A Guide for NRIs looking to buy property in India

De BISAWiki

If we talk about one industry in India, which gives the maximum returns in the shortest span, it needs to be the real estate industry. Real estate industry is typically the most exciting along with thriving industry of the nation. The prospect of investing in the real estate industry in India looks very promising no wonder, not just the residents but also the foreign players including NRIs wish to Capitalize when you purchase a property in India.

However, before NRI buying property in India, she or he should be aware of the many norms and rules laid down by government of India, which needs to be followed. The content will discuss a number of the rules that NRIs should be aware of before they are buying property in India:

Eligibility proof

For NRI property investment in India, you might be obliged to get yourself a PIO card. PIO means Person of Indian origin and it is a certificate proving that one's ancestors were from India. Just in case you still posess zero PIO certificate, it is possible to apply for it by producing your parents or grandparents birth record from India for the eligibility.

Regulations regarding exchange control

Unlike it once was initially, the restrictions concerning NRI investment have been eased a lot. Now to buy commercial property in india isn't any more a challenging job it used to be once upon a time. One can easily buy a property in India with funds received from the regular banking. Being an NRI, one can hold a FCNR account, an NRE account or NRO account to purchase a property. An NRE account will probably be required for the payouts and an NRO account could be required to deposit and transfer the amount of money.

What's more, an NRI may also avail a mortgage in India for the purpose of purchasing an immovable property. And renting or selling the property is also very much possible; however you might need to speak to a CA to find out all the formalities an NRI needs to do. Simply speaking, being an NRI is not any obstacle for you to invest in India's market.