Rules Governing Property Purchase in Goa by Non-Residents Rules pertaining to purchase and ownership of immovable property in India are governed by the Reserve Bank of India. A summary of the current prevailing laws are enumerated below. to view full details on Reserve Bank of India’s official website. Rules for NRIs (Non Resident Indians) and PIOs (Persons of Indian Origin):
· An NRI is defined as a person residing outside India who is a citizen of India.
* A PIO is defined as a person who has at any time held an Indian passport, or whose father or grandfather has been a citizen of India.
* NRIs & PIOs are permitted to purchase any number of residential/commercial properties in India. No special permission or filing of documents is required with the RBI.
* Under the general RBI permission available to NRIs & PIOs, funds must be remitted to India through normal banking channel or funds held in his NRE / FCNR (B) / NRO account. No consideration should be paid outside India.
* The NRI / PIO may repatriate the sale proceeds of immovable property in India acquired by way of inward remittance through normal banking channels or by debit to NRE /FCNR (B) account. The amount to be repatriated should not exceed the amount paid for acquisition of the immovable property. Repatriation of sale proceeds of residential property purchased by NRI / PIO out of foreign exchange is restricted to not more than two such properties. Capital gains, if any, may be credited to the NRO account from where the NRI/PIO may repatriate an amount up to USD one million per financial year subject to tax compliance. (Please refer the RBI Website for full details)
Property Spain
Rules for Foreign Nationals of Non-Indian Origin:
* Foreign Nationals are permitted to lease property in India for a period of up to 5 years without the need for any special permission from the Reserve Bank of India.
* Foreign companies who have been permitted to open an office in India are also allowed to acquire any immovable property in India, which is necessary for or incidental to carrying on such activity. This stipulation is not available to entities which are permitted to open liaison offices in India.
* Though RBI rules allow a foreign national who is a Resident of India (i.e. one who has completed more than 182 days stay in India in the previous financial year) to buy property, the rule also states that “... the person concerned would have to obtain the approvals, and fulfill the requirements if any, prescribed by other authorities, such as the concerned State Government”. (Please Note: We DO NOT advise foreign nationals to attempt to purchase property in Goa via this route at the moment.) (Please refer the RBI Website for full details)
Spanish property
Home Finance for NRIs & PIOs All major banks in India provide Home Finance for NRIs and PIOs. Check the details below for an overview of home financing options available from ICICI Bank. Majority of properties on Magic Masons Marketing Services are already pre-approved for Home Loans
by reputed banks.
Purpose of Loan: Loans are offered for purchase, construction, extension or renovation of a new house or apartment.
Tenure of Loan:
* For Salaried persons - Up to 15 yrs.
* For Self-employed persons - Up to 10 yrs.
Maximum Loan Eligibility: 85% of the total cost of the property
Documents Required: Click here if you reside in the USA
Click here if you reside in UK
Property France
Click here if you reside in Other Countries
Tools: Loan Amount Eligibility Calculator
EMI Calculator (Floating Rate)
EMI Calculator (Fixed Rate)
1. On receipt of your enquiry we will check back with the owners/developers to re-confirm availability of the property and revert to you.
1. Though the properties on our site are of reputed owners/developers, purely as a matter of ‘Due Diligence’ we recommend that a legal scrutiny be done by a local Goa lawyer appointed by you. (Magic Masons provides complete assistance for this, making it hassle free for you. See MM Services. In cases where the project has already been legally checked and pre-approved by Banks, this step is optional.
1. Once you decide to purchase the property a Booking/Token Amount is to be paid by you to the Seller/Developer to confirm your intent to buy the property. An official receipt for the same is issued to you by the Seller/Developer as acknowledgment of your payment and that the property has been reserved for you.
