NRI Guide


Who is an NRI?

A person residing outside India who is a citizen of India or a person outside India who is of Indian origin is an NRI. The definition of Person resident outside India is defined under section 2(w) of Foreign Exchange Management Act, 1999 as "a person who is not resident in India"
A person shall be deemed to be a person not resident in India in the following cases:-

  • When the person stays in India for less than or up to 182 days during the preceding financial year
  • When a person who has gone out of India or who stays outside India, in either case -
  • for or on taking up employment outside India, or
  • for carrying on outside India a business or vocation outside India, or
  • for any other purpose, in such circumstances as would indicate his intention to stay outside
  • India for an uncertain period

Can foreign citizens of Indian origin acquire residential property by way of gift?

Yes. The Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative, who may be an Indian citizen or a person of Indian origin, whether resident in India or not, provided gift tax has been paid.

Do non-resident Indian citizens require RBI's permission to acquire residential/commercial property in India?

NRI / PIO / Foreign National who is a person resident in India (citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of the Reserve Bank) may acquire immovable property in India other than agricultural land/ plantation property or a farm house out of repatriable and / or non-repatriable funds.

Can housing loan of NRI / PIOs be repaid by close relatives of the borrower in India?

Housing Loan in rupees availed of by NRIs/ PIOs from ADs / Housing Financial Institutions in India can be repaid by the close relatives in India of the borrower.

Can the properties (residential/commercial) be given on rent, if not required for?

Yes. The Reserve Bank has granted general permission for letting out of any immovable property in India. The rental income or proceeds of any investment of such income has to be credited to NRO account.

Why Sunshine Royal Developers ?

We help our clients, either Indians or NRIs , to avail housing/ commercial loan through Nationalized Banks, Foreign Banks, PVT Banks or Co-operative Banks as per customer’s relationship with Banks. We would negotiate with Banks to consider lowest, reasonable, and competitive rate of interest and other charges.

Our residential cum commercial project is having clear title of the property and have obtained all the necessary Government approvals and licence from Concerning Authorities such as Mangalore Urban Development Authority (MUDA), Mangalore MahanagarPalika, Fire Department etc.,

Our project is approved by all the Banks and Financial Institutions. Hence, loans can be considered on minimum documentation.

We are always available to our clients to help them in completing bank loan related formalities i.e. from loan application to disbursal of the loan.

We strive to build trust and relationship of our home buyers which would boost our integrity, credibility and goodwill for years to come.