We help turn your dreams into reality. It doesn’t matter if you are living miles away from India; you can now buy your own property in the country without any hassles. Our dedicated team understands the needs of a non-resident property buyer and wide domain knowledge will help make the process easy and carefree for you. Here’s a quick guideline to answer your queries. In case you have further doubts.
Yes, a non-resident Indian can buy either a residential or a commercial property in India.
No, there is no limit on the number of residential or commercial properties that an NRI can purchase in India.
The Reserve Bank of India, under the purview of the Foreign Exchange Management Act (FEMA) governs all commercial/residential property transactions done by NRIs in India.
Payment for the purchase of property can be made either by way of funds remitted to India from abroad through regular banking channels or through the balance in the NRE, NRO or FCNR Account.
No, according to the Indian Income Tax Act, one property will be considered as self-occupied and hence you do not have to pay income tax on both.
You can pay the EMIs in the following ways:
- By remitting the money from your foreign bank account through regular banking channels
- By issuing postdated cheques or Electronic Clearance Service (ECS) from your NRE, NRO or FCNR Account
- Out of the rental income that this property earns
- Cheques issued from your local relative’s bank account
Many times, when NRIs purchase properties, developers demand a PoA in their favour. You may choose not to give this PoA but it would lead to delays since all documents would have to be mailed to your foreign address. Giving a specific PoA would be a better option.