An Indian Citizen who stays abroad for (a) employment/ carrying on business or (b) vacation outside India or (c) stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Persons posted in U.N. organisations and officials deputed abroad by Central/ State Government and Public Sector Undertakings on temporary assignments are also treated as non-resident.
A Person of Indian Origin (PIO) means a foreign citizen (except a national of Pakistan, Afghanistan Bangladesh, China, Iran, Bhutan, Sri Lanka and Nepal) who at any time held an Indian passport or who or either of their parents/ grand parents/ great grand parents were born and permanently resided in India as defined in Government of India Act, 1935, or who is a spouse of a citizen of India or a PIO.
Persons of Indian Origin (PIO), who migrated from India and acquired citizenship of a foreign country, other than Pakistan and Bangladesh, are eligible to be granted an OCI as long as their home countries allow dual citizenship in some form or the other under their local laws.
This foreign national's children and grandchildren are eligible for registration as OCI. But they will not be eligible for OCI status if the applicant had ever been a citizen of Pakistan or Bangladesh.
The floating rate of a home loan applied for in India is linked to its base rate and it makes pricing more transparent as banks are not permitted to lend below base rate, while disclosing base rates publicly is a requirement.
The floating rate is arrived at, after a margin is added to the base rate. Each bank has a different base rate because it arrives at the calculation after considering factors such as cost of funds etc. This base rate is reviewed each quarter depending upon the macroeconomic situation following which the floating rate of interest may change and impact your EMI as well.
A sale deed, also called a ‘conveyance’, is a document which transfers immovable property be it land or a house, flat, office or other structure to another person. In almost all cases, the sale deed must be registered compulsorily except in the case of resale of units in existing cooperative societies where the state law grants a specific exemption from registration. Regardless, all sale deeds are liable for stamp duty and the rates vary from state to state. Also the duty depends upon various factors, such as age of building, location and type of unit and so on.
Power of Attorney is the right/authorisation given by a property owner to someone through whom the owner transfers the power and rights to deal with the property of his choice. The person getting the power of attorney can be either a co-owner of the property, a blood- relative of the owner or any other person not related to that property or the owner.
There are two types of power of attorney that can be granted namely ‘General Power of Attorney’ wherein a property owner gives ‘general’ rights to his/her chosen attorney. The other type is ‘Special Power of Attorney’ wherein only a ‘special’ or ‘specific’ right is given by the owner to his/her chosen Power of Attorney.
A Credit Information Report contains detailed information on the credit you have availed, such as home loans, credit cards, personal loans, automobile loans, overdraft facilities.
FCNR stands for Foreign Currency Non Resident Bank Account. An FCNR account is a term deposit account that can be maintained by NRIs and PIOs in foreign currency. Thus, FCNRs are not savings accounts but fixed deposit accounts.
Banks also calculate the eligibility of the borrower based on the fixed obligation to income ratio (FOIR). Here, a bank takes into account the instalments of all other loans already availed by the applicant and still due, including the home loan applied for.
This ratio includes all the fixed obligations that a borrower is supposed to meet regularly on a monthly basis. The fixed obligations do not include statutory deductions from the salary such as Provident Fund, professional tax and deductions for investments such as insurance or a recurring deposit.
In India banking terminology, the term Non-Resident External or NRE account, refers to funds deposited with a financial institution that allows for the efficient conversion and transfer of Indian and foreign currency both within and outside of India.
In India banking terminology, the term Non-Residential Ordinary or NRO Account refers to funds deposited with an Indian financial institution opened by an Indian national with the intention of becoming a Non-Resident Indian or NRI. An NRO account is kept in Indian rupees and cannot be converted and repatriated into foreign currency.
The process of converting a foreign currency into the currency of one's own country. The amount that the investor will receive depends on the exchange rate between the two currencies being traded at the settlement time and this process of exchange is called repatriation of funds.
Double Taxation Avoidance Agreement (DTAA) also referred as Tax Treaty is a bilateral economic agreement between two nations that aims to avoid or eliminate double taxation of the same income in two countries.
Non- occupancy charges become applicable to be paid if the ownership has been transferred by the Society/builder to the owner but the flat/unit is lying vacant even when it is in a ready- to- move condition.
Stamp Duty is a tax, similar to sales tax and income tax collected by the government, and must be paid in full and on time. In general, there is Stamp Duty to be paid every time there is a transfer of ownership. It is calculated on the basis of the total value of your property. The amount to be paid varies from city to city. The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary.