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  Buying Property in Goa  
Goa Property
Goa Property
Goa Property
Goa Property
Goa Property
 
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.
Rules for NRIs (Non Resident Indians) and PIOs (Persons of Indian Origin)
 
A NRI is defined as a person resident 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 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. See RBI website for more details.
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". 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)
  Goa Property
Home Finance for NRIs & PIOs
All major banks in India provide Home Finance for NRIs and PIOs. Loans are offered for purchase, construction, extension or renovation of a new house or apartment. Majority of properties on Realty Goa are already pre-approved for Home Loan by reputed banks.
Check the details below for an overview of home financing options available from HDFC.
Essentially, the starting point is for you to send the Loan Application Form along with the Supporting Documents to the Bank. This can also be done online. Once they receive your application, the loan usually takes around 15 days to process, assuming that all documentation is proper.
All the information on HDFC Home Loans is conveniently available online at HDFC bank website.
If you require any further information on home loans please email support@realtygoa.com
  Goa Property
Buying Process
Once you decide to buy a particular property, the following typical process is recommended. Please however note that this process may differ slightly from Developer to Developer, depending on the property selected.
  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.
     
  2. 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. (Realty Goa provides complete assistance for this, making it hassle free for you. See RG Services). In cases where the project has already been legally checked and pre-approved by Banks, this step is optional.
     
  3. Once the Lawyer completes the scrutiny (usually a period of 4-5 days) and gives his approval, you decide whether you/your representative wants to make a site visit/meet the owner/developer. If so, RG makes all the arrangements for this. (If you are not visiting personally but sending a representative, you need to give us a letter of authorisation for your representative)
     
  4. 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 confirming receipt of your payment and that the property has been reserved for you.
     
  5. Realty Goa's Sourcing & Coordination Fees of 2% + Govt. Service Tax is also to be paid by you at this time.
     
  6. The next step is to sign the “Agreement of Sale” (for properties under construction). If a property is ready for possession, this is not required and one can directly sign the final "Sale Deed" against payment of the balance amount due for purchase of the property. Sale Deeds must be registered with the Registrars office.
     
  7. At time of signing the “Agreement of Sale” most Developers require you to pay up the value of all installments that as per their Payment Schedule (linked to progress of construction) fell due for payment up to the current stage of completion of construction. Once signed, the “Agreement of Sale” should to be registered with the concerned authorities. Subsequent payments are to be made in installments as per the developer's payment schedule for the remaining part of the construction. The "Sale Deed" is signed once construction is completed and you can take possession of your property.
     
  8. Stamp Duty & Registration charges for property in Goa is currently a total of 4%. Usually 50% of this is paid at time of the Agreement of Sale and the balance at the time of Sale Deed.
     
  9. It is best to be personally present in Goa for signing the Agreement of Sale and Sale Deed and registration of these legal documents. However if this is just not possible, you may appoint a Power of Attorney to sign and register the documents on your behalf.
  Goa Property
Typical Payment Schedule (for Under-Construction properties)
Following is the typical schedule of payment asked for by developers in Goa for properties under construction. This is only a representative sample and details may vary from developer to developer and type of property.
Typical Schedule of Payment
40% - Down Payment to sign "Agreement of Sale". For completion of plinth and work up to 1st slab level.
20% - For completion of Ist slab, and advance for primary masonry and 2nd slab work.
20% - On completion of 2nd slab and masonry, and advance for plastering, wiring, plumbing.
15% - On completion of plastering, wiring, plumbing, and advance for tiling and finishing.
5% -   On Final completion and signing of "Sale Deed".
Stamp Duty & Registration Charges
Government Stamp Duty and Registration Charges are payable on all property transactions and these are borne by the Buyer. The prevailing rate for Stamp Duty and Registration Fee for purchase of property in Goa is 4% of the property value.
  Goa Property
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