A Guide for NRIs thinking of buying property in India
As we talk about one industry in India, which gives the maximum returns in the shortest span, it needs to be the real estate industry. The property industry is currently the most exciting along with thriving industry of the united states. The prospect of investing in the real estate industry in India looks very promising and no wonder, not just the residents and also the foreign players including NRIs want 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 of India, which must be followed. The article will discuss a few of the rules that NRIs should be aware of before they're buying property in India:
Eligibility proof
For NRI property purchase of India, you might be obliged to have a PIO card. PIO represents Person of Indian origin and it's also a certificate proving that one's ancestors were from India. In the event you still posess zero PIO certificate, you can apply for it by producing your parents or grandparents birth record from India for the eligibility.
Regulations pertaining to exchange control
Unlike it was once initially, the restrictions concerning NRI investment are already eased a lot. Now to buying a property in india isn't any more a challenging job it used to be once upon a time. One can easily obtain 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 get a property. An NRE account will be required for the payouts and an NRO account will be required to deposit and transfer the money.
What's more, an NRI may also avail home financing in India when it comes 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 learn all the formalities that an NRI needs to do. In a nutshell, being an NRI is not any obstacle for you to invest in India's real estate market.
