The simplified property rates and eased investment norms have attracted countless NRI-s to invest in Indian Real Estate. According to the Financial Express Report, NRI-s has invested $13.3 billion in Indian Real Estate Market in the Financial Year 2021. The NRI property investment process might be confusing. If you are an NRI and looking to buy a property in India, This article will help you to figure out the essential steps to move forward with the process.
Documents Required for NRI to Buy Property in India
Documents required for getting a home loan in India
- Copy of Indian passport and visa
- In case an Indian passport is not available
- PIO Card if you possess a foreign passport
- OCI card if your parents are citizens of India
- Work permit / employment contract / appointment letter
- The most recent payslips/salary certificates
- Income tax returns for recent years
- Bank statement of NRE and NRO accounts for the past year
- Report on the country of residence from the Bureau
- A power of attorney in the format provided by the bank (in case you are not in India for the purchase transaction)
Property documents you should check:
- Title deed (in the name of a seller). Some states have distinct paperwork that you need to take into account. For example, if you plan to buy property in Bengaluru, you must check for e-Khata (in the seller’s name) for property taxes.
- Approved plan
- Building permit
- Occupation certificate (in case it is a ready build)
- Past title deeds, if applicable.
- Renewed encumbrance certificate
- Share certificate (in case it is a cooperative housing society)
- NOC from the society
- RERA registration (if applicable)
Documents required for the registration of the property:
1). PAN Card
2). OCI/PIO Card
4). Passport Size Photograph
5). Address Proof
Limitations for NRI property investment in India:
- General permission is not available to NRI/PIO to buy agricultural land/plantation property/farm house in India. Those plans may require specific approval from the reserve bank of India, and it is approved only after consultation with the government of India.
- A foreign national of Non-Indian origin cannot be a second holder for the property purchased by NRI.
- NRIs can gift their property to non-Indian citizens with proper approval from the reserve bank.
Due to the impact of the covid pandemic, The NRI property investment has doubled. NRI property management services offer you an end-to-end service, reducing the hassle of traveling. They will look after your paper works with complete transparency. You can e-sign the agreements at the comfort of your place.