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FinFIRST Blogs
Your insider guide to buying property in India as an Indian-origin investor
Key Takeaways
Indians living abroad can buy residential or commercial property in India but cannot purchase agricultural land, plantation or farmhouses.
- Payments for the property must be made through an NRE, NRO or FCNR account and you can use an NRI-home-loan from a bank like IDFC FIRST Bank for financing.
- Before buying verify the developer credentials, check property approvals, understand taxes like stamp duty and registration, and account for capital gains if you sell.
- If you are not present in India during the purchase, appointing a power of attorney and keeping records of funds and documentation help ensure a smooth process.
Real estate investment in India has been an emotional choice for Indian origin individuals, but it also makes a lot of financial sense.
For Non-Resident Indians (NRIs), the Indian real estate market often offers a stronger growth potential than their country of domicile. You should explore Indian real estate as a part of your NRI banking investments, and the rules and regulations around it.
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Can NRIs buy property in India?
NRIs can buy property in India, subject to a few rules and regulations. These important rules and regulations include –
- An NRI residing outside India can purchase residential and commercial property and sell it to an NRI/PIO or a Resident Indian.
- An NRI cannot purchase agricultural land, plantations, farmhouses, etc. However, the NRI can inherit such property, and sell such inheritance to permanent residents and citizens of India only
These rules are also applicable to Persons of Indian Origin.
How can NRIs buy property in India?
While buying a property in India, you must keep the following aspects in mind -
Payments –
Loan arrangement –
Documents required –
NRIs can pay from funds received in India through NRI banking channels in the form of inward remittances or funds held in their non-resident accounts–NRE/NRO or proceeds from an FCNR deposit
IDFC FIRST Bank offers NRE & NRO Savings accounts and Deposits (INR denominated) and FCNR deposits (in select foreign currencies) where you get competitive interest rates and fast and efficient remittance service to and from India.
Non-residents can use a home loan to finance their purchase through their NRO/NRE account. IDFC FIRST Bank Home Loans can cover requirements of up to ₹3 crores, which you can comfortably pay over a tenure of up to 360 months.For NRI Home Loan application process, click here.
You will need documents like the Indian passport, PAN, Non-Resident Status Proof (like a Visa, PIO card etc.), employment documents, salary slips, tax returns, the NRE/NRO bank statements, etc. You may also need a local co-applicant to act as the Power of Attorney.
Investment options and considerations
If you plan a real estate investment in India, consider factors like:
- The reputation of the developer and project
- Building approval, environmental and other clearances, presence of no-dues certificate, etc.
- Consider the TDS deduction and capital gain tax rules on real estate investment in India
Conclusion
IDFC FIRST Bank Home Loans are available to salaried NRIs through a fully digitised process and dedicated NRI banking guidance. To enjoy a minimal documentation process, a flexible repayment tenure, FASTRACK balance transfers and many exciting benefits explore IDFC FIRST Bank Home Loanstoday!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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