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	Reserve Bank of India Rules for Non-Residents
	Home Finance for NRIs & PIOs
	Buying Process
	Typical Payment Schedule for Off-Plan Property Purchase
	Realty Goa Charges

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.

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 residential / commercial 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 residential / commercial property.

Rules for Foreign Nationals of Non-Indian Origin

	•	Foreign nationals are permitted to purchase property in India as long as they are "Resident in India". A person Resident in India means a person residing in India for more than 182 days during the course of the preceding financial year (April-March) and who has come to or stays in India either for taking up employment, carrying on business or vocation in India or for any other purpose, that would indicate his intention to stay in India for an uncertain period.
	•	Foreign Nationals are also permitted to lease property in India for a period of 5 years without the need for any special permission from the Reserve Bank of India.
	•	A foreign resident who has established an Office or other place of business in India in accordance with FERA / FEMA regulations is allowed to purchase immovable property provided it is necessary for or incidental to carrying on such activity and all applicable laws, rules, regulations or directions are complied with. The purchase price should be paid by way of inward remittance through proper banking channel. A declaration in form IPI should be filed with Reserve Bank of India within ninety days from the date of acquisition of commercial / residential property.
		(Please refer RBI site for full details)

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.

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

Below is the typical process followed for purchase of you property if you are not physically present in Goa. This process may differ slightly from Developer to Developer depending on the property selected by you.

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 all 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 for home finance, 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. (Kindly note that you should have agreed to RG's Terms prior to this stage.)
Once you decide to purchase a property the Booking Amount plus Govt. Stamp Duty of 1% required for preparing the Agreement of Sale must be paid by you to the owner/developer.
Sourcing Fees of Realty Goa is also to be paid by you at this time.
The "Agreement of Sale" needs to be registered at the Registrar's Office in Goa. You can come down personally for this or assign your representative a Power of Attorney to sign on your behalf.
In case of Off-Plan properties (under construction) where installment payments are involved, you then continue to pay the installments as per the Terms of the Agreement between you and the owner/developer.
When the property is ready for possession the Sale Deed is prepared. Government Stamp Duty and Registration Fees of 3% is applicable on the Sale Deed and payable to the Government by the purchaser. The final transfer and registration formalities are then completed and you take physical possession of your new property.

Typical Payment Schedule Off-Plan

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 at time of signing the Agreement and for completion of plinth and work up to Ist slab Level.
20% - For completion of Ist slab, primary masonry and for 2nd slab
20% - On completion of 2nd slab and masonry For plastering, wiring, plumbing.
15% - For tiling and finishing.
5% - On completion.

Government Taxes

Prevailing Government Stamp Duty and Registration Charges are payable on all property transactions in India 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.