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NRI Section & FAQ'S

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NRI Clients

For an NRI coming and settling back in India is a challenging task. They find it tough to settle down in their hometown because of the concerns related to their basic needs and requirements, travelling issues, maintenance of residences, gas and electricity connections, phone lines, staff etc.

Windlass understands the concerns and apprehensions of the NRI’s and therefore offers best facilities and smart features including a school, mall and multiplex, multi-specialty hospital, bank, hotel, club within the township. Windlass River Valley is providing well-equipped residential apartments to suit every individual’s needs and requirements.

Amenities
Trust:

Windlass Group incorporated in 1943 at Dehradun is a household name in the state of Uttarakhand. Windlass employs over 2000 people globally and has been serving people across the world for past 75 years in various sectors including Steel Fabrication, Oil Field Engineering, Real Estate, Textile and Healthcare. It is a hallmark of Precision, Quality, Integrity, Trust and its commitment to on-time delivery.

Investment destination:

Dehradun, capital city of Uttarakhand is emerging as the new investment destination for people around the world with a boom in the Real Estate sector.Buying a residential housing facility in Dehradun not only provides an investment prospect but offers a sense of security and emotional support to a family. Real Estate sector in Dehradun is booming, the developers and builders are offering best housing facilities to the people.

Investment/housing opportunity:

Windlass River Valley is offering unsurpassed investment opportunity by providing best in class facilities and features to every resident of the township. Windlass is offering well-planned and constructed 1/2/3/4/5 BHK apartments deeply focused on the key points of Prime Minister’s Smart City Mission. Windlass offers a smart township well equipped with basic amenities, smart technology to provide comfortable, healthy, secure life, clean environment and sustainable infrastructure.

Windlass Golden Residences:

Windlass has dedicated 10 towers in the Windlass River Valley Township to only Senior Living. After a detailed and thorough study of the concept and learning about the needs and requirements of the seniors, all Windlass Golden Residences are equipped with latest technology and senior-friendly designs. A dedicated concierge service and wellness center is also provided for the seniors, in addition to the other common township facilities like jogging track, sky walk, all sporting facilities, party areas, yoga lawns, temple etc.

WGR
Location:

Windlass Developers understands the significance of a healthy environment for every individual and therefore decided to construct the township in Dehradun. The city offers serene and quaint landscapes, pleasant weather with great green cover offering a healthy and vigorous life to its residents. Dehradun is the gateway to many religious and tourist destinations like Haridwar, Rishikesh, Char Dham- Badrinath, Kedarnath, Gangotri and Yamunotri, Auli, Mussoorie, Lansdown, Nainital etc. Fresh air, pure water, chilling snow, adventurous mountains and simple people is what distinguishes Uttarakhand from rest of the country.

Home Loan facilities at Windlass:

Windlass Developers is offering RERA registered Largest Integrated Smart Township- Windlass River Valley- stretched over 38 acres on the bases of the Himalayas. Windlass understands the concerns and apprehensions of the NRI’s therefore is offering easy home loan facilities from State Bank of India, Punjab National Bank, Central Bank of India, Bank of Baroda, Canara Bank, Oriental Bank of Commerce, DHFL, Karnataka Bank, Syndicate Bank, Uttaranchal Gramin Bank, UCO Bank, IIFL, HDFC, Aditya Birla, Dena Bank etc.

Windlass has adopted a completely transparent home loan process for NRI’s and the residents of India. Windlass Developers provide guidance and support to the NRI’s so that they can complete the buying process without any hassle.

FAQs

Who is a Non Resident Indian (NRI)?

According to the Foreign Exchange Management Act (FEMA) of 1999, an Indian Citizen who stays abroad for employment/business or whose stay in India is less than 182 days in the previous financial year.

Who is a Person of Indian Origin (PIO)?

PIO is a person of Indian origin whose predecessors were born in India; s/he does not have Indian citizenship but has an Indian ancestry.Person of Indian Origin means a foreign citizen (except a national from Pakistan, Afghanistan, Bangladesh, China, Iran, Bhutan, Sri Lanka and/or Nepal) who:

  • 1. has had Indian Passport at any time
  • 2. S/he, parents or grandparents were Indian citizens and resided in India as defined by the Government of India Act 1935.
  • 3. is a spouse of an Indian citizen or a PIO
Can an NRI acquire/buy immovable residential property in India?

An NRI can buy any number of residential or commercial properties in India except Plantations, agricultural Land and farmhouses. According to the RBI guide lines, an NRI/PIO can also acquire a residential property as a gift from an Indian, NRI/PIO. S/he can also inherit a residential property from a person who is a resident of India as per the Provisions of Section 6(5) of the FEMA, 1999.

