What are the Documents Needed by NRIs While Buying Property in India?
Nov 15, 2018 Real Estate News
With the recent changes in real estate laws, now Non-resident Indians (NRIs) have a major inclination towards real estate investments in India. Besides, a fall in rupee value has been an added advantage for NRIs to invest in the Indian market.
It seems easy. However, NRIs must be aware of all the required documents for investment to complete the process smoothly. Here is the list of documents that NRIs need while buying a property in the country:
For home loan in India, a salaried NRI can apply. Documents required are as follows:
It seems easy. However, NRIs must be aware of all the required documents for investment to complete the process smoothly. Here is the list of documents that NRIs need while buying a property in the country:
- Require either an Indian Passport of the Person of India Origin (PIO) Card Or an Overseas Citizen Of India (OCI) Card: Either of these documents is mandatory to buy a property in India. A PIO card is needed if (1) you are not a citizen of Afghanistan, Bangladesh, Bhutan, China, Iran, Nepal, Pakistan or Sri Lanka but held an Indian passport at some point; (2) you are a foreign citizen, and your father/grandfather had a nationality of India. If you are not a citizen of India but had an eligibility to become a citizen of India before or after partition, then you need an OCI card. These cards can be obtained through the Indian embassy or from the consulate of your current country. You may require to show your parents' birth certificate as proof to obtain these cards.
- Permanent Account Number (PAN) card is needed: An NRI requires it is expected that an NRI should file income tax returns in case of renting the purchased, leased property. In case you sell the property later, capital gains tax will apply to the capital gains. Here, the capital gains are considered along with the total income while being taxed.
- Require a Power of Attorney: If an NRI cannot be physically present in India for the overall process, then having a power of attorney is the best option where the representative will be present for the process of registration, sale execution, possession and rest of the processes.
For home loan in India, a salaried NRI can apply. Documents required are as follows:
- Two photographs
- Address proof of the applicant and the co-applicant, such as utility bills or a driving licence
- Bank statements of the last six months of your Non-Resident External account and Non-Resident Ordinary account in India
- Bank statement pa of the previous six months of your salary account showing salary credits
- Copies of your salary statements from the employer
- Copies of the loan sanction letter, obtained in India and abroad
- Self-declaration of your residential status
- All these documents must be certified by the Indian embassy in your country of residence.
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