Nonresidential Indians always like to have a home back here in India. Whether the market is in demand or not, NRI’s always look for an option to make real estate investment in metros and other cities. The rules for NRI have to buy commercial as well as residential property in India is fairly easy and they don’t have to take any prior permission from government authorities. There is no restriction for them in buying number of properties in India. However, the monetary transaction should be made in Indian Rupees through bank using the NRI account. Now let us have a look how they can purchase properties in India
- NRI can invest in any type of property other than agricultural land, plantation property and a farm house.
- He can obtain property by gift from Indian resident.
- He can get property by inheritance.
- He can transfer his property to any resident in India or abroad by means of gift.
If your home town is in Vadodara and residing abroad, looking to buy properties in Vadodara, here are some tips which may help you out purchasing property without any headache.
Funding options available
There are easy funding options available for NRI’s to purchase properties in Vadodara or in any other cities of India. Most financial institutions consider them as potential clients and they provide home loan easily and sooner. This is mainly because NRI’s make repayment of the loan on time. The financial institution will provide NRI’s 80% of the loan and the repayment can be done through proper banking channels. They have to repay the loan amount along with interest through a bank.
The need of Power of Attorney
If you are planning to buy a property which is under construction, the developer may ask you for a power of attorney favoring them. This makes documentation slightly easier. The power of attorney can be given to execute mortgage, deed and contract. Make sure you get the power of attorney worded properly by a professional lawyer.
Make a safe deal
There are several drawbacks investing in real estate, so NRI’s must be careful purchasing a property in India. The property name should be clear and seller should have the right to sell it. You must always check there are no outstanding water bills and electricity bills pending with the property. If the property had been mortgaged as security, you must release bank letter from the concerned bank. NRI’s should invest through proper channels only.