So before we start off any further with this article, let us first be very clear what this article is about. Well, this article is particularly to help the NRI’S of the country. And the next question would be, who is an NRI?
So an NRI is a non- resident Indian who is of Indian origin but currently in residing in another country for various reasons.
Now as far as rights of the non- resident Indians are considered within the country, most of us are pretty uninformed about them. Even the NRI’S themselves alien to these rules and do not know what their rights are.
Now, what we want to do is clear out certain issues for them. Surely there are certain things non- residents are not allowed too, but most of them think that even real estate restrictions are one them which is absolutely not true.
A lot of non residents earn pretty good in the other country and wish to own properties in their homeland for themselves or their closed ones. What most of us think is that it isn’t allowed while the truth is exactly the contrary.
So here are certain general guidelines for the non residents who are confused as to what to do while wanting to buy a house and what are your right.
Here you go,
- Can NRI’S buy a house in India?
Well, why not? They completely can. They have all the right to own a property on their own name in this country without any intervention. After all, they have Indian origins too.
- Can NRI’S apply for home loans if needed?
Just like we normal citizens can apply for a home loan having proper documentation on our side, even the non residents can. But there is a catch in this. The nonresident has to insure that the payment of the emis or the loan has to be done in Indian rupees. If this is taken care of, then they can surely take a loan.
- Can NRI’S sell out their property?
Now imagine you have a property in Bangalore. There will be so many people searching for flats for sale in Bangalore, and you can easily sell it to them. The point here is simple, if the non residents can buy it, then why can they not sell their very own property whenever they feel the need of doing so.
- Can NRI’S rent out their property to people?
Okay, so if they have a property of their own, why would they be kept away from all the benefits an owner can have from their investment. When citizen buy houses, they do get their profits by giving it out on rent. Even non residents can do that, provided they make sure proper documentation is done to keep everything safe.
So this shows that NRI’S posses equal rights for owning properties in their homeland. Even they can buy, sell, rent property according to their will and there would be no intervention in this matter.
So if you are a non resident too, know that the government and the law is in your favor. All you have to do this make sure you complete certain legal formalities any non residents has to do before making a foreign investment and you are good to go.
Looking at the current scenario of the Indian market, we definitely suggest investing in it is a pretty good idea.