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NRI Corner
NRI Corner
Understanding the legal documentation and financing options is crucial for non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) looking to invest in real estate in India.
Legal Documentation:
Before embarking on a property purchase journey, NRIs and PIOs must ensure they have the necessary legal documents in order. These include:
- Passport and/or PIO Card: NRIs must present their Indian passport. Those holding foreign passports can still buy property in India with a PIO card.
- PAN Card: Essential for property transactions.
- Power of Attorney: NRIs/PIOs can execute and register a power of attorney in favor of their appointed representative to complete formalities in their absence.
RBI Regulations:
No formalities or documentation need to be submitted to the Reserve Bank of India by NRIs/PIOs when buying residential or commercial properties under general permission.
Joint Ownership:
NRIs have the flexibility to purchase property individually or jointly with another NRI, expanding investment opportunities and fostering collaboration.
Funding Options:
- Inward remittance through normal banking channels.
- Utilization of funds held in non-resident accounts, complying with Foreign Exchange Management Act provisions.
- Home loans facilitated by RBI for property purchase.
Categories of Non-Residents Eligible for Home Loans:
Understanding the classification is pivotal before applying for home loans.
Non-Resident Indians (NRIs)
- Persons of Indian Origin (PIOs)
- Overseas Citizen of India (OCI)
Documents Required for Home Loans:
The importance of gathering essential documents for the home loan application process cannot be overstated. These documents typically include copies of passports, visa/work permits, and employment-related paperwork.
- Passport copies
- Visa/work permits
- Employment-related paperwork
Tax Benefits for NRIs on Home Loans:
NRIs can take advantage of tax benefits on home loans under Sections 80C and 24 of the Income Tax Act, 1961, subject to specific eligibility requirements. These tax advantages are aimed at enhancing financial planning for NRIs seeking to invest in real estate in India.
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