Help Desk

4:45 PM Friday, 22 July 2016 (GMT+5:30) Time in Kochi, Kerala Date in Vazhakkala, Kakkanad, Kochi, Kerala

NRI FAQs

Do non–resident Indian nationals require permission of the Reserve Bank to acquire residential/Commercial property in India?

No permission is required by non-resident Indian nationals to acquire immovable property in India.

Are Foreign Nationals of Indian origin allowed to purchase immovable property in India?

Yes, Foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.

What should be the method of payment for purchasing residential immovable property in India by Foreign Nationals of Indian origin under the general permission?

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE / FCNR accounts maintained with banks in India.

For Non-resident Indians staying abroad, can the property be purchased through an agent or through power of attorney?

Non-resident Indians who are staying abroad may enter into an agreement through their relatives and / or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possessions, etc) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose. Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be drafted on the stamp paper bought in India.

Are there any formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India?

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of purchase of Immovable property.

Can such residential property be given on rent if not required for immediate residential use?

Yes

Can the rental income from such property be remitted outside India?

No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.

Home Buying Tips

The top 10 things you need to know when buying a home.

1. Don't buy if you can't stay put.

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.

2. Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

4. If you can't put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small down payment.

5. Buy in a district with good schools.

In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Get professional help.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

7. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.

8. Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

9. Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.

10. Hire a home inspector.

Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

Home care Services

Our commitment to you is more than just the delivery of your dream home. It is but a link in the process of building enduring relationships too. The unique package of Joyalukkas Lifestyle Developers Pvt. Ltd. Homecare, Interiors and after sales care is all a part of our everyday commitment to providing quality homes and outstanding service without compromise. Regardless of whether you choose to live in your Joyalukkas Lifestyle Developers Pvt. Ltd. Home or not, it can be taken care as earnestly as you would yourself. A nominal fee is all that it costs you to avail of these services.

What Is Home Care?

Home care is a service option offering broad ranges of utilities care and support services, provided in your home. It provides assistance in day-to-day activities for a complete comfortable stay.

Types Of Home Care Services That May Be Available In Your Apartment.

Have you ever wondered why clients seldom hear from their builders after the sale has closed? Well, most companies have been trained to close the sale and move on to the next transaction.
Joyalukkas Lifestyle Developers Pvt. Ltd. believes clients are a high priority, and we work hard to earn their confidence and trust during the transaction, but our service doesn't stop there. At Joyalukkas Lifestyle Developers Pvt. Ltd., Home Care takes care of all the clients after the sale by providing the following plans:

House Keeping

Our in-house maintenance personnel will be pleased to undertake following works:

  • House Cleaning
  • Pest Control
  • Plumbing
  • Electrical Maintenance
  • Carpentry and Masonry Jobs

Payment Of Bills

For our clients we will provide timely payment of following bills:

  • Electrical Bills
  • Telephone Bills
  • Association Dues
  • Other Bills (Property Tax, Cable / Internet Bills, etc.)

Home Loans

The interest rates on home loans have reached an all-time low and the fewer procedures for home loans make the whole process quite hassle-free. You have various schemes to opt from to suit your need. These loans from leading Housing Finance Institutions can be arranged with minimum involvement on your part (subject to the conditions put forth by the financial institutions). The pre-approval of Joyalukkas Lifestyle Developers projects by leading Housing Finance Companies makes the whole process a whole lot easier. Maximum loan amount with long term easy installments can be arranged for both NRIs and RIs.

Here is a list of general documents required for sanctioning the loan amount by a Housing Finance Company (HFC). Please note that the list is only indicative and there may be variations/additions for each HFC.

Loan Providers- please click below:

Documents required

  • Passport size photograph of all applicants
  • Copy of passport and visa
  • Copy of work permit
  • Bank statement for last six months both international (in which the salary is credited) and domestic NRE account.
  • General Power of Attorney as per the HFC's draft duly attested by the Indian Consulate in case NRI is Not in India. If NRI is in India then the POA can be locally notarized by Notary Public.
  • Copy of appointment letter or Contract.
  • Copy of Labour card or Identity card if employed in Middle East.
  • Salary certificate specifying Name, Date of joining, Designation Salary details and deductions if any or Latest four months salary slips.
  • Administration fee cheque from NRE account (0.5% of the loan amount).

After Sales Services

When you purchase a home, we work together as a team both before and after your move-in. Our after sales services wing ensures that all repairs and maintenance that may be needed for electrical, plumbing fixtures and other finishing items are taken care of. They also take responsibility for the periodical inspection of lifts, fire fighting equipment, etc., including demonstration of the same to residents. They see to the upkeep of the premises and all amenities until the residents' association takes over.

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