Dos And Don’ts For NRIs To Take Home Loan

For years, I have been dreaming to buy my own house in India. But for being an NRI, it remained a dream only. The robust rules of Reserve Bank of India (RBI) and distance problem were the biggest barrier in converting my dream into reality. Thankfully, the RBI has relaxed its rules due to which it became quite easy for me to take home loan. And digitization has solved the rest part of my problems. Online transaction has finally made it happen to own a house here.

What the guidelines of RBI say to NRIs?

1. Any NRI is permitted to buy property or plot for commercial as well as residential use.
2. NRIs are prohibited to buy any agricultural land, plantation property and farmhouse. If they want to own any of the foregone options, they have to take permission from the RBI.

What conditions are to be followed for home loan by NRIs?

For meeting the RBI’s criteria to get the approval for home loan:

1. NRIs should be salaried people.
2. They should have the proof of one year employment abroad.
3. If doing business or are self-employed, they should have evidence of three years of employment in foreign country.
4. Self-employed NRIs, who have office and are white collared, can get loan for home easily.
5. Indian Merchant Navy personnel can take loan for home as the NRI, if they have foreign account.
6. Any NRI more than 21 years of age can get it provided that he/she earns income and meets educational qualification criteria.
7. Assign power of attorney to the trusted relative, friend or family member.
8. The NRIs should not belong to negative location, like Africa.

What documents are needed for home loan by NRIs?

Services of NRI property management can be attainable to take credit for investing in home by showing these documents to the bank authority:

1. Copy of passport
2. Valid visa
3. Work permit copy
4. Proof of foreign residence
5. Employment contracts
6. Salary receipt
7. NRE/NRO account statement

What is the tenure of the loan for NRIs?

The rate of interest to be paid for NRI home loan is more or less similar to the rate of interest provided to the residents of India. The bank can provide it for the tenure of 15 years. This tenure can be extended to some more years if the bank authority wants to. Generally, banks believe that the NRIs have potential to repay the loan amount since their earning is much higher. 

What’s the procedure of NRI’s home loan repayment?

Basically, NRIs have to pay the down payment in Indian currency. They can choose the banking channel from NRE and NRO accounts. The EMI of the home loan can be paid through rent received from the purchased property if it is bought with the motive of investment.

How NRIs Can Get NABC Non Availability of Birth Certificate

NRIs need NABC when they have no original birth certificate or it was lost in fire or natural calamities. It is issued by the Municipal Corporation of the district or the hospital authority. After paying certain fee, it is delivered to the applicant NRI. NRI services providing portals provide it seamlessly against the fee and authority from the NRIs.

10 Tips for NRIs Property Protection

The NRIs, who own property in India, live in fear if they have left it unoccupied. Land-mafia and squatters keep their eyes on their land or property for illegal possession. The price of a piece of land or property tends to grow since its demand is always there for sheltering. It is an earning source of several people as rental income as well. Doing a little bit of evil practice can make those evil practitioners millionaires overnight. However, it sounds quite filmy but actually it happens. 

Illegal confiscation of land

How the illegal occupiers snatch away NRIs land? Despite being an illegal act, there are many government officers who act no less than the wolves in lamb’s clothing. The squatters target unattended houses of NRIs with the connivance of local revenue authority and get hold of them. They lend them to tenants by preparing fake papers of the property. They follow this illegal practice for earning rental income which goes to the pocket of frauds. And even sometimes, they themselves possess it as tenant. This they do to enjoy the legal right of the tenant. The constitution has crafted the law of eviction and tenancy law in favour of the tenants. Instead of favouring the owners, the law gives them judicial protection. As a result, the NRIs are left with no other step but to go for NRIs property management. Or, they have to go through harassment and mental torture.

How NRIs can protect their property?

