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NRIs’ Hassles and Their Removals in Property Investment

Complications don’t let the NRIs go without any harm in property purchase and investment. Whether to buy movable or immovable property, which banking channels to choose, how to take home loan and pay its EMI and can it be purchased through joint venture. Either relatives or friend can be that joint partner. The payment should be made in Indian currency.<br>

ManojSodhani
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NRIs’ Hassles and Their Removals in Property Investment

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  1. NRIs’ Hassles and Their Removals in Property Investment The type of property, finance, home loan, payment and ownership create hassles in the way of NRI property investment. These can be removed by these ways

  2. Which Type of Property Can be Purchased by NRIs? Under FEMA Act, NRIs are permitted to invest in: • Immovable properties • Commercial and residential

  3. How NRIs Can Channelize Funds for Buying a Property? The payment of the purchased house is to be made in Indian currency by: • NRE account or, • