FAQ'S

We are determined to complete the project on the scheduled timeline. Modifications may be a hindrance to keeping our word of timely completion. However, we are offering options for you to upgrade from the normal specifications that are offered.

Address Maker will ensure that the aesthetics of the property are well maintained until an association of owners shall be formed. This association of residents/owners will then take over the responsibility for the upkeep of the property.

A fixed rate on loan is the rate of interest that remains constant throughout the extent of the loan period, while a floating interest rate is when the rate of interest varies according to the rates in the market during the tenure of the loan.

Interest on the portion of the loan disbursed is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

The security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary.Interim security may be additionally required, if the property is under construction. One needs to ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.

a) 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;
OR
b) 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;
OR
c) 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);
OR
d) Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.

Guidelines Issued by the Reserve Bank of India for grant of Housing Loans to Non-Resident Indians
The Reserve Bank of India (RBI) has issued certain guidelines for granting loans to Non-Resident Indians. The guidelines are:

a) The loan amount should not exceed 85% of the cost of the dwelling unit.
b) Own contribution, which is the cost of dwelling unit 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.
c) Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India.

A Person of Indian Origin (PIO) is a citizen of any other country but whose ancestors were Indian nationals at least four generations away.

Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or origin resident outside India as also overseas trusts in which at least 60% of the beneficial interest is irrevocably held by such persons.Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs as long as the ownership/beneficial interest held in them by NRIs continues to be at least 60%.

Investments by NRIs and OCBs are allowed, both, through the RBI route and also through the Government route, i.e., through the Foreign Investment Promotion Board (FIPB).

How many residential/commercial properties can NRI/PIO purchase under the general permission?

There are no restrictions on the number of residential/commercial properties that can be purchased.

The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls & balcony is included along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.

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