A Guide for NRIs looking to purchase property in India

When we talk about one industry in India, which provides the maximum returns within the shortest span, it needs to be the real estate industry. Real estate industry is the most exciting as well as thriving industry of the united states. The prospect of purchasing the real estate industry in India looks very promising no wonder, not just 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, he or she should be aware of the many norms and rules laid down by government of India, which has to be followed. The article will discuss a few of the rules that NRIs should be aware of before they buy property in India:

Eligibility proof

For NRI property purchase of India, one would be obliged to get yourself a PIO card. PIO represents Person of Indian origin and it is a certificate proving that one's ancestors were from India. In case you still don't have a PIO certificate, you can apply for it by producing your mother and father or grandparents birth record from India for that eligibility.

Regulations related to exchange control

Unlike it was once initially, the restrictions relating to NRI investment happen to be eased a whole lot. Now to buying a property in india is no more a difficult job which it used to be a long time ago. One can easily obtain a property in India with funds received from the regular banking. As 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 will be required to deposit and transfer the amount of money.

What's more, an NRI can also avail home financing in India with regards to purchasing an immovable property. And renting or selling the property is extremely much possible; however you might need to speak to a CA to understand all the formalities that the NRI needs to do. Simply speaking, being an NRI is not any obstacle for you to invest in India's real estate market.