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Welcome to Singh Engicon Properties! As exciting is the experience of investing in a
worthy home in your homeland, it demands meticulous planning too.
We assure you quality and timely delivery of interesting projects in fast-appreciating locations.
Your asset growth and ROI are guaranteed with Singh Engicon homes.

RBI Directives

The Reserve Bank of India (RBI) permits NRIs and PIOs to acquire immovable property in India other than agricultural property, plantation or a farmhouse. They can use funds received in India through normal banking channels by way of inward remittance from outside the country to pay the purchase consideration.

Home loan guidelines

  • Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted to the housing finance company from abroad through normal banking channels, the Non-Resident (External) Account (NRE account) and/or Non-Resident (Ordinary) Account (NRO account) in India. The loan repayment has to be done in accordance with the provisions of the Foreign Exchange Management Act, 1999, and the regulations made by the RBI from time to time.
  • The own contribution of 20% toward the cost of the dwelling unit can be paid by direct overseas remittance/s through normal banking channels, or from Non-Resident (External) Account (NRE account) and /or Non-Resident (Ordinary) Account (NRO account) in India.
  • The home loan amount should not exceed 80% of the cost of the dwelling unit; the remaining 20% needs to be the own contribution towards the cost of unit financed.
  • NRIs holding Indian passports–Permission not required
  • NRIs holding foreign passports–RBI to be intimated(Form IPI –7) within 90 days of purchase of property or final payment of consideration
  • Funds to be remitted through NRE/NRO accounts
  • NRIs can sell properties they hold in India. RBI permission not required
  • Repatriation of sale proceeds of residential property purchased on or after 26th May 1993 is permitted
  • The RBI will consider repatriation of the sale proceeds in foreign exchange up to the amount paid for the acquisition of 2 properties. The sale has to take place after 3 years from the date of final purchase deed or from the date of final payment
  • Application for repatriation (IPI – 8) has to be made within 90 days of the sale of the property
  • NRIs can let out immovable property in India. The rental income has to be credited to an NRO account

Loan Eligibility

The loan eligibility criteria for NRIs are different from that of Indian residents:

Age & Education

The loan applicant should be a graduate and at least 21 years of age


The loan applicant should have a minimum monthly income of USD 2,000 (this may differ across housing finance companies);loan eligibility depends on stability and continuity of employment/business


OptionsEMI (Equated Monthly Installments) cheques have to be issued through an NRE/NRO account only

Number of Dependants

Loan eligibility is also determined by taking into consideration the number of dependents, as well as assets and liabilities of the loan applicant

  • An NRI applicant's home loan eligibility ranges from a minimum of Rs 5 Lakhs to a maximum of Rs 1 Cr.
  • NRIs have a different home loan tenure compared to Indian residents
  • Depending on the repayment capacity of the borrower,home loan applicants will be eligible for a maximum of 85% of the cost of property or construction, and up to 75% in case of purchase of land
  • An NRI can enhance loan eligibility for the home loan by including a co-applicant who has a separate source of income
  • Home loan interest rates are higher for NRIs than those offered to Indian residents;the difference is between 0.25% - 0.50%
  • As some housing finance companies have an internal "negative criterion" for NRIs based in certain regions, NRIs from such "negative regions" find it difficult to acquire a home loan


Supporting documents for home loans

An NRI's home loan application has to be necessarily supported by his/her passport copy, certificate of employment or work contract. It is advisable, although not obligatory, to include a Power of Attorney with a loan application, authorizing a representative to liaison with the housing finance company as the loan applicant may not always be available in India.

A Power of Attorney is usually executed in favor of a family member of the NRI loan applicant.

Salaried NRI Applicants

Copy of valid passport showing visa stampings

Copy of valid visa / work permit / equivalent document confirming NRI status of the proposed account holder

Statement of overseas bank accounts showing salary credits for last 6 months

Latest contract copies showing salary / salary certificates / wage slips

Self-Employed NRI Applicants

Copy of valid passport showing visa stampings

Brief profile of the applicant and business / Trade license or equivalent document

Statement of overseas bank account for last 6 months and NRE/NRO account details

Computation of income, P&L account and B/Sheet for last 3 years certified by a CA/CPA or any relevant authority as the case may be (or equivalent company accounts)


Considered a liability, taking a home loan has also had its own advantages

Considering the security it provides you and your family, as well as its potential for capital appreciation, buying a home is possibly the wisest investment decision you can take,. However, more often than not it becomes necessary to seek help with the sizeable financial layout involved, and taking a home loan can become a necessity. In the event, it can also turn out to be as wise a decision as the one to invest in a home.

An NRI (non-resident Indian) according to RBI

An NRI is an Indian citizen or a foreign citizen of Indian origin, residing abroad (please check for exceptions).Students also come under this category. They are eligible to freely acquire and transfer immovable properties in India—residential, commercial or industrial—subject to certain restrictions laid down in the Foreign Exchange Management Act, 1999 (FEMA). An NRI is permitted to operate an NRE/FCNR account in India by the RBI.

The PIO (person of Indian origin)
Are NRIs/PIOs/foreign nationals permitted to acquire immovable residential property in India?
Is RBI permission required for NRIs to transfer or rent out their properties in India?
Can an NRI transfer his residential property by way of sale or gift?
Can NRIs execute a Power Of Attorney (POA) to authorize a person in India to complete loan and related formalities on their behalf? What conditions apply for POAs executed outside India?
What are the types of bank accounts that NRIs/OCBs can open and operate in India?
What are the special features of NRO, NRE, and FCNR accounts?
Is there any difference between NRE and NRO accounts?
Can NRO/NRE accounts be jointly held by NRIs with Indian residents?
Can NRIs obtain loans from authorized dealers/financial institutions,and housing finance companies for acquisition of a house or flat for residential purpose?
What is the maximum home loan entitlement of an NRI or PIO?
Can NRI/PIO remit the sale proceeds of immovable property held in India outside India?
Is there a tax liability for NRIs on the purchase, sale, and renting of properties?
Can a NRI purchase a property with borrowed money from a close relative outside India?

Singh Engicon, DPS more, Near Rupaspur Thana, Bailey Road, Patna, Bihar - 801503.
502, Om Sai Apartment, Anantpur, Ranchi, Jharkhand - 834001.

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