A Checklist for NRIs Looking to Invest in Indian Real Estate.

 Non-Resident Indians are always looking to invest in Indian assets, and one of the best investments is investing in real estate. While there are many options for NRIs to invest in, such as NRI Fixed Deposits, FCNR Deposits, and even NRE Accounts and NRO Accounts, real estate in India is booming, and hence, a good option for investment. Most NRIs like to settle in India after retirement, so buying property in India is always a good idea. Even NRIs who don’t wish to settle in India consider Indian real estate as a secure investment. In recent times, property rates have dropped significantly in India. Moreover, the dropping rupee rate, lower interest rates on home loans, lower deposit rates, and discounts by builders are also encouraging NRIs to invest in real estate in India.

Apart from the monetary benefits, the implementation of RERA has made it very convenient for NRIs to invest in real estate without any hassles. The rules and regulations for NRIs to invest in Indian real estate may be different but not difficult. If you’re an NRI looking to invest in real estate in India, here’s a list of things you will need for a smooth transaction.

PIO/OCI Card

If you are NRI planning to buy property in India, this is a must-have! To buy property in India, one must have their Indian passport handy. People of Indian origin who are residents of another country are issued a PIO card or an OCI card which signifies that the owner of it holds dual citizenship.

Registered power of attorney

NRIs who don’t visit India often and would like to have someone take care of the property buying, sale, and other transactions require a power of attorney. This document gives someone the legal rights to execute the sale, registration, possession, and other processes on behalf of the NRI.

PAN card

Although NRIs don’t need a PAN card to buy property in India, it’s advisable to keep one. It comes in handy for transactions related to property such as selling of property, filing income tax returns, renting of property, or more. If you plan on buying property and renting the same, it is also advisable to have an NRO Savings Account so that the money from the rent can be deposited in that account every month.

Address proof

NRIs who want to make property investments in India need to submit the address proof of their current country of residence attested by the Indian embassy of their resident country.

Looking to invest in property in India but don’t know where to start from? SBM Bank India’s home loans assisted by trained professionals and financial advisors are here to help you every step of the way. There’s no time like now to invest in property in India if you’re looking to park your funds in a secure investment with lucrative returns.

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