The migrants can keep their property safe and protected if:

1. They have kept their property’s legal papers and documents in place to prove their possession. He should have the title deeds, jamabandis, mutation/inktal, copy of the Will (if any), sale deed, original land purchase papers, utility bills and telephone bills etc.
2. They keep all the revenue records mutations that must be in their favour.
3. They must carry the formal police complaint if they don’t have the Will of the inherited property. Get this news released in at least two newspapers and keep the certified copies of such documentation safe that should be issued from the registering authority or revenue office. 
4. They clear all the tax payments, such as of municipality/panchayat/ property tax etc.
5.  They should maintain good relations with the neighbours so that they can state in favour of them. 
6. They must have legal tenancy agreement(s), if any. Get it done by a lawyer.
7. They have made a rental deed or agreement. Please don’t mix your personal relation with the legal matters. Rental agreement is a legal matter and if they get the tenants hired from their relation, even then also, this deed must be with them because prevention is better than cure.
8. They must go for police investigation of the tenant. If they have registered and verified them with the police, the risk of fraud can be minimized. It is a mandatory order for all property owners. Legal action can be taken in absence of it by alleging that they are sheltering the terrorist. Who knows, that tenant might be a terrorist.
9. They have the rental agreement with the date of maturity along with the request vacation. Sometimes, renewal of lease agreement can be skipped. Do keep it mind and immediately renew it before or on the date of its maturity.
10. They must keep eyes on the bank statements monthly if the rental is credited to bank account. Chances of getting the cheque bounced are very much there. If so happens, they should promptly seek answer and settle down the matter with the tenants.

Find the NRIs Complete Guide

From Visually.

How to Get Single Status Certificate Early?

Staying outside the country is tougher than that of getting aboard a flight to abroad. A non-resident of India flies offshore with hundreds of dreams in his/her eyes. Lavished life, standard lifestyle and advanced people in the surrounding are few dreams which he/she chases. This is the reason why most of the youngsters prefer to stay there for life long. Meanwhile, they establish marital relationship with foreigners. But solemnizing marriage in foreign country is not a bed of roses.

Single Status Certificate

Single Status Certificate is also known as Certificate of No Impediment to Marriage. It clears all the obstacles that an NRI faces in the way of marriage in foreign land. It is a licence or legal proof of an individual declaring his/her single status. The individual can be unmarried or single after divorce. It is issued on non-judicial stamp paper and then, attested by the first class magistrate.  

   

It Is Required In These Countries:

Those, who are ignorant of the rules and constitution of the foreign country, may get trapped to the legal complications. The countries, abided by the ‘Haque Convention’, require ‘Apostle Attestation’. It is attested by the ‘Ministry of External Affair’ there. On the other hand, some countries’ embassies take care of this certificate’s attestation.  The following countries need an affidavit sworn for being single.  

Philippines	China
Taiwan	Pakistan
Malaysia	Indonesia
Thailand	Brazil
Ghana	Finland
Australia	Russia
New Zealand	South Africa
Canada	USA
Mexico	Argentina
Sri Lanka	Bangladesh
Italy	Japan
Germany	United Kingdom
Switzerland	Netherland
Poland	Hong Kong

Mandatory Documents:

The bachelorhood certificate removes all legal hassles that are supposed to fall in between the nuptial knot of an NRI and a foreigner. After fulfilling the mandatory requirements, this authentication of single status can be obtained very comfortably. The listed below documents are to be produced for getting it:

Duly filled form of single status.

1. Photocopy of the first and last page of passport
2. Photocopy of valid employment Visa page
3. Notarized affidavit of parents living in India
4. IC copy
5. Duly attested ‘Unmarried Certificate’ from Executive Magistrate and Ministry of external affair
6. Dully attested ‘Death Certificate’ of parent(s), if deceased.
7. Photographs of the applicant

Processing Is Time Consuming

There are few agencies or volunteers that provide NRIs documentation work in India. But eventually, the processing of this certificate takes three to fifteen days’ time. There are certain factors over which its processing relies, such as:

1. The city in which this application is submitted.
2. The country that issued passport
3. The status of Visa
4. Authentication
5. Completion of the ‘Single Certificate’ form

The greatest barrier that causes delay in this certificate’s issuance is its incompletion. Sometimes, the details filled in it are found unauthentic. Thereby, such forms face rejection. In order to get it as soon as possible, the applicant should intensively check out the details before and after filling the form.  It is mandatory to comply with the rules of the constitution. But changes take time. Hence, delay is caused. So, the applicant should be careful about the foregone facts to combat the legal problems in obtaining single status certificate.

