Rules Governing Property
Purchase in Goa by Non-Residents.:
Rules pertaining to purchase
and ownership of immovable property in India are governed by the Reserve
Bank of India. A summary of the current prevailing laws are enumerated
here to view full details on Reserve Bank of India's official
Rules for NRIs (Non Resident Indians) and
PIOs (Persons of Indian Origin) • A NRI is defined
as a person resident outside India who is a citizen of India.
• A PIO is defined as a person who has at any time held an Indian
passport, or whose father or grandfather has been a citizen of India.
• NRIs & PIOs are permitted to purchase any number
of residential/commercial properties in India. No special permission
or filing of documents is required with RBI. • Under the
general RBI permission available to NRIs & PIOs, funds must be
remitted to India through normal banking channel or funds held in
his NRE / FCNR (B) / NRO account. No consideration should be paid
outside India. • The NRI / PIO may repatriate the sale
proceeds of immovable property in India acquired by way of inward
remittance through normal banking channels or by debit to NRE /FCNR
(B) account. The amount to be repatriated should not exceed the amount
paid for acquisition of the immovable property. Repatriation of sale
proceeds of residential property purchased by NRI / PIO out of foreign
exchange is restricted to not more than two such properties. Capital
gains, if any, may be credited to the NRO account from where the NRI/PIO
may repatriate an amount up to USD one million per financial year
subject to tax compliance. See RBI website for more details.
Rules for Foreign Nationals of Non-Indian
• Foreign Nationals are permitted to lease property in India
for a period of up to 5 years without the need for any special permission
from the Reserve Bank of India.
• Foreign companies who have been permitted to open an office
in India are also allowed to acquire any immovable property in India,
which is necessary for or incidental to carrying on such activity.
This stipulation is not available to entities which are permitted
to open liaison offices in India.
• Though RBI rules allow a foreign national who is a Resident
of India (i.e. one who has completed more than 182 days stay in
India in the previous financial year) to buy property, the rule
also states that "... the person concerned would have to obtain
the approvals, and fulfill the requirements if any, prescribed by
other authorities, such as the concerned State Government".
We DO NOT advise foreign nationals to attempt to purchase property
in Goa via this route at the moment.
(Please refer the RBI
Website for full details)
Home Finance for
NRIs & PIOs.:
All major banks in India provide
Home Finance for NRIs and PIOs. Check the details below for an overview
of home financing options available from ICICI Bank. Majority of properties
on Buy Goa Property are already pre-approved for Home Loan by reputed
Purpose of Loan
Loans are offered for purchase, construction, extension or renovation
of a new house or apartment.
Tenure of loan
For Salaried persons - Up to 15 yrs.
For Self-employed persons - Up to 10 yrs.
85% of the total cost of the property
decide to buy a particular property, the following typical process
is recommended. Please however note that this process may differ
slightly from Developer to Developer, depending on the property
On receipt of your enquiry we will check back with the owners/developers
to re-confirm availability of the property and revert to you.
Though the properties on our site are of reputed owners/developers,
purely as a matter of "Due Diligence" we recommend that
a legal scrutiny be done by a local Goa lawyer appointed by you.
(Buy Goa Property provides complete assistance for this, making
it hassle free for you. See RG Services). In cases where the project
has already been legally checked and pre-approved by Banks, this
step is optional.
Once the Lawyer completes the scrutiny (usually a period of
4-5 days) and gives his approval, you decide whether you/your
representative wants to make a site visit/meet the owner/developer.
If so, RG makes all the arrangements for this. (If you are not
visiting personally but sending a representative, you need to
give us a letter of authorisation for your representative)
Once you decide to purchase the property a Booking/Token Amount
is to be paid by you to the Seller/Developer to confirm your intent
to buy the property. An official receipt for the same is issued
to you by the Seller/Developer confirming receipt of your payment
and that the property has been reserved for you.
Buy Goa Property charge 0% commission (subject to clients purchasing
property only ans no other services).
The next step is to sign the “Agreement of Sale”
(for properties under construction). If a property is ready for
possession, this is not required and one can directly sign the
final "Sale Deed" against payment of the balance amount
due for purchase of the property. Sale Deeds must be registered
with the Registrars office.
At time of signing the “Agreement of Sale” most
Developers require you to pay up the value of all installments
that as per their Payment Schedule (linked to progress of construction)
fell due for payment up to the current stage of completion of
construction. Once signed, the “Agreement of Sale”
should to be registered with the concerned authorities. Subsequent
payments are to be made in installments as per the developer's
payment schedule for the remaining part of the construction. The
"Sale Deed" is signed once construction is completed
and you can take possession of your property.
Stamp Duty & Registration charges for property in Goa is
currently a total of 4%. Usually 50% of this is paid at time of
the Agreement of Sale and the balance at the time of Sale Deed.
It is best to be personally present in Goa for signing the
Agreement of Sale and Sale Deed and registration of these legal
documents. However if this is just not possible, you may appoint
a Power of Attorney to sign and register the documents on your
Following is the
typical schedule of payment asked for by developers in Goa for properties
under construction. This is only a representative sample and details
may vary from developer to developer and type of property.
Typical Schedule of Payment
40% - Down Payment to sign "Agreement of Sale". For completion
of plinth and work up to 1st slab level.
20% - For completion of Ist slab, and advance for primary masonry
and 2nd slab work.
20% - On completion of 2nd slab and masonry, and advance for plastering,
15% - On completion of plastering, wiring, plumbing, and advance for
tiling and finishing.
5% - On Final completion and signing of "Sale Deed".
Stamp Duty & Registration Charges
Government Stamp Duty and Registration Charges are payable on all
property transactions and these are borne by the Buyer. The prevailing
rate for Stamp Duty and Registration Fee for purchase of property
in Goa is 4% of the property value.
Quick links to Sale and Rent
of Flats, Apartments, Villas, Bungalows, Houses , Farm House, land &
other Properties in Goa