NRI GUIDE

Home Plus Reality – For NRI’s

“Navigating the Indian real estate market, one NRI at a time”

As an NRI (Non-Resident Indian), you have several options for purchasing property in India. Here are some steps you can take to make the process of buying a home in India as smooth as possible: 

 
  • Determine your budget and financing options: It’s important to have a clear understanding of how much you can afford to spend on a home in India. You can consider obtaining a home loan from a bank in India or borrowing from friends or family. You may also be able to use funds from your NRO (Non-Resident Ordinary) or NRE (Non-Resident External) account to finance the purchase.
 
  • Choose a location: Decide on the location of the property you wish to purchase. Consider factors such as proximity to your place of work or family, access to amenities, and the overall safety and security of the area.
 
  • Research and compare properties: Once you have an idea of the location and budget for your new home, it’s time to start looking at properties. You can use online resources like real estate websites and property portals to research and compare different properties. You may also want to consider hiring a real estate agent to help you find and negotiate the purchase of a property.
 
  • Understand the legal process: It’s important to understand the legal process for purchasing property in India, including any required documents and fees. You may want to seek the advice of a good realtor or legal advisor to ensure that the process goes smoothly.
 
  • Make the purchase: Once you have found a property that meets your needs and budget, you will need to make an offer and negotiate the terms of the sale with the seller. Once the terms have been agreed upon, you can proceed with the purchase by paying the required fees and signing the necessary documents.
 
  • It’s worth noting that NRIs are allowed to purchase property in India without any restrictions, but there may be certain rules and regulations that you need to follow. It’s always a good idea to consult with a lawyer or legal advisor to ensure that you are fully informed about the process and your rights as a buyer.

  • Hire a good realtor who has local knowledge to negotiate and get the best deal for you.

Important points to consider for NRI’s while buying property in India. 

01.

Understand the regulations and restrictions:

NRIs are allowed to buy property in India, but there may be certain regulations and restrictions that you need to be aware of. For example, NRIs are not allowed to buy agricultural land or farmhouses in India.

02.

Get the necessary documents :

In order to buy property in India, NRIs will need to have certain documents, such as a valid passport, a Permanent Account Number (PAN), and an Overseas Citizen of India (OCI) card.

03.

Choose the right property

: When it comes to buying property in India, NRIs have a wide range of options to choose from, such as residential, commercial, or industrial properties. It's important to do your research and choose the property that best suits your needs and budget.

04.

Get a good realtor:

It's always a good idea to hire a realtor who is experienced in handling NRI property transactions. A good realtor can help you navigate the legal aspects of buying property in India and ensure that the process goes smoothly.

05.

Be prepared for the costs:

Buying property in India can be a costly affair, as there are various fees and taxes that you will need to pay. These may include stamp duty, registration fees, and property taxes. It's important to factor these costs into your budget and be prepared to pay them upfront.

06.

Overall, buying property in India as an NRI can be a complex process, but with the right preparation and guidance, it can also be a rewarding experience.

DOCUMENTS CHECKLIST RESIDENT INDIAN ACCOUNTS

Duly filled NRI home loan application form with photograph of the applicant and co-applicant. Note – Sign the photo across so that half the signature is on the application, and the other half on the form.
Copies of valid passport, valid Visa copies, overseas residential address proof and driving license. All to be self-attested and notarised.
Copy of all pages of passport – self-attested.
Latest 6 months bank statements showing salary credit – self-attested.
Latest 6 months NRE/NRO account bank statements – self-attested.
Latest 6 months salary slips– self-attested.
3 years employment continuity proof.
Latest (3 years) Income Tax related documents.
OCI/PIO Card copy for applicant and co-applicant – self-attested and notarised.
Work permit/ Contract copies.
Power Of Attorney in Bank Format by applicant and co-applicant to be executed in the current residing country and to be notarised.
Address proof, ID proof, 3 passport size photographs and signature proof of GPA holder.
Cheque from NRE account or NRO account Admin Fee (CTS 2010 cheque).
Repayment track record, if any loans exists.
Credit report with credit score for applicant and co-applicant. (For US and Europe).
  • Find your next home

RBI GUIDELINES

Reserve Bank of India (RBI) Guidelines on NRI Investment in properties in India

Permission for purchase of residential property / Commercial property
NRIs holding Indian passports—No permission required
Sale Of Property
Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.
Repatriation Of Sale Proceeds
Repatriation of proceeds from sale of residential property purchased on or after 26th May 1993 is allowed.
he RBI will consider repatriation of the consideration amount remitted in foreign exchange for the acquisition of 2 properties. The sale has to have taken place after 3 years from the date of final purchase deed or from the date of final payment.
Application of repatriation (IPI-8) has to be done within 90 days of the sale of the property.
Income From Property
NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account. i. Subject to changes from time to time ii .E. & O.E

POST SANCTION: (FROM THE BUILDER)

Sale Agreement and Construction Agreement from the Builder.
NOC
Cost Break-up Letter
Receipt of Own contribution

NRI Corner

We offer you a better understanding of documents, checklists and laws in India that will make your purchase an easier one.

For Indians abroad, owning property in India is a dream. One that comes with many questions. Our team understands the specific requirements and needs of NRIs, and are here to guide you to the perfect home. If, after reading this section, you have queries, please feel free to reach out to us.

POST SANCTION: (FROM THE CUSTOMER)

6 Cheques (CTS2010) from NRE / NRO account, undated security cheques. No corrections or over writings permitted on the cheques.

ECS/ACH/NACH Form in Bank/HFC Format. Auto debit in case of repayment from NRE/NRO account.

Definition of PIO

A Person of Indian Origin (PIO), a foreign citizen (except a national of Pakistan, Afghanistan Bangladesh, China, Iran, Bhutan, Sri Lanka and Nepal) who at any time held an Indian passport

OR

Who has either of their parents/ grand-parents/ great grand-parents born and permanently residing in India as defined in Government of India Act, 1935 and other territories that became part of India thereafter provided neither was at any time a citizen of any of the aforesaid countries (as referred above);

OR

Who is a spouse of a citizen of India or a PIO.es

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