A Guide for NRIs looking to buy property in India
De BISAWiki
As we talk about one industry in India, which provides the maximum returns inside the shortest span, it must be the real estate industry. Real estate industry is currently the most exciting in addition to thriving industry of the country. The prospect of purchasing the real estate industry in India looks very promising no wonder, not only the residents but also the foreign players including NRIs want to Capitalize when you purchase a property in India.
However, before NRI buying property in India, they should be aware of the various norms and rules laid down by government of India, which must be followed. This article will discuss some of the rules that NRIs should be aware of before they are buying property in India:
Eligibility proof
For NRI property purchase of India, one would be obliged to get yourself a PIO card. PIO means Person of Indian origin which is a certificate proving that one's ancestors were from India. Just in case you still don't have a PIO certificate, you are able to apply for it by producing your mother and father or grandparents birth record from India for that eligibility.
Regulations pertaining to exchange control
Unlike it was once initially, the restrictions relating to NRI investment are already eased a great deal. Now to guide to buy property in india is not any more a challenging job that it used to be not so long ago. One can easily buy a property in India with funds caused by the regular banking. As an NRI, one can hold a FCNR account, an NRE account or NRO account to buy a property. An NRE account is going to be required for the payouts and an NRO account could be required to deposit and transfer the money.
What's more, an NRI also can avail a home loan in India for the purpose of purchasing an immovable property. And renting or selling out your property is very much possible; however one could need to speak with a CA to find out all the formalities that the NRI needs to do. Simply speaking, being an NRI is no obstacle so that you can invest in India's real estate market.
