Investments

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Investments

Whitefield was an early settlement in Bangalore and remained a quaint little suburb till the 2000s, when Bangalore's IT boom reshaped Whitefield into a major suburb. Whitefield has become a burgeoning micro-market which has turned into a self-sustaining area over time. The growth story of this location was started during early 2000s, when the IT boom of Bangalore reshaped Whitefield as a major suburb. It is now one of the most sought-after real estate localities in the country. Over the next 24 months, it will be excellently connected to other key parts of the city by the 'Namma' Metro. This micro-market is progressively developing into a standalone microcosm, with adequate social infrastructure already in place and even more coming up rapidly.

Known for its scenic beauty with lush green trees, Whitefield has high-grade international schools and good hospitals. The area enjoys superlative connectivity to Bangalore's various business districts and is now a very hot location for both property investors and end-users. In addition to – and perhaps because of – the significant IT influence in Whitefield, the presence of good social infrastructure, rapidly developing physical infrastructure and top-quality educational institutions in the vicinity make Whitefield a highly desirable location in all respects. For home seekers in Bangalore, this area is a regular treasure-trove of attractions Whitefield has been seeing consistent annualized appreciation to the tune of 11-14%, which has been even higher in the case of select projects with superior specifications and amenities. This micro-market is also one of the most preferred rental destinations for the cosmopolitan work force in Bangalore, again because of its proximity to major IT centers and the availability of educational institutions.

High Growth Location

Pollution Free Environment

Affordable Price

Why Tranquil ?

Key differentiators of Tranquil Towers located at Whitefield, Bangalore Karnataka:

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    NRI FAQ's

    1. Who is a non - resident Indian (NRI)?
    A citizen of India who stays abroad for employment or for carrying out any business for an uncertain period of time is considered as a non-resident. People who are posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also considered as non-residents. Non-resident foreign citizens of Indian Origin are treated on par with NRI's and are offered the same facilities.



    2. What is an OCB?
    OCB (Oversees Corporate Bodies) are the bodies that are mainly owned by the individuals of Indian nationality or origin resident outside India. OCB includes all the overseas companies, trusts, partnership firms, societies and corporate bodies which are indirectly or directly owed by at least 60% of individuals of Indian nationality or origin resident outside India. However, the ownership interest should be actually held by them and not by the nominees.



    3. What are the various facilities available to NRI's?
    Various facilities offered to the NRI's are as follows: • They can maintain their bank accounts in India • They are allowed to invest in securities/shares/deposits of Indian companies and firms • They are allowed to invest in immovable properties in India



    4. Do non-resident Indian citizens need permission of RBI (Reserve Bank of India) to acquire residential and commercial property in India ?
    NRI's are not required to take any permission of RBI while acquiring any residential and commercial property in India



    5. Do foreign citizens of Indian origin need permission of RBI(Reserve Bank of India) to purchase immovable property in India for their residential use?
    Reserve Bank of India has given permission to the foreign citizens of Indian origin to purchase immovable property in India for their residential use. Hence, they do not need to acquire any permission.



    6. What are the formalities that are needed to be completed by foreign citizens of Indian origin while purchasing residential immovable property in India under general permission?
    While purchasing a residential immovable property in India, the foreign citizens of Indian origin are required to file a declaration in form IPI 7 with Central Office of Reserve Bank at Mumbai within 90 days from the date of purchase of that immovable property. They can also submit a final payment of purchase consideration along with a certified copy of document which is an evidence of transaction and the bank certificate of the consideration paid.



    7. Can the foreign citizens of Indian origin sale property without the permission of RBI (Reserve Bank of India)?
    Reserve Bank of India has give permission to foreign citizens of Indian origin to sale a property. However, wherever the property is purchased by them, the funds towards the purchase consideration should be either remitted to India or the paid out of balances in NRE/FCNR accounts.



    8. Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?
    Reserve Bank of India has given permission to foreign citizens of Indian origin to acquire or dispose of a residential property by way of gift from or to any relative who is a citizen of India or a person of Indian origin (in case he is not the citizen of India) subject to compliance with applicable tax laws.



