Documents Nris Need While Buying Property In India

NRI investment in real estate is at a high, and the Indian market is welcoming these investors with open arms. Favorable currency rates have made investing in real estate in the country an extremely lucrative proposition for astute NRI investors. NRIs do not need special permissions to buy commercial or residential property but cannot purchase agricultural land, farmhouses, or plantations.

Here is a list of documents needed by NRIs while purchasing property in India:

Passport or Persons of Indian Origin/Overseas Citizen of India card – An NRI will have to show their Indian passport to purchase a property. In the case of a foreign passport, the Persons of Indian Origin/Overseas Citizen of India card will be needed.

PAN Card – This is legally required for all property transactions.

Power of Attorney – A power of attorney will have to be provided for the transaction in case of unavailability of the NRI.

An NRI can fund their purchase of property through the funds in a non-resident account or through a home loan. The following documents are required to avail of a bank loan:

Passport and visa copies.

In the case of foreign passports, a Persons of Indian Origin card will have to be shown. An Overseas Citizen of India card is required if the NRI’s parents are Indian citizens.

The work permit/appointment letter/employment contract of the country of residence.

Salary certificate or six months’ payslips.

One year’s bank statement of NRE and NRO accounts.

Updated income tax returns.

The country of residence’s bureau report.

Once all these documents are provided, an NRI can freely purchase real estate in India. It is critical to carefully check documents, including the title deed, building permit, RERA registration, and approved plans, before investing. For registration of the property, NRIs must have their identity proof, current address proof, and passport-size photographs on hand.

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