We Rajkham Builders most found in between NRI clients as we have completed 25 projects with on time Delivery.
We look forward for More NRI Clients to make a chance and to have our customer experience security and to make them comfort to purchase their dream home.
We have given the steps involved to purchase flat in Chennai
Can a NRI buy property in India?
Yes, there are many available new apartments for NRIs Chennai. Further, there is no limit on the number of residential properties that an NRI can purchase in India or the investment make in There are exceptions to that clause. An NRI however cannot buy agricultural, plantation land or a farm house in India and he cannot acquire such property as a compliment. There are however no restrictions on inheriting such property.
Do you need Reserve Bank of India (RBI) permission?
No, RBI permission is not required to buy residential or commercial property.
What are the modes of funding?
Payment for the purchase of property can be made either by way of funds remitted to India from abroad or through regular banking channels or through the balance in the NRE, NRO or FCNR Account.
Is income tax applicable on housing properties in India?
According to the Indian Income Tax Act, if a person (resident or NRI) owns more than one house property, only one of them will be deemed as self-occupied. There will be no income tax on a self-occupied property. The other one, whether you rent it out or not, will be deemed to be given on rent. If you have not given the second property on rent, you will have to calculate deemed rental income on the second property (based on certain valuations prescribed by the income tax rules) and pay the tax thereof and if you have inherited a property in India and that is not your only property, you would have to pay tax on deemed income.
Is deemed income from house property taxed in a foreign country?
You would need to look at the tax code in your country of residence. In the case of NRIs in the United States, the US tax code does not tax deemed income. Always consult a tax expert as passive activity rules are quite cumbersome.
Will I be able to avail home loans?
Yes, the RBI allows NRIs to take home loans for buying property in India. You can also take a loan for repairs and renovations of your home. You can pay EMI's in any one of the following ways: