I am looking for buying a apartment in Noida.It is under construction, it will take atleast 2 years to complete. I will have to send installement to builder . How can i do it? should I open a NRE or NRO account with Citibank ? Deposit CAD there & give cheque to Builder in Indian Repees. Also, which one is better NRE or NRO Account? Any experierce with Citibank NRI service. Other option is to get Indian ruppes draft made in ICICI Bank , Canada. Please guide me. I can not do online money transfer thru ICICI Bank as there is no Catageroy is available for payment to builder in drop down menu.
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Driller the thriller
Location: God's own country
Posted on: 19-01-11 13:31:22
Quote:
Originally posted by desi_driller
I am looking for buying a apartment in Noida.It is under construction, it will take atleast 2 years to complete. I will have to send installement to builder . How can i do it? should I open a NRE or NRO account with Citibank ? Deposit CAD there & give cheque to Builder in Indian Repees. Also, which one is better NRE or NRO Account? Any experierce with Citibank NRI service. Other option is to get Indian ruppes draft made in ICICI Bank , Canada. Please guide me. I can not do online money transfer thru ICICI Bank as there is no Catageroy is available for payment to builder in drop down menu.
NRO is for people living in India.
NRE is for people living outside of India will be the best for you. Remember that if you relocate to India permanently you will need to close this account and open an NRO
Citibank is a gouger. It wants you to keep USD 1000 (or Rs 40,000) balance in your NRE or you will be charged Rs 500 a month. Service may be good.
ICICI is a hopeless bank.
SBI also is not good but it is where I opened my account. Service in their Mississauga branch is Ok and free chocolates are given to children while they wait. CAD 500 is the min. reqd..
While speaking to a person in Chennai, he told me not to bank in builders (not if reputed to the core) who give apts. in 2 years. There are chances of the project not going through due to bankruprcy of the builder. By buying a new flat under construction you save on one tax (not sure which one but quite substantial amount of money). Therefore he advised me to buy flats which ar 90% + constructed.
Do you need to open an account? canot you take a Draft?
E-mail me if you have specific questions
L&P
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I am a Gents and not a Ladies.
From which ICICI bank account are you trying to send money? ICICI Bank Canada or ICICI India? If it is ICICI India you can send money to almost any bank account in India provided you have their bank account information.
It will be easier to get a draft made here from ICICI, SBI, etc. than going for a bank account and maintaining balances in them.
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Quote:
Originally posted by desi_driller
I am looking for buying a apartment in Noida.It is under construction, it will take atleast 2 years to complete. I will have to send installement to builder . How can i do it? should I open a NRE or NRO account with Citibank ? Deposit CAD there & give cheque to Builder in Indian Repees. Also, which one is better NRE or NRO Account? Any experierce with Citibank NRI service. Other option is to get Indian ruppes draft made in ICICI Bank , Canada. Please guide me. I can not do online money transfer thru ICICI Bank as there is no Catageroy is available for payment to builder in drop down menu.
Hi there!
If you dont mind me asking ... are you planning to purchase for investment or just a second home back in India.
Any specific reason for choosing Noida unless you are from there? I was in Noida last Nov & honestly speaking .... the place is crowded, DND FO & Metro are just 2 reasons why its still bearable ... Greater Noida is just coming up and is supposed to be better planned.
I am from Goa, if you are planning for investment purpose than I can suggest some projects in Goa wherein you can have a second home and also rental returns by means of holiday lettings.
I am not a broker nor a real estate developer ... I hold Canadian PR status & currently based in Dubai.
As for your queries ... NRE would be better ... funds are repatriable anytime whereas NRO is usually for depositing incomes in India and funds can be repatriated upon submission of CA certificates w.r.t tax liabilities and also there might be a certain limit on the amount repatriated per year.
For any real estate deal please consult a good lawyer who can give you an independent title search report and also advise / confirm other related things such as construction licenses / NOC's / land conversion certificates / NIL encumberance certificates and most importantly builder reputation.
Hope the above helps and wish you good luck with your purchase.
Regards,
Sameer
Yes, I am looking for a second home for me in NCR. that is the only area , i can afford right now.
Yes, it seems that best account for me is NRE account . I discussed with ICICI Bank , Canada. They issue Bank Draft in Indian Ruppes , commission is CAD 7.5.
Any pointer on how to get money out of the India ( If I sell Apartment at a profit say after 10 years). Any restrictions from RBI
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Driller the thriller
Quote:
Originally posted by desi_driller
Yes, I am looking for a second home for me in NCR. that is the only area , i can afford right now.
Yes, it seems that best account for me is NRE account . I discussed with ICICI Bank , Canada. They issue Bank Draft in Indian Ruppes , commission is CAD 7.5.
Any pointer on how to get money out of the India ( If I sell Apartment at a profit say after 10 years). Any restrictions from RBI
You will have to get NRO account when you sell as described by other poster. Getting money out of India is the tough part as you will not be able to do it online, it is subject to paperwork.
NRE account can accept only foreign currency and not INR though account is maintained in INR but it is fully repatriatable.
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It is advisable to get the power of attorney attested by the Indian consulate as that is considered to be more authentic.
Check this ( http://www.wecareinvest.com/" target="_blank">http://www.wecareinvest.com/</a> )website, to find more details to buy an apartment in India.
