12 Mar 2018

Document Requirement For NRIs Buying Property in India

NRIs have a variety of investment options in India. But real estate still remains to be one of the top options, not just because of money back but also because of sentimental attachment and to a safe & world-class retired life in their homeland. In addition, many NRIs are interested in several Indian metro cities in view of high development prospective of the real estate segment in the country having beautiful options like apartments, villas, plots and pent house with world-class facilities. so here's a quick checklist for NRIs...

NRIs Buying Property in India

Documents (Home Loan Processing) -

1) Passport or Visa Copy

2) Copy of appointment letter or employment contract or work permit (if any)

3) Latest salary certificate (attested by embassy, if salary is not credited into bank)

4) Latest 6 months pay slips (if applicable)

5) Last 1 year's bank statement (both overseas account and non resident external or non resident ordinary)

6) Power of Attorney (executed in the format provided by the bank and attested from Indian embassy)

Property Documents -

1) Title Deed (in the name of Owner/Seller)

2) Prior Title Deeds (Covering last 15 years)

3) Latest Tax Receipts (land or building if any)

4) Updated Encumbrance certificate (covering last 15 years)

5) Approved plan

6) Building permit / Notice of Commencement (from corporation, municipality or panchayat, if you are purchasing a house or apartment)

These are the above basic documents required for checking the legal involvements pertaining to the land.

NRIs / Foreigners have no restrictions in buying any type of property in India including land, under-constructed house / apartment, Pre launched property or any other . There are some restrictions for approving loans to NRIs and also restrictions for NRIs to buy agricultural land.

For buying apartments, villas etc from a builder check if the project is already approved by the bank then you need not to take all the documents pertaining to the land. Instead, you need to only submit the sale and construction agreement, receipts of down payment ad a Noc (Notice  of Commencement from the builder for loans staring the proceedings)

Documents needed at the time of registration -

1) Pan Card (permanent account number if any)

2) OCI / PIO Card (Overseas citizenship of India / Persons of Indian origin)

3) Passport

4) Passport size photograph

5) Address Proof

6) Registered power of attorney (if you are not physically present at the register office)

Payment to the seller can be made through any normal channels like cheque from NRE/FCMR/NRO account or Cash.

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