Guide To Buy Property in India for An NRI

To get better opportunities in employment, education, and business a huge number of Indians migrate from India to foreign countries. These are known as NRIs or non-residents of India who have Indian passport but they live outside the country in some other country. Meanwhile Indian became a great place to invest and thus people from all around the globe invest in the real estate market of India.

This is because of improved foreign relations, low-interest rates, and inflation. As a result, the NRIs get multiple options to invest which also includes equity, fixed deposits, national pension scheme, mutual funds, securities, and government bonds, and insurance along with real estate.

Real estate investment is one of the oldest methods of invest which has attracted NRIs from all over the world since immemorial. Along with emotional security, there is another reason as well why NRIs love to invest in the real estate market. But apart from all these NRIs should keep certain factors in mind while they decide on purchasing land. Following these points will result in successful buying.

Nature Of The Property

According to RBI or Reserve Bank Of India, the Foreign exchange management act states that NRIs have a blanket of permissions to purchase any immovable property in India but there is no extended permission for all types of property.

The exempted lands are agricultural lands and also plantations. Apart from these two they can get any other commercial or residential property. Therefore, NRIs should consider the options and should all check the real estate condition and economic conditions in the country before they are making any kind of purchase.

The Process Of Purchase

In a move that was advantageous for NRIs after passing the Benami Transaction Bill, that, all cash payments have been blocked for NRIs. Because of this, they can only make bank transfers only from NRO and NRE accounts. This way the purchase is easier and also quite transparent. They can also get a home loan and can pay EMI’s through a proper banking channel or even form the rental yields which they get from any kind of purchased property which is on rent.

Make Good Use of The Social Media Platforms

The process of digitalisation had brought several benefits to the people living all across the world and also for NRIs to some extend. If they use it properly they can get better real estate investment while they are buying a property in India. These days most of the builders who are reliable and reputable have social media accounts for all kinds of projects on which they are working on.

They periodically update those for the viewers to get a better idea about their project. If you are an NRI you can highly benefit from these social media and can choose to perform a regular check to these social media pages of the developers, builder and also the project that are of your interest on their official websites.

Knowing The Permissions Granted By Government

As an NRI you need to know all the various laws that the government has provided about the leasing, owning, bequeathing of property and inheriting, and also on tax. For instance, any property that is gifted to you by any of your relatives is exempt from taxation.

Along with these, you should also know about the power of attorney and other important factors that are not covered in this article. It is always better to gather much knowledge when you as an NRI is thinking about buying a property in India. Knowing from before will make this easy and quick.