The Must Have NRI Documents To Buy Home In India
NRI’s (Non-Resident Indians) have a wide range of investment options in India like stock exchange, real estate, manufacturing, online shopping, and different fields. But, real estate still leftovers to be one of their preferred options, not only because of high ROI but also because of longing attachment and the dream to return back to a safe and secured world-level retreat life in their homeland. But, they must have NRI documents to buy home in India for a valid deal in Real estate sector as per Indian court. Flats for sale in attapur Hyderabad are available at cheaper price.
Most of the NRIs would like to invest in such a profitable business sector either for their own residence or own office or for purchase and selling of properties. In this article, they’ll definitely come to know the mandatory document checklist for NRI to buying home in India.
Following are the must have NRI documents to buy home in India:
- PAN Card, Passport and Visa Copy
- Photocopy of employment contract / Work permit (applicable) / Appointment letter
- Current salary certificate (if the salary is not credited to the bank, the salary certificate needs to be attested by the embassy)
- Payslips of latest 6 months
- Bank statement of last 1 year (Both overseas account and NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account)
- Power of Attorney (bank provides and it’s to be attested by Indian embassy)
Indian passport of Person Of India Origin (PIO) Card
Legal Documents for luxury apartments for sale in attapur Hyderabad:
- Title Deed (name of the seller)
- Prior Title Deeds (of last 15 years)
- Latest Tax Receipts of property (land and building)
- Updated Encumbrance Certificate (mentioning for last 15 years)
- Governments permit for Building / Notice Of Commencement (from municipality, corporation, or Panchayat, if you are buying a house/apartment)
- Approved Plan
Let’s discuss the document checklist for NRI to buying home in India:
1. PAN Card For Buying Apartments & Flats In India
NRI’s must possess a PAN card as they have to file income tax returns if they have borrowed loan for the property and for buying Flats & Apartments for sale in Attapur, Hyderabad
Furthermore, if the property is supposed to be sold later, the capital receipt coming from the sales would be matter to capital receipt tax. A capital receipt would be included in the entire income when it is being taxed
2. Indian passport of Person Of India Origin (PIO) Card:
NRIs need the basic id proof i.e. Indian passport to invest in the real estate sector or buying property in India. If you are not a citizen of some specific countries such as Pakistan, Bangladesh, Afghanistan, Sri Lanka, Iran, China, Nepal or Bhutan, but had possessed the Indian passport, you need to have a PIO before dealing in the Indian property.
The foreign citizen whose father or grandfather was an Indian citizen must have a PIO card in order to deal with the property sector. Even though you hold the passport of a foreign nation, you have to carry a PIO card for dealing in the property sector. You’ll obtain a PIO card from the Indian embassy located in your country.
3. Overseas Citizen Of India (OCI) Card:
A foreign person of the neighbor country who is qualified to become a citizen of India prior to or post-separation (or a son/daughter of such a person) has to submit an OCI card copy at the time of investing in the Indian real estate sector. You’ll get an OCI card from the embassy of your country where you located.
You need to consult with us or your advocate regarding Power Of Attorney and loan.
Additionally, many NRIs are also concerned in numerous Indian metros allowing for high growth forthcoming of the real estate division in the country having nice-looking options including villas, apartments, pent houses and plots with world-class amenities.