    9. Can foreign citizens of Indian origin acquire commercial properties in India?
    Reserve Bank of India has given permission to foreign citizens to acquire commercial properties in India other than agricultural land/farmhouse/ plantation property.



    10. Can the properties (residential/commercial) be given out on rent if not required for immediate use?
    Reserve Bank of India has given permission to rent out any immovable residential/commercial property in India. However, the rental income or proceeds of any investment of such income are eligible for repatriation.



    11. Are Indian companies allowed to grant loans to their NRI staff?
    Reserve Bank of India has given permission to the Indian companies or firms to grant housing loans to the NRI's. However, there are certain terms and conditions that are needed to be met.



    12. How and where to pay stamp duty in Karnataka?
    In Karnataka, you can pay the stamp duty through:
    • Impressed stamps from licensed stamp vendors.
    • Adhesive stamps.
    • By making payment through DD/pay order issued by a nationalized bank or scheduled bank or challan.
    • Writing on a plain piece of paper and paying the stamp duty through DD/pay order issued by a nationalized bank or scheduled bank or challan within two months from the date of execution and getting it certified from the jurisdictional District Registrar or Sub Registrar.



    13. When should the Stamp duty be paid according to the law in Karnataka?
    According to the law in Karnataka, you should pay the stamp duty before or on the date of executing a document. You can note down the document on a plain piece of paper and pay the stamp duty through DD/pay order issued by a nationalized bank or scheduled bank or challan within two months from the date of execution. You will have to get it certified from the Sub Registrar or jurisdictional District Registrar.



    14. What is the procedure to pay the stamp duty in case the document is executed out of India and is to be used in Karnataka?
    It is compulsory to pay the stamp duty within three months from the date of receipt in India. You will be required to produce the document before the District Registrar and he will certify the payment.



    15. How to prevent the use of fake stamp papers?
    Note the document on a plain paper or a Rs.2. Document Sheet. You can pay the stamp duty at any authorized bank or at the jurisdictional Sub-Registrar Office.



    Loans For NRI

    If you are a NRI, acquiring a home loan in India can be a complicated and a confusing process. Go through the following information to understand the process of receiving a home loan.



    Home Loans:

    The Non-Resident Indians (NRIs) are recognized under the Foreign Exchange Regulatory Act, 1973. Every bank and housing finance companies follow the RBI guidelines to define NRI - "An Indian citizen who holds a valid document like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI." Broadly categorized, Non-Resident Indians qualifying for NRI housing loans are: Indian citizens who stay abroad for employment or for carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad; Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources; Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organization (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP); Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.

    *Note:
    Documents required for Resident Indians as well as for NRIs for getting Home Loans are different in some respect. Home loans for NRIs are available for construction of new house / flats, purchase of old house / flat addition / alteration to an existing house and repairs / renovation etc. NRIs can avail of loans by mortgaging an existing residential property. However, for availing home loans, NRIs have to fulfill certain conditions according to provisions of the Income Tax Act. They should have stayed in India for a period of 182 days or more within an assessment year or they should have stayed in India for at least a total of one year or more. The FDI Policy that permits FDI up to 100% from foreign/NRI investor under the automatic route has boosted NRI confidence. Banks have attractive NRI housing schemes to accommodate the housing needs of NRIs. From the stables of HFCs, NRI housing finance plans with suitable repayment options are available. Last but not the least, NRIs should take due care while selecting their home loan provider companies or HFCs. Considering the geographical distances involved, it is significant that loan seekers associate with a proactive and responsive HFC.



    Eligibility For NRI:

    The eligibility criteria of NRIs differ from Resident Indians based on a few parameters. The parameters include:

