanks guys.

Froogle · Post by **Froogle** » Tue Nov 06, 2012 8:11 pm

Did you finalized the price? If so you can reveal NRI status, though builder did not need to know.
[QUOTE]Also does it make sense buy without loans, doing a loan from sitting in US is kind of impossible.
That is not true. You can give power of attorney and carry out loan/mortgage application. Whether you want it is different question. Taking this route, bank can verify validity of legal documents and make sure it complies needed government sanctions.

garamchai2go · Post by **garamchai2go** » Wed Nov 07, 2012 12:11 am

Froogle;478646Did you finalized the price? If so you can reveal NRI status, though builder did not need to know.

That is not true. You can give power of attorney and carry out loan/mortgage application. Whether you want it is different question. Taking this route, bank can verify validity of legal documents and make sure it complies needed government sanctions.

Thanks for the reply. If it is not important for builder to know the status, when I get possession/ do registry can I show status as NRI. When selling property can I easily repatriate the money.

Froogle · Post by **Froogle** » Wed Nov 07, 2012 2:59 am

garamchai2go;478674Thanks for the reply. If it is not important for builder to know the status, when I get possession/ do registry can I show status as NRI. When selling property can I easily repatriate the money.

Yes registration office will mark your status even though you have a power of attorney. To repatriate your sale make sure you make payments through NRE when buying. You can do so for buying price on aggreement.