How an NRI Can Buy An Apartment In India?
If you are an NRI and want to buy some property in India, then you can do it by investing in any one of the affordable housing projects in Greater Faridabad. If you are an NRI, you have the option to buy property in India, but you have to follow some rules and regulations that are specially enacted for NRI and other foreigners. The law under which non-resident Indians can invest in a property in India is written under the Foreign Exchange Management Act (FEMA).
How can an NRI buy an apartment in India?
RBI has certain rules for non-resident Indians that relate to their buying property in India. There are certain properties that an NRI can buy freely without needing any permission from the RBI. These types of properties include both commercial and residential. However, there are certain properties in which the NRI will need the permission of the RBI and these include agricultural land, land for plantation, or a farmhouse. Therefore, as an NRI, if you want to invest in affordable Flats in Faridabad, then you would not need the permission of the RBI.
Furthermore, to buy the property, you cannot pay the seller in cash, foreign currency, or traveler checks. You can make payments only through the RBI-approved modes. Some of these include the balance in the Foreign Currency Non-Resident (FCNR) account or the NRI’s and NRE/NRO accounts.
Important documents you have to show to buy real estate property in India?
As an NRI, you need some important documents listed below to buy real estate property in India.
This document is mandatory for every type of property transaction.
As an Indian citizen, you need an Indian passport for identity verification. If you don’t have an Indian passport or it is not available at that moment, then you can use your Person of Indian Origin or the Overseas Citizen of India card.
Power of Attorney document
If there is a case where another person is carrying out the transaction to buy a property in the name of an NRI, then that person should show the power of attorney document which is provided by the NRI. This document should be properly registered and notarised.
We hope that you now are fully aware of some important rules, you have to follow, and official documents to show if you are interested in investing in buying property in India.