A Guide for NRIs looking to purchase property in India

If we talk about one industry in India, which gives the maximum returns within the shortest span, it needs to be the real estate industry. The 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 with no wonder, not just the residents and also the foreign players including NRIs wish to Capitalize when you purchase a property in India.

However, before NRI buying property in India, they should be aware of the many norms and rules laid down by government of India, which has to be followed. This article will discuss some of the rules that NRIs should know before they are buying property in India:

Eligibility proof

For NRI property investment in India, one could be obliged to obtain a PIO card. PIO represents Person of Indian origin and it's also a certificate proving that one's ancestors were from India. In case you still don't have a PIO certificate, it is possible to apply for it by producing your mother and father or grandparents certificate of a birth from India for your eligibility.

Regulations related to exchange control

Unlike it was once initially, the restrictions associated with NRI investment are already eased a whole lot. Now to guide to buy property in india is no more a hard job which it used to be a long time ago. One can easily purchase a property in India with funds received from the regular banking. Becoming an NRI, one can hold a FCNR account, an NRE account or NRO account to purchase a property. An NRE account will be required for the payouts and an NRO account could be required to deposit and transfer the money.

What's more, an NRI can also avail a mortgage in India with regards to purchasing an immovable property. And renting or selling the property is very much possible; however one could need to speak with a CA to learn all the formalities an NRI needs to do. Simply speaking, being an NRI is no obstacle that you should invest in India's housing market.