Cheers! NRIs Can Bring More Currency Up to Rs. 25000

Not only NRIs but also, the foreigners have to keep several guideline or rules and regulations in their mind while migrating to India. What if their very first encounter to Indian custom service would be bitter? Why may it happen? 

Well, violation or infringement of immigration law or custom regulations can land you behind jail. As per NRIs legal services, they should have all identity disclosing documents along with them.  Besides, they carry so many precious things and currency notes with them.

Amendments in custom baggage declaration regulations: 
The introduced amendment in custom regulations is applicable on NRIs and foreigners. Broadening smiles on migrants’ faces, the government has exceeded the maximum limit for carrying Indian currency up to Rs. 25,000.

NRIs have every reason to jump high with joy as green signal is given to duty free goods. Goods worth Rs. 45,000 can be brought in from Myanmmar, Bhutan, Nepal, China and other countries.   The foreigners from these countries can bring duty free goods worth Rs. 6,000 also.

Previously, the currency limit was up to Rs. 10,000 and the goods allowance was restricted to Rs. 35,000.

Some more reductions:

Some more things are there to let you enjoy the cut down of duty by 50%. These are:

1. Cigarette
2. Cigar
3. Tobacco. 

How much the foreigners can bring these with them?

1. Cigarette- 100 sticks
2. Cigars- 25
3. Tobacco- 150 gms

What new immigration & custom rules state?

1. Passengers from the foreign countries have to fill a separate Indian customs declaration form.
2. Indian citizens are exempted from the tension of filling immigration form as they are no more required to fill it. 

What the new customs form inquires?

1. The new set-up of regulations states that declaration is ‘must’ for bringing any flat panel (LCD, LED or Plasma) television.
2. Free allowance on gold Jewellery & bars or ingots exceeding the fixed limit (from Rs. 50,000 for men & Rs. 1,00,000 for women)  
3. Disclosure of carrying satellite phones
4. Foreign currency notes in the pocket more than $ 10, 000 or equivalent.
5. Meat, meat products, fish, dairy & poultry products, seeds, plants, fruits, flowers & more planting products are to be revealed.     

India Is NRI’s Paradise For Medical Treatment

Bygone were the days when the ‘life of a foreigner’ laden with all comforts was the only desire of Indians. Now, Indian economy has acquired full speed to chase developed nations like the US. Tempting perks in jobs for lavished lifestyle are very much available here in India. Enough is done yet vast is left to be done to bring our own brains back to India.  

NRI investment services have become so lucrative that migrants have started planning to spend days of retirement in India. Reserve Bank of India (RBI) has prepared platform via National Pension System (NPS) investment for NRIs. Now, my all migrant friends can feel free to return & relax in the lap of motherland without worrying about standard lifestyle. 

Health problem is what that compels a person to wander door to door of varied doctors. It’s the magic of health tourism that so many migrants living in west Asian countries have begun knocking at the door of Indian hospitals. A remarkable number of NRI patients at Sir Sunder Lal (SSL) hospital of Institute of Medical Science, Banaras Hindu University (IMS-BHU) are their clear evidences.

Most of the NRI patients suffering from TB, chest pain, neurology disorder, dental problem and for plastic surgery search Indian doctors. Meeting the formality of documentation work in India, they land from United Arab Emirates (UAE), Bahrain, Qatar, Iraq and Africa prominently. They pack their bags in assurance of permanent recovery from the diseases. Thousands of such NRI patients have real stories of their recovery. Impressive!   

But traveling to Varanasi, where the SSL hospital is, is quite tough. NRI services in India through various reliable companies, like S2NRI, can solve your problems in minutes.  I met my NRI friends who specially took flight from UAE for oral implant in SSL hospital. And I felt proud while exchanging words with him as his mouth was filled with PRAISE for Indian doctors. Even, the expenses on medicare were in-budget for him, although, he was ready to spend whatever cost to fix his oral problem.