A Guide for NRIs looking to buy property in India

As we talk about one industry in India, giving the maximum returns within the shortest span, it needs to be the real estate industry. Real estate industry is the most exciting along with thriving industry of the country. The prospect of buying the real estate industry in India looks very promising and no wonder, not only the residents but also the foreign players including NRIs desire to Capitalize by buying a property in India.

However, before NRI buying property in India, he or she should be aware of the different norms and rules laid down by government asia, which must be followed. This article will discuss some of the rules that NRIs should be aware of before they're buying property in India:

Eligibility proof

For NRI property purchase of India, one would be obliged to have a PIO card. PIO means Person of Indian origin and it's also a certificate proving that one's ancestors were from India. In the event you still don't have a PIO certificate, you are able to apply for it by producing your folks or grandparents birth certificate from India for your eligibility.

Regulations pertaining to exchange control

Unlike it used to be initially, the restrictions relating to NRI investment are already eased a lot. Now to buy property in india online is no more a difficult job which it used to be not so long ago. One can easily buy a property in India with funds caused by the regular banking. Being an NRI, one can hold a FCNR account, an NRE account or NRO account to buy a property. An NRE account will be required for the payouts as well as an NRO account will be required to deposit and transfer the 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 out the property is also very much possible; however one would need to speak to a CA to learn all the formalities that the NRI needs to do. In a nutshell, being an NRI is no obstacle for you to invest in India's market.