Buying a Property In India: A Dream Come True For NRIs

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Buying a home in India is one of the ways to feel connected to the native land for the Non-Resident Indians (NRI). Possessing a home in any corner of the world is a way to secure the financial status and the future in the scenario of global recession and uncertainty of the financial position. The rules for buying, making transaction, for the grant of the loan and its repayment, every thing is governed by the regulations of Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA). Those NRIs who are looking forward to own a dream house in India first need to know in detail about the real estate scenario at the time of purchasing and the procedures for buying the property:

  • NRIs are free to buy any property in India other than the agricultural land and plantation property.
  • The payment for the properties can be done either from the funds held in the non-resident accounts or that which are received by internal remittance. It is to be noted that traveler's cheque and foreign currency notes are not accepted for property transactions.
  • Loan facility is available to the NRIs for the purchase of the property and also for the renovation. The rules for the loan are as per the regulations of FEMA (Foreign Exchange Management Act). The basic rule is that the banks can not renew the existing loan or grant a fresh loan when the loan amount exceeds the number of 1 crore against NRE and FCNR deposits.
  • The loan can be repaid through normal banking channel, rental income from the purchased property, cheque from the bank account of the local relatives and also by making debit to the account of NRE/ FCNR/ NRO.

Those who have detailed knowledge of the property scenario in India are less likely to commit mistake at the time of purchasing a home here. It is better to take the advice of the professionals and experts in the field before finally making any decision.

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  • Admin

    apartments for sale Indore

    13 July, 2012 at 4:59 am

    Yes, i somewhat agree with this fact. The NRI's would surely be benefited by the same.

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  • Admin

    Indore real estate projects

    13 July, 2012 at 1:06 pm

    I agree with this fact. A Dream Come True For NRIs. They will surely have benefit from it.

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  • Admin

    Sunworld Arista Noida

    29 June, 2012 at 7:20 am

    This is really a true article, from last few years demand for residential as well as commercial properties in India is increasing in a vast number, It proves that buying a property in India it is really a dream come true for NRIs.

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  • Admin

    Rajat K

    16 June, 2012 at 4:27 pm

    Great info! I am an NRI and have recently purchased a property in Delhi,India. Before venturing into the deal I was very skeptical of the Indian real estate scenario..

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  • Admin


    23 May, 2012 at 4:38 am

    Thank you very much. I hope this stuff helps you out. I will be blogging about the great plan as to why our umlepnoyement is growing and will never get better, in the way we knew it.Jesse

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  • Admin

    equity abroad

    27 April, 2012 at 7:41 am

    nice article, it is indeed a great time for NRIs to invest in India considering the falling value of Rupee against the dollar.

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