NRI Procedure
Procedure for NRIs to Buy Property in India
For NRIs looking to invest in real estate in India, the process has become significantly more streamlined. Both Persons of Indian Origin (PIO) and those holding Overseas Citizenship of India (OCI) can now easily purchase residential or commercial properties. Leading financial institutions in India offer home loan facilities to NRIs, making it even more convenient to fund their real estate investments.
- Eligibility and
Documentation :
Eligibility : NRIs, PIOs, and OCIs can purchase residential and commercial properties in India.
Required Documents : Age proof, residence proof, educational qualification, income proof, employment proof, passport/OCI card, and bank statements. -
Home Loan Application :
Leading banks and financial institutions in India offer home loans to NRIs.
Documents for Home Loan : Age proof, residence proof, educational qualification, income proof, employment proof, passport/OCI card, and bank statements.
Power of Attorney (POA) : NRIs need to authorize a representative in India to handle home loan processing and other formalities. This is typically done through a Power of Attorney. -
Filing a Declaration :
NRIs/PIOs are required to file a declaration in Form IPI 7 with the Central Office of the Reserve Bank of India in Mumbai.
Timeline: This must be done within 90 days from the date of purchase or the final payment of the property.
Required Documents: Certified copy of the transaction document and a bank certificate regarding the payment. - Property Registration:
Ensure all legal documentation is in order, including the sale deed, and register the property with the local authorities.
Documents Required for NRIs to Buy Property in India
Passport/OCI Card
Proof of Address (current country of residence)
Recent passport-sized photographs
PAN Card
(Permanent Account Number)
Power of Attorney
(if applicable)
Employment and income details (salary slips, employment contract, etc.)
Bank statements for
the last six months
The documents needed for obtaining NRI home loans are Bank specific. General list of documents are as mentioned below:
- Passport and Visa
- A copy of the appointment letter and contract from the company employing the applicant.
- The labour card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East Salary certificate (in English) specifying name, date of joining, designation and salary details.
- Bank Statements for the last six months
List of Classified documents for Salaried and Self Employed NRI Applicants. Banks may have specific requirements apart from the below- listed documents.:
- Copy of valid passport showing VISA stamps
- Copy of valid visa / work permit / equivalent document supporting the NRI status of the proposed account holder
- Overseas Bank A/C for the last 3 months showing salary credits
- Latest contract copy evidencing Salary / Salary Certificate / Wage Slips
Self-Employed NRI Applicants:
- Passport copy with valid visa stamp
- Brief profile of the applicant and business/ Trade license or equivalent document
- 6 months overseas bank account statement and NRE/ NRO account
- Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts)
Services :
Easy financing Solution
Is our in-house loan team coordinates with multiple banks to get home loans in the most convenient manner possible for our customers. They have tied up with 15+ banks and will always recommend the best bank given the customer's profile.
Dedicated NRI Assistance (Onsite)
Our hospitality and facilities management team provides on-site support to attend to all property related needs of the customer post possession.
Exclusive Offer
To recognize and appreciate the significant role that you as Global Indians play in Nation building, and your part in shaping the global perception of India, we have exclusive promotional offers for our NRI homebuyers.