Home Buying Process for NRIs

Home Buying Process for NRIs

Having a home in your native country is a special feeling. It not only keeps you bonded with your homeland but also proves to be a great investment in today’s era. Investing in the booming cities of India has been one of leading trends among NRIs for quite some time now. Tier II cities like Pune are being preferred over flooding metro cities for the value appreciation they offer. Moreover, places like Pune have advantages like their rich cultural and social history, which are now heightened by improved infrastructure, better transport facilities and thriving industries. Even if an NRI person does not plan to settle down in Pune, the property can always bring regular income in the form of rent and great returns whenever you sell off the property.

Residential properties in Pune have been highly popular among the NRIs who like to invest in India. Buying a property in India is no more complicated, it is a simple process. An NRI does not need any specific permission from the government to buy property.

Let us look at what all you need if you are planning to buy or sell any property in India.
  • Every NRI needs an India passport to invest in a property in India. You would need Person of India Origin (PIO) card if you are a foreign citizen and whose father or grandfather was an Indian citizen.
  • NRIs need PAN card, as they will need to file income tax returns even if the property is vacant and not rented out. The PAN card is also necessary to register the property.
  • You will need an NRI bank account through which the funds can be released in the Indian currency for the property buying. An NRI can own multiple commercial or residential properties in India; there is no restriction on number of properties.
  • You can also avail home loans from the Indian bank, which should be repaid in Indian currency.
  • If you do not visit India too often, then you need to find an attorney. The attorney will take care of processes like registration, sale, possession and other processes if you give that person special power of attorney.

We have experienced legal experts as part of our team who help all our NRI clients with the property buying process. Contact us today to know more about our upcoming properties in different parts of Pune.

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