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NRIs

RBI Guidelines

Reserve Bank of India (RBI) Guidelines on NRI Investment in properties in India
  1. PERMISSION FOR PURCHASE OF RESIDENTIAL PROPERTY / COMMERCIAL PROPERTY.
    1. NRIs holding Indian passports—No permission required
    2. NRIs holding foreign passports—Intimation to RBI via form IPI - 7 within 90 days of purchase of property or final payment of consideration. Funds through NRE/NRO accounts.
  2. SALE OF PROPERTY
    1. Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.
  3. REPATRIATION OF SALE PROCEEDS
    1. Repatriation of proceeds from sale of residential property purchased on or after 26th May 1993 is allowed.
    2. The RBI will consider repatriation of the consideration amount remitted in foreign exchange for the acquisition of 2 properties. The sale has to have taken place after 3 years from the date of final purchase deed or from the date of final payment.
    3. Application of repatriation (IPI-8) has to be done within 90 days of the sale of the property.
  4. INCOME FROM PROPERTY
    1. NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account.
      1. Subject to changes from time to time
      2. E. & O.E

Home Loans

NRIs can avail financing assistance in the form of housing loans, for purchasing residential properties in India.
  1. The applicant must be an Indian passport holder.
  2. Eligibility Criteria:
    1. Age: You must be minimum 21 years old. Maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity.
    2. Residential status:
      1. If salaried applicant, you should have been abroad for a minimum period of 1 year.
      2. If self-employed applicant, you should have been abroad for a minimum period of 3 years.
    3. Income:
      1. For a loan tenure between 11–15 years, minimum qualification to be Diploma / Graduate with minimum 3 years of employment abroad or professional qualification with 1 year of employment abroad.
      2. There is a minimum income per annum required depending on the country of residence.
  3. The security for the loan would be the equitable mortgage of the property financed. This is created by the deposit of the original title deeds of the property with the HFI.
  4. Local guarantors will also be required in the case of a few institutions.
  5. Copies of the following documents have to be submitted along with the application for the loan to the institution.
    1. Employment contract
    2. Latest salary slip
    3. Latest work permit
    4. Visa stamped on the passport
    5. Power of Attorney to a local individual
    6. Receipt of payments made for purchase of the property
    7. Agreement of Sale
  6. Interest rates and EMIs are subject to change without notice. Check with the financial institutions for prevailing interest rates.

Payments within India

  1. Please prepare a cheque in favour of "Brigade Enterprises Ltd"
  2. Post / courier / hand deliver the cheque to our corporate office:
  3. 29th & 30th Floor, World Trade Center Bangalore Brigade Gateway Campus, 26/1, Dr Rajkumar Road Malleswaram-Rajajinagar, Bangalore 560 055. INDIA
  4. For payments towards club memberships, cheques should be in favour of "Brigade Hospitality Services Pvt. Ltd"
  5. Note: Cheques deposited directly in our bank account cannot be acknowledged and we cannot be held responsible for direct payments into our account.

Overseas Payments

How to make payments from abroad:
  1. Please make the payment in the applicable foreign currency
  2. Credit for the amount received will be given at the rate at which the bank credits the amount to our account.
  3. Make all payments favouring: Brigade Enterprises Ltd or Brigade Hospitality Services Ltd (for payments towards club memberships)
  4. When you make the payments in the currency applicable, the financial institutions will send us the cheques for direct remittance to our account
  5. To facilitate easy tracking and quick acknowledgements, follow the instructions below for payments in US Dollars, Pounds and Euro:

Payments in US Dollars

Please remit the amount to our State Bank of India
Address 460, Park Avenue, New York, USA SBINUS33 ABA 0914
For Credit of State Bank of India Industrial Finance Branch Bangalore. (SBININBB116) IDA A/C NO.: 999900009077
Customer name Brigade Enterprises Ltd.
Customer address Brigade Enterprises Limited, 29th & 30th Floor, World Trade Center Bangalore, Brigade Gateway Campus, 26/1, Dr Rajkumar Road, Malleswaram-Rajajinagar, Bangalore 560 055, INDIA
Customer A/c No. State Bank of India, Industrial Finance Branch, Bangalore, A/c No. 10503337495

Payments in Pounds

Please remit the amount to our State Bank of India
Account Number FD, Kolkatta - 60100907720001
Account with State Bank of India, London
Swift code SBINGB2L
Customer name Brigade Enterprises Ltd.
Customer address Brigade Enterprises Limited, 29th & 30th Floor, World Trade Center Bangalore, Brigade Gateway Campus, 26/1, Dr Rajkumar Road, Malleswaram-Rajajinagar, Bangalore 560 055 INDIA
Customer A/c No. State Bank of India Industrial Finance Branch Bangalore, A/c No. 10503337495

Payments in Euro

Please remit the amount to our State Bank of India, Frankfurt SBINDEFF
For Credit of India EURO, A/c No. 0021011100, State Bank of India, Industrial Finance Branch, Bangalore (SBININBB116)
Customer name Brigade Enterprises Ltd.
Customer address Brigade Enterprises Limited, 29th & 30th Floor, World Trade Center Bangalore, Brigade Gateway Campus, 26/1, Dr Rajkumar Road, Malleswaram-Rajajinagar, Bangalore 560 055, INDIA
Customer A/c No. State Bank of India, Industrial Finance Branch, Bangalore, A/c No. 10503337495
Brigade Group provides properties for NRIS to facilitate bookings from our customers across the globe. Brigade group provide representative offices in Dubai and USA.
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