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NRI GUIDELINES
FAQs

Who is a Non Resident Indian (NRI)?

NRI means a person who is a citizen of India and has not been residing in India for more than 182 days during preceding financial year, or has gone out of India for the purpose of employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration.

Who is a PIO?

A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who has: Held an Indian Passport at any time, or Who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955

Whether NRI/PIO can purchase immovable property in India?

Yes, NRIs/PIOs can acquire immoveable property in India other than agricultural land/farm house/plantation property i.e. residential and commercial property.

How can payments be made?

Payments can be made in Indian Rupees from funds held in non-resident accounts maintained by the NRI/PIO by any of these methods: Cheque Draft Pay Order Banker's Cheque Wire Transfer RTGS/NEFT

Can NRIs/PIOs acquire or dispose residential property by way of gift?

Yes, the Reserve Bank has granted general permission to NRIs/PIOs to acquire or dispose off commercial or residential properties by way of gift from or to a person resident in India or NRI or PIO. However, agricultural land / plantation property / farm house in India cannot be acquired by way of gift. Further, NRI / PIO can gift an agricultural land / a plantation property / a farm house in India only to a person resident in India who is a citizen of India

Can NRIs/PIOs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?

The Reserve Bank has granted general permission to certain financial institutions and authorized dealers for providing housing finance to NRIs/PIOs for acquisition of a house/flat subject to certain conditions. The criteria regarding quantum of loan, margin money and period of repayment will be at par with those applicable to resident Indians.

What details do NRIs/PIOs have to furnish and why?

Documents with the following details need to be furnished: Nationality Whether NRI or PIO (Person of Indian Origin) Residential status Passport details Complete postal & permanent address (local or overseas, as applicable) Name, address & account no. of customer's bank These details need to be produced because this is a directive by the Government of India to all builders as a mandatory requirement. Failure to furnish the details called for is an offence punishable under the Foreign Exchange Management Act, 2000.

Does House of Hiranandani help customers with home loans?

Yes, definitely. Our projects are pre-approved by leading HFIs/Banks. We can help you acquire necessary approvals for your home loan from these HFIs and co-ordinate with them (as developers) to provide all necessary documents.

What is the difference between GPA and POA (specific)?

General Power of Attorney (GPA) is an authorization given by the customer to a person if he is, owing to his professional commitments, unable to personally attend to the purchase, negotiations, registration and completion of other formalities pertaining to the apartment that he has bought. He will appoint and constitute one person known to him as agent and attorney in his name. And on his behalf, this one person will do any of the following acts deeds and things; this is given in general to do all the activities on his behalf. Power of attorney given to a person only for a specific purpose, for example, possession or registration purposes is called Specific Power of Attorney.

What is the difference between Agreement to Sell and Sale Deed?

Agreement to sell is a legal document which is executed between the builder and the customer, after the customer has paid 20% of the agreement value of the apartment. This document will have the terms and conditions of the seller and the buyer after the purchase of the property. This is a basic document on which bank or any financial institution will lend money to the customer. But this is not considered as the final document when it comes to the title of the property. Sale deed is the final and very important document which authenticates that the title of the property is conveyed to the buyer.
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HEAD OFFICE

Olympia, Central Avenue,
Hiranandani Gardens
Powai Mumbai 400076, INDIA
Tel: 91-22-25763600
[email protected]
For residents in India:
+91 8451040633
+91 9022021286
For residents outside India:
+91 2250647338

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Disclaimer: The Layout details, Amenities, Facilities mentioned throughout the website are a combination of artists impression, images shot at the location and rendered images as visualised by artists for reference purposes only. These details are subject to modifications, amendments, alterations, revisions at the sole discretion of the Developer without any prior notice. Images displayed on the website in respect to the details of the properties/projects, furniture, fixtures, accessories, etc are indicative in nature to convey the concept and vision of the development and are for Illustrative purposes only. *Prices are subject to change at Developer’s discretion and without prior notice. The website consists of an enquiry form, upon submitting the same the proposed user shall receive text messages and emailers regarding the latest updates in reference to all the properties/projects of House of Hiranandani. All Specifications pertaining to residential/ commercial premises/unit shall be in the terms of the Agreement for Sale executed between the Parties. T&C Applicable.

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