    Age

    The loan applicant has to be 21 years of age.
    Qualification
    he NRI loan seeker has to be a graduate.
    Income
    The loan applicant has to have a minimum monthly income of $ 2,000 (although, this criterion may differ across HFCs). The eligibility is also determined by the stability and continuity of your employment or business.
    Payment options
    The NRI also has to route his EMI (Equated Monthly Installments) cheques through his NRE/NRO account. He cannot make payments from another source say, his savings account in India.
    Number Of Dependants
    The number of dependents, assets and liabilities also determines the eligibility of the applicant.
    An NRI applicant is eligible to get a home loan ranging from a minimum of Rs 5 lakhs to a maximum of Rs 1 crore, based on the repayment capacity and the cost of the property, which although is variable by the priorities of the home loan provider. Also Home Loan Tenure for NRIs is different from Resident Indians. An applicant will be eligible for a maximum of 85% of the cost of the property or the cost of construction as applicable and 75% of the cost of land in case of purchase of land, based on the repayment capacity of the borrower.
    However, a NRI can enhance his loan eligibility by applying for home loans with a co-applicant who has a separate source of income. Also, the rate of interest for home loans to NRIs is higher than those offered to Resident Indians. The difference is to the extent of 0.25%-0.50%. Some HFCs also have an internally earmarked 'negative criterion' for NRI home loans. As such, the NRIs who hail from locations that are marked as being 'negative' in the books of HFCs, find it difficult to get a home loan.



    RBI Directive Loans:

    The Reserve Bank of India (RBI) has clarified that Non-Resident Indians (NRIs) and Persons of Indian Origin (PIO), purchasing immovable property in India should pay for the acquisition by funds received in India through normal banking channels by way of inward remittance from outside the country. The NRIs and Resident Indians can also acquire immovable property in India other than agricultural property, plantation or a farmhouse. It has issued certain directive for sanctioning home loans to Non-Resident Indians.


    The guidelines provided are:

    The home loan amount should not exceed 85% of the cost of the dwelling unit, as the remaining amount that is 15% needs to be provided an own contribution towards the cost of unit financed. The cost of dwelling unit which is own contribution financed less the loan amount, can be met from direct remittances from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India.


    However, repayment of the loan, comprising of the principal and interest including all the charges are to be remitted to the HFC from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India.


    * Note:

    The repayment option for NRIs as they can pay through the funds held in any non-resident account maintained in accordance with the provisions of the Foreign Exchange Management Act, 1999, and the regulations made by the RBI from time to time. As most of the home loan provider companies consider the economical stability of the applicant, home loans for NRIs are quite feasible, because they are well in economic resource.



    Documents Required For Loan:

    The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like a copy of the passport, a copy of the works contract, etc. And of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India. Another vital document required while processing an NRI home loan is the power of attorney (POA). The POA is important because, since the borrower is not based in India; the HFC would need a 'representative' 'in lieu of' the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI's parents/ wife/children.


    The documents needed for obtaining NRI home loans are:

    Passport and Visa

    A copy of the appointment letter and contract from the company employing the applicant

    The labor card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East Salary certificate (in English) specifying name, date of joining, designation and salary details


    Bank Statements for the last six months

    List of Classified documents for Salaried and Self Employed NRI Applicants:

    Salaried NRI Applicants

    Copy of valid passport showing VISA stamps

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

    Overseas Bank A/C for the last 3 months showing salary credits

    Latest contract copy evidencing Salary / Salary Certificate / Wage Slips

    Self-Employed NRI Applicants

    Passport copy with valid visa stamp

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

    6 months overseas bank account statement and NRE/ NRO account

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



    Property Documents:

    Original title deeds tracing the title of the property for a minimum period of the last 13 years

    Encumbrance Certificate for the last 13 years

    Agreement of sale /construction, if any

    Receipts for payments made for purchase of the dwelling unit

    Approved plan / license

    ULC clearance /conversion order etc

    Receipts for having invested the margin money through normal banking channels from the Non-Resident (External) account in India and / or the Non-Resident (Ordinary) account in India

    Latest tax paid receipt

    Allotment letter from the co-operative society / association of apartment owners

    Agreement for sale / sale deed /detailed cost estimate from Architect / Engineer for property to be purchased / constructed /extended / improved Copy of approved drawings of proposed construction/purchase/extension



    Photocopy Of PIO CARD:

    If the PIO card is not available, photocopies of any of the following documents: The current passport, with birthplace as 'INDIA' The Indian passport, if held by the individual earlier Parents/grandparents Indian passport/birth certificate/marriage certificate substantiating the individuals claim as a person of Indian origin



    Permissions And Approvals:

    Before a construction can begin, the builder must seek several permissions and approvals from relevant bodies. Without these clearances, the construction may come under litigation.