Moving Ahead with Caution - Property Buying Tips for NRI’s

If you are a NRI reading this, then most probably you would be planning to buy a property in Pune or anywhere in India. That sounds great. But folk’, buying a property in India is difficult without proper knowledge of the procedure. Presenting some lifelines which will lead you to your destination without any obstacle. To begin with, make sure the person who is selling the property has the right to do so!
1) The Investment Options

• A NRI can invest in any immoveable property - commercial or residential.
• NRI cannot buy agricultural land, farm house or any plantation property
• NRI owning a property in India can transfer the property to any resident by selling it

2. RBI Rules Reserve Bank of India has laid down some rules for NRIs who wish to take loan from Indian financial institutions. Most importantly, the financial institution can only provide up to 80 percent of the total amount of the loan. The repayment of the loan can be done through normal banking channels and primary account and interest rate both can be repaid with this process. It is important to note here that these rules are subject to change depending on the RBI rules.

3. Paperwork After zeroing in on a property in Pune and deciding on the price, a sale agreement must be drawn. It will have to be done on a Rs 50 stamp paper, mentioning the final amount, advance payment, time limit to pay the due amount and details of installments.

4. Taxing Taxes Find out about tax implications before you decide on the property. Generally, NRI’s get a tax benefits equal to Indian residents on the interest paid towards the home loan.

5. A few Other Things Make sure while buying a property in Pune or anywhere else in India that you go through a proper channel, through a person you completely trust. That will minimize the chances of fraud or any malpractices involved. Also ensure that the property you want to buy has been given the green signal by the concerned civic authorities. Additionally, ensure that there are no unpaid dues!
Buying property or an apartment in Pune might seem like a tough task, but take care of these things and you would be well on your course! All the best!

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