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India is at a crossroads of change. The developing situation across the world has highlighted India as one of the preferred destinations for commerce and industry. Weaker Indian rupee makes Real Estate an enticing buy. Thus, transforming India into a land of opportunities.

An NRI or a Non-Resident Indian can buy property in India with complete ease. Thanks to the implementation of RERA Act, 2016, the process has become much simpler, transparent with committed timelines.

Documents needed by NRIs to buy the property

  • Valid passport
  • Address proof
  • Permanent Account Number (PAN card)
  • A recent photograph

Payment & Repayment

There are multiple channels for NRIs to pay for the property they intend to buy.

  • If they have the sufficient funds, then payment can be done easily. They can do so by remitting the money through authorized banking channels from abroad. They can also use money in their NRE/NRO or FCNR accounts for the payment.
  • If NRIs require a loan to pay for the property, then RBI has now granted permission to banks and housing finance institutions that are registered with the National Housing Bank to provide home loans for NRIs to buy residential property in India.
  • All transactions have to be made in Indian currency. NRIs cannot avail the loan into their accounts directly. It will be disbursed to either the seller's or the developer's bank account.
  • There is a provision of repayment of loan using the funds in an NRI's NRO (Non-Residential Ordinary) /NRE (Non-Resident External) account or FCNR (Fixed Deposit Foreign Currency account) deposits.
  • Traveler's cheques or foreign currency is not an acceptable means of payment.

Joint ownership of the property in India

An NRI can buy the property of their choice in their own name or jointly with any other NRI. The property cannot be in joint ownership with a resident Indian or with those who are otherwise not allowed to buy property in India.

Power of Attorney

Power of Attorney (POA) is the person selected by the NRI, who is investing in a property in India to complete the transaction on their behalf. It could be anyone from a trusted relative, friend or even colleague.

A POA can be attained by going down to the Indian Embassy of the city and country where you are located and sign the document in front of the consulate officer.

Documents needed by NRIs to buy the property

  • A photograph
  • Your left thumb impression
  • Signature