Are you an NRI looking forward to buying property(s) in India, but don't know where to start from? The government and tax reforms in the real estate sector have opened up many new policies, making it more lucrative to buying Property for NRI than before
Here's an ultimate guide to the list of things you should consider while investing in properties in India.
1. Can you (NRI) buy property in India?
This point is targeted for those newcomers who entirely lack the idea or guide to investing in properties in India. The answer is, of course, YES, you can buy property in India. The act of FEMA (Foreign Exchange Management Act) allows Non-Resident Indians to purchase immovable assets in India without requiring special permissions from the RBI.
2. Is it a good time for NRIs to buy properties in India?
At present, real estate in India is an ideal investment option for best returns. Property investment also comes with tax benefits.
3. Documents required by NRIs to show
To ensure a smooth process of property buying, keep your documents handy. The list of necessary documents required in India is Indian Passport or Overseas Citizen of India (OCI) Card, PAN Card (Apply online if you don't have one), power of attorney certificate so that someone is capable of making all your investment decisions on your behalf.
4. Is it mandatory for you to be physically present in India to buy a property?
Not every time, as it demands constant traveling between India and the foreign country where NRI lives. Provisions such as Power of Attorney makes property buying in India for an NRI a convenient process.
5. The types of properties allowed for NRIs in India
According to RBI regulations, NRIs can purchase residential and commercial properties in India. Buying property in the city of Gurgaon would be the right decision at present. One can easily find a luxury apartment in Gurgaon developed by an eminent real estate developer.
6. Where to find the best properties in India?
Apart from Gurgaon, the city of Noida equally has the presence of projects developed by the country's leading names. Live in a apartment in Noida and explore the best benefits and amenities. Both Gurgaon and Noida have the excellent connectivity and presence of the best quality urban infrastructure.
RBI has made it possible for NRIs to apply for home loan through Indian financial institutions. To make the home loan application process hassle-free, have all the necessary documents in place.