If you are a Non-Resident Indian (NRI) planning to buy a property in India, this could be the best time. Buying property in Indian has become more fruitful for NRIs with favorable currency rates.
According to the Foreign Exchange Management Act (FEMA) Non-Resident Indians (NRI) can purchase properties in India without any specific permission from the Reserve Bank of India (RBI). There are also no limitations for buying properties in India but, there are few guidelines to follow.
You cannot buy agricultural land, farmhouse and plantation properties in India. NRIs are only allowed to purchase residential and commercial properties. If you want to acquire agricultural land, then you need to take special permission from RBI.
The transaction can only happen through NRE/NRO or FCNR accounts. The payment is not allowed in the form of traveler’s cheques or foreign currency.
The National Housing Bank provides loans to NRIs for buying a residential property in India. The loan amount will be transferred directly to the seller’s or the developer’s account, and the repayment should be made from NRO/NRE account only.
If the property is acquired as a gift then, the sale proceeds must be credited to an NRO account.
The most important legal document you need to buy Property in India is the Indian passport or Person of Indian Origin (PIO) card.
OwnersTown can help you while purchasing property in India. Hire us now.