Looking for a house in India? Don't worry! Nowadays there are many favorable conditions for buying a house. The Indian government has now identified the wants of the NRI and people of Indian origin to own a piece of land in India. The new rules are much simpler, so it has become very easy for the NRIs to buy property. But before buying the residential property, several points that are discussed here should be kept in mind.
You should have proper information regarding the property i.e. - Who is the seller, whom are you dealing with. It is a crucial aspect that must be seriously taken into consideration. It helps you know about the problem areas of the property. You must acquire the property through a suitable NRI or NRE account. This can also be done with the support of an attorney or a trustworthy real estate agent.
Taking advice from property lawyers will help you to have a better understanding of the actual ground rules of buying a property. In this way you will also be protected from fraud dealers.
The good news for the NRIs is that now they do not require approvals. The government of India has given general permission for the NRIs to buy property in India and now they don't have to pay taxes even while acquiring property in India. But if you are selling a property then you have to pay certain taxes and for renting a property a PAN card is required.
Limit On Buying Properties:
If you have bought two properties then you are not allowed to repatriate for more than two residential properties. So by following all these points one can easily secure a home in India for settling here or for investment purposes. Also, this information should be kept in mind before buying a property so that you can be saved from fraud dealers.