Documents Nris Need While Buying Property in India
Sep 26, 2016 Legal Guidance
Real estate sector of India is one sector which attracts a lot of people from across, especially the wealthy and rich Indian who live in abroad. Recently there has been steps taken by the government to simplify and smoothen the norms which govern the investments of the NRIs i.e. Non-Resident Indians in the properties of India. There will be an increase in such investments once the RERA bill comes fully into action. However, there are still some barriers and hurdles that the NRIs need to cross in order to invest here.
One confusion that hovers over their mind is about the documents that they might need while investing and holding the transaction. To reduce this tension of theirs,
We bring a list of all the required documents by an NRI for making an investment in India.
One confusion that hovers over their mind is about the documents that they might need while investing and holding the transaction. To reduce this tension of theirs,
We bring a list of all the required documents by an NRI for making an investment in India.
- The first and foremost documents that are required by them are PIO which stands for an Indian passport for a Person of an Indian Origin card or else an Overseas Citizen of India Card i.e. OCI. So NRI needs passport in order to invest in our country and if you are individual then a person of /Indian origin card is needed like for those who are not really citizens of countries such as Bangladesh, /Nepal, Pakistan, Iran, Bangladesh, China, Srilanka, Bhutan or Afghanistan but they have had the Indian passport. A PIO is needed in case you are a foreign citizen whose grandfather and father were citizens of India. And for a person who is not really a citizen of this country but was eligible for becoming Indian citizen before or say after partition, they would require for an overseas citizen of India.
- The second document that is required by an NRI is PAN card, as they are expected to file the income tax returns in case of a rented out property. Also if the concerned property is sold later, then the capital gains which arise from the sale of that property would be subject to the capital gains tax.
- If you are one those NRIs who tend to not visit the country too often then it will easier for you to get the registration, possession, sale and other processes completed, by giving the power of attorney to anyone from the city (who you know well) .
Now, let us go through the documents that the NRIs will require while they apply for a house loan. So in case you are an NRI with a good salary and if you apply for a loan, you will be requiring two photographs of yourself, an address proof (along with the address proof of the co-applicant). For address proof, driving licenses and also utility bills count. One will also be asked to submit the bank statements of their Non-Resident External Account, for the past six months and also a statement of their Non-resident Ordinary account that they have in India. The account should be the one wherein your salary is being credited. One also needs the copies of his or her salary statements along with sanction letters of all the loans taken in India or abroad.
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