Do NRIs/ PIO’s need to submit any documents with RBI when purchasing immovable residential property in India?

As per FEMA and RBI guidelines the NRI’s or PIO’s are not required take any special permission or file a document to purchase an immovable residential in India.

How many residential properties can be purchased by an NRI/PIO?

An NRI/PIO can buy any number of residential/commercial properties. There is no restriction on the number of properties, however, plantations, agricultural Land and farmhouses are restricted to an NRI/PIO.

How can an NRI transfer/sell his residential property?

An NRI can sell his or her property in India to an Indian resident/ NRI / PIO.

Can a PIO transfer/sell his residential property?

Under general permission a PIO can sell his or her residential property in India to an Indian citizen only.

Can an NRI/PIO transfer his residential property by way of gift?

Yes. An NRI/PIO can transfer their residential property in India by way of a gift to an Indian resident/NRI/PIO.

What mode of payment can an NRI/PIO make to purchase a residential property in India?

Under the guideline of RBI and FEMA, an NRI/PIO may purchase a residential property in India by funds remitted to India through normal banking channels or funds held in his/her NRE/FCNR (B)NRO accounts. The payment has to be made in Indian currency through any of the above mentioned ways.

Can NRIs obtain loans for acquisition of a house /flat for residential purpose from authorised dealers/ financial institutions providing housing finance?

RBI has given directives and general permission to the banks, financial institutions and authorised dealers to provide loans to the NRI/PIO for acquiring a residential property for personal use but subject to certain conditions. The purpose of the loan, margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period of 15 years out of inward remittances or out of funds held in the investors' NRE/FCNR/NRO accounts. The repayment tenure has been increased to 25 years in current times due to the increase in Interest rates.

What are the documents required to be submitted by an NRI while applying for a home loan?

An NRI needs to submit the following documents:

  • 1. A copy of passport and visa.
  • 2. A copy of the appointment letter and contract.
  • 3. A copy of the labour card/identity card (translated in English duly countersigned by the consulate) if employed in the Middle East.
  • 4. Salary certificate (in English) specifying name, date of joining, designation and salary details.
  • 5. Bank statements for the last six months-both domestic (NRE/NRO/FCNR) and international Contract slip with income details in case employed in the merchant navy.
  • 6. Copy of local income tax returns filed in the country of residence.
  • 7. Loan eligibility can be enhanced by taking a joint loan with relatives. However, for credit reasons banks allow only a select list of relatives to be joint owners of the property.
Can an NRI give their residential property on rent if not required for immediate use?

Reserve Bank of India has given permission to the NRI’s to let out any immovable property in India on rent. The rental income or proceeds of any investment of such income are eligible for repatriation.

Can an NRI/PIO repatriate the proceeds in case the sale proceeds were deposited in the NRO account?

NRI/PIO may repatriate up to US $ 1 million per financial year (April-March) from their NRO account which would also include the sale proceeds of immovable property. There is no lock in period for sale of immovable property and repatriation of sale proceeds outside India.

Can an NRI get a home loan to buy a property in India?

Yes. An NRI can avail home loan to buy commercial or residential property in India.

Which banks give home loans to NRI’s?

RBI has directed nationalized/private Banks and NBFC to provide Home Loan to the NRI’s.

How can an NRI ensure that a project is legitimate when investing in a property in India?

There are various points that an NRI should remember while investing in a property:

  • 1. It is important to check the RERA registration of the seller/developer.
  • 2. Check project approvals and they can be verified from the corporation or the sanctioning authority.
  • 3. Ownership document should be confirmed from the concerned department.
  • 4. Sale deed, No Objection Certificate (NOC) from builder/developer, NOC from banks, Building Plan approvals, completion certificate should be checked and verified.
What tax do NRI’s have to pay on their rental income?

An NRI has to pay tax in the country from where the income is being generated but the tax is not payable on the entire rental income however there are some deductions an NRI can avail.

  • 1. Standard deduction at the rate of 30% on the taxable value.
  • 2. Taxes are to be paid to the municipal authority with respect to the concerned rented property.

Windlass Advantage Club

Exclusive Access To Windlass Advantage Club

Windlass brings to you an exclusive partnership with 5000+ global brands . Avail discounts at restaurants , cheaper flight and train tickets, benefits at hotel stays, discounts at Maruti, Raymond, Puma, Park Avenue and many many more other brands...

Separate Area For School bus pick and drop within the township Public transport pick and drop in the service lane along the National Highway

Location Map

Location Map