Bakeri Group is proud to have its family members spread across the world. Many of our customers staying abroad have booked their dream home at Bakeri Projects.
NRI Home Buying Guide
With a lot of well settled NRIs looking to have a home or an investment in real estate back in their country of origin NRI inquiries for home purchases in India have been on an upswing.
FAQs for Non Resident Indians purchasing property in India:
What is the eligibility for Non- Resident Indian or Persons of Indian Origin Card Holders for buying property in India?
Non-Resident Indians and Persons of Indian Origin are entitled to buy property in India.
People of Indian Origin holding overseas passports, such as British or American, need to apply for a PIO Card (Person of Indian Origin) at the Indian Embassy or consulate in their country of residence, for purchasing property in India.
Are any specific government permissions required before buying property in India?
Non-Resident Indians and Persons of Indian Origin do not need any approval by the Government of India to buy immovable properties.
NRIs/ PIOs can remit the sale proceeds of immovable property (other than agricultural land/ farm house/ plantation property) in India subject to the following conditions:
1. The immovable property was acquired in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000;
2. the amount to be repatriated does not exceed the amount paid for acquisition of the immovable property received through normal banking channels or out of funds held in FCNR(B) account or NRE account;
3. in the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties
What are the accepted modes of payment for property acquired in India?
Payment for immovable property has to be received in India and is subject to payment of all taxes and other duties/ levies in India
The payment should be received in the form of funds remitted to India through banking channels or through funds held in NRE/ FCNR (B)/ NRO accounts of the NRIs/ PIOs
Payments should not be made through travelers’ cheque and foreign currency notes. NRIs/ PIOs can avail of housing loan in Rupees from an Authorized Dealer or housing finance Institution in India subject to conditions.
Power of Attorney (POA)
Non Resident Indians who come to India once in few years, need to give power of attorney to a person living in India so that required home buying processes such as registration, possession, execution of agreement for sale, agreement of leave and license etc, can be taken care of with ease.
NRI Home Loans
Non Resident Indians (NRIs) can buy property in India with a home loan. Normally they can get a loan of around 85-90% of the property amount. Personal documents required for the home loan pre-approval only. Loan disbursement happens only when the property is purchased.