In case you are an NRI who wants to buy a plot or a property in India then there are a few rules that you must abide by. First, you have to know who to call a proper NRI. An NRI is someone who is not a resident of India, to be a resident of India one person must spend 180 days or more in this country in a calendar year. There are several NRI home loans available in India for people who do not reside in India, but there are some rules and regulations that you must follow. Let’s take a look at some of them below.
Rules to Buy Property in India
I – Firstly you must be relieved after you get to know that Non-Resident Indians better known as NRIs can own a property in India. In that case, there will be some epic terms and conditions applied to that.
II – You have to check your residential status in India by FEMA or the Income Tax Act.
III – You can even take NRI home loans to buy, extend, refurbish or build a property or buy a plot.
IV – Appointing a Power of Attorney is a must as they can handle your property and act accordingly to fill your void.
V – For EMI payments you must have an NRE or NRO account in India.
You also get amazing benefits while repaying your home loan.
These are some important things that you should know if you are an NRI willing to buy property in India.