Frequently Asked Questions
Frequently Asked Questions

FAQ’s

Along with your load application form filled completely, the bank requires two types of documents, personal documents of the borrower and property documents.

Personal Documents: Passport size photographs, proof of Identification, Proof of Age, Proof of Residence.

Income Documents : Form 16, Certified letter from Employer, Payslips of last 2 months, Increment OR Promotion letter, IT returns of past 3 years, investment proof.

Property Documents : Deed of Sale OR Sale Agreement, Receipts of revenue authorities, Property Allotment Letter from Builder, Original Documents of Receipts, Original Receipts of Land Tax Payment, Permission letter, No Objection Certificate, Estimate of the Cost, etc.,
NRIs need an Indian passport to invest in property in India. You would need a PIO (person of Indian origin) card if you are an individual, who is not a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, but had held the Indian passport at some point. You would need a PIO card if you are a foreign citizen whose father or grandfather was a citizen of India. In other words, if you hold the passport of a foreign country, you need a PIO card. A person who is not a citizen of India, but was eligible to become an Indian citizen before or after partition (or a child of such a person) would need an overseas citizen of India (OCI) card. You can apply for these cards in the Indian embassy or consulate in the country in which you live in. You may need to adduce your parents birth certificate as proof that you are an OCI or PIO.

PAN Card : NRIs need a PAN (permanent account number) Card because they will be expected to file income tax returns if they have rented out the property. Moreover, if the property is sold later, the capital gains arising from the sales would be subject to capital gains tax. Capital gains would be included in the total income while it is being taxed.

Power Of Attorney : If you are an NRI who does not visit India too often, you would find it much easier to get registration, execution of the sale, possession and other processes done, if you give a special power of attorney to someone in the city in which you are buying a property.
Stamp duty rate: The rates at which stamp duty is charged in various Indian states at present range from 4 per cent to 10 per cent. Registration fees, on the other hand, stand at a standard one per cent across states. In some states, a flat fee is also charges as property registration charge.
Sale Deed - This is the most important piece of paper required for property purchase. Sale deed has to be produced in original as it establishes the ownership of title of the property. You need to register the sale deed in the Sub-Registrars Office of the area where the property is located.
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