Transfer and acquisition of property by NRIs
A Person of Indian Origin (PIO) is permitted to transfer property
or gifts it to a person resident in India, an NRI or PIO.
Permission from RBI is required to repatriate the sale proceeds
of immovable property outside India.
RBI permits the repatriation of sale proceeds of immovable property
up to US$ 1,00,000 per year, if the property is held by NRIs/PIOs
for at least 10 years. Except agricultural, plantation property
and farmhouses, financial institutions are permitted to allow
the repatriation in India / outside India on the following conditions:
• The property should have been sold after three years from purchase
or from the date of payment of final installment of sale price,
whichever is later.
• The repatriated amount should not exceed the purchase price in foreign exchange.
• For residential properties, the repatriation cannot be for more than two properties.
RBI also permits NRIs to acquire commerical immovable property
in India on the following conditions:
• To open a branch or other place of business.
• The office is not a liaison office.
• The person acquiring the property files form no IPI within 90 days of acquisition.
• The immovable property can be transferred by way of mortgage to financial institution
as security for any amount borrowed.
A PIO or NRI is eligible for a housing
loan in India on the following conditions:
• Loan amount, margin and repayment period will be as applicable to a resident
Indian.
• The loan proceeds cannot be credited to Non-Residential External (NRE) / Foreign
Currency Non-Resident (FCNR) / non-resident-non-repatriable accounts.
• The acquired property should be given as security by equitable mortgage.
— Excerpted from Deccan Herald, 19 March
Housing finance looking up
The housing finance market has grown from Rs 4,630 crore in 1996-97 to Rs 42,000
crore in 2003-04. This makes it one of the fastest growing industries in the
country, growing at over 37% per annum. Going by the shortage of housing in
the country, it is poised to grow at a similar pace for the next three years
at least.
Today, almost 60-65% of individuals finance their home through
a mortgage as against 30-35% five years ago.
The average age of people taking a home loan has also fallen
to 32 years as against an age of early 40s seven years ago. Back
then it was also difficult to get a loan for more than 7-8 years,
now loans are offered for 15-20 years.
The rise in disposable income levels have also contributed to
the growth in housing finance. With interest rates low and property
prices inching up, individuals have never had a better time to
take a home loan than now.
—Excerpted from The Week, 28 March
Housing Loan Schemes
Indicative
Equated Monthly Installment
for every Rs 1 lakh of loan* |
Period up to
(in years) |
5 |
10 |
15 |
20 |
Floating Rate of Interest |
7% |
7% |
7% |
7% |
EMI |
1,980 |
1,161 |
898 |
775 |
Fixed Rate of Interest |
7.5% |
7.5% |
7.5% |
7.5% |
EMI |
2,004 |
1,188 |
928 |
806 |
As on 31 Aug 2004. *Conditions Apply
- Loan amounts
that can be availed depend on the housing finance institution
- Loan
amount limit depends on the income of the applicant
- Security
of the loan is the first mortgage of the property to
be financed
- Loans can be availed from leading
financial institutions
- Interest
rates and EMIs are subject to change without notice,
check with the financial institutions for prevailing
interest rates
- Calculations
are based on loan amount of Rs 10 lakh onwards
Tandem Allied Services'
Offering a convenient range of complementary professional services
Offering
a convenient range of complementary professional services
Tandem Allied Services, our associates in property and allied
services, offer a wide range of professional services related
to the property industry. They are one of the pioneers in this
field.
Tandem began operations as realtors, offering their clients
services that included guidance in identifying suitable properties,
arranging site visits, assisting in technical, commercial and
statutory matters and participating in negotiations along with
the client.
In a short period of time, these services have expanded to include
property management, financial services and insurance services.
Tandem also offers assistance with interiors, with options for
a range of modular kitchens and wardrobes.
Tandem's Property Management Division takes care of facilities
management, which includes housekeeping, engineering, maintenance
and security services to software industries, commercial buildings,
serviced apartments, residential buildings, bungalows and guesthouses.
They currently manage over two million square feet of real estate
in Bangalore City.
Their Financial Services Division offers home loans, personal
loans and car loans. They also offer life insurance and general
insurance consultancy.
Today, Tandem Allied Services is one of Bangalore's leading
service providers in a very niche industry; making it possible
for their clients to acquire not only a home or an office, but
a host of other related services as well.
Tandem’s one-stop customer service
centre at Brigade Plaza
For more information,
contact Tandem Allied Services at
91-80-5111 7108/09 /12,
2235 4142/43/44,
Fax: 2223 5002 or
email to: tanpms@vsnl.net
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