| 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. Click
here to view full details on Reserve Bank of India's official
website. |
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| Rules for NRIs (Non
Resident Indians) and PIOs (Persons of Indian Origin) |
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A NRI
is defined as a person resident outside India who is
a citizen of India. |
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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. |
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• |
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. |
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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. |
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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. |
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| Rules for Foreign Nationals
of Non-Indian Origin |
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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. |
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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. |
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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. |
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(Please
refer the RBI
Website for full details) |
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| 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 Realty Goa are already pre-approved
for Home Loan 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
Click here if you reside
in UAE
Click here if you reside
in Other Countries |
|
| Tools |
Loan
Amount Eligibility Calculator
EMI
Calculator (Floating Rate)
EMI
Calculator (Fixed Rate) |
|
|
| 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. |
- On receipt of your enquiry we will check back with the
owners/developers to re-confirm availability of the
property and revert to you.
- 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.
- 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)
- 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.
- Realty Goa's Sourcing & Coordination Fees of 2% +
Govt. Service Tax is also to be paid by you at this time.
- 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.
- 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.
- 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.
- 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.
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| 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. |
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| 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". |
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| 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. |
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