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Om Shivam Builders welcome you to its Investor relation section and extends its gratitude to all those who have shown an interest in properties in Navi Mumbai, Mumbai and other areas. At Om Shivam Builders we have a very efficient team handling investor relations which endeavours to provide corporate information to all our stakeholders with transparency, accuracy and within a specific time frame.
Contact Person: Mr. Anand Yadav & Mr. Jaiprakash Yadav
Contact Details: +91 22 27434556, 9920176149
E-mail Id: info@omshivambuilders.com, anand@omshivambuilders.com, jai@omshivambuilders.com
All NRI investments in real estate or immovable properties are considered as transactions that get regulated under the FEMA. This is essentially because an NRI would be dealing with foreign exchange. It is considered to be a type of transaction which is bound to have some international financial implication. The current account transactions or capital account transactions of the NRI which are used to make investments in real estate thus get automatically regulated under FEMA. Current Account Transaction consists of payments due as interest on loans and net income from investments
Capital Account Transactions means transactions which alters the assets or liabilities, including contingent liabilities outside India of an NRI. It includes transactions involving acquisitions or transfers of immovable property outside India, other than a lease not exceeding five years by an NRI or a resident, remittances outside India of capital assets of an NRI and foreign currency accounts in India of a person resident outside India. Even deposits between a person resident in India and a person resident outside India are considered as capital account transactions.
The Reserve Bank has granted a blanket permission to NRIs to purchase property in India for their residential and commercial purposes. There is also no limit on the number of investments or the quantity of investments that can be made in real estate. The immovable property can be purchased by inward remittances from any place outside India or through funds maintained in NRI accounts in the banks within the country. FEMA stipulates that before making a purchase a specified form called the IPI 7 needs to be filed with the central office of the RBI along with the title deed or any other certified copy of the document proving that the NRI has executed an agreement to purchase property within the country. The form has to he filed within 90 days of the purchase of property and has to be accompanied with a bank certificate stating the consideration paid for the purchase. Permissions are generally granted without undue delays if all the relevant papers are submitted.
FEMA stipulates that before making a purchase a specified form called the IPI 7 needs to be filed with the central office of the RBI along with the title deed or any other certified copy of the document proving that the NRI has executed an agreement to purchase property within the country. The form has to he filed within 90 days of the purchase of property and has to be accompanied with a bank certificate stating the consideration paid for the purchase. Permissions are generally granted without undue delays if all the relevant papers are submitted.
NRI desiring to sell property within India has a lock in period of three years. That is, NRI under the FEMA regulations is allowed to sell property only after three years from the date of acquisition for the property or from the date of payment of the final instalment of the consideration for its acquisition, whichever is later.
It is easier to bring money into the country. Getting out has a number of bottlenecks, which is a constant disappointment for the NRI community. FEMA says no matter what the proceeds of the sale may be, the amount for repatriation should not exceed the amount paid for acquisition of the immovable property in foreign exchange received through the normal banking channels or out of funds held in foreign currency Non- Resident Accounts. The repatriation of sale proceeds is restricted to only two properties. NRIs are also restricted from repatriating returns form real estate investments in the form of dividends.
WHAT ARE THE TYPES OF HOME LOANS AVAILABLE?
Ans : There are a variety of home loans available.
Home Purchase Loan
This is the common loan for purchasing a home.
Home Improvement Loan
This loan is given for implementing repair works and renovations to your home
Home Construction Loan
This loan is available for the construction of a new home.
Home Extension Loan
This loan is given for expanding or extending an existing home. For example, addition of an extra room, etc.
Available for those who have financed the present home with a Home Loan and wish to purchase and move to another home for which some additional funds are required. Through a Home Conversion Loan, the existing loan is transferred to the new home, including the additional amount required, eliminating the need for pre-payment of the previous loan.
Sanctioned for purchase of land, for both homes, construction or investment purposes.
The Bridge Loan is designed for people who wish to sell the existing home and purchase another. The bridge loan helps finance the new home, until a buyer is found for the old home.
Balance Transfer loans help you pay off an existing home loan with a higher interest rate, and avail of a loan with a lower rate of interest.
This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.
This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of a property.
This loan is tailored for the requirements of NRIs wishing to build or buy a home in India.
Ans: There are a variety of home loans available. EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
EMI Formula: l x r [(1+r)n /(1+r)n-1 ] x 1/12 resident outside India are considered as capital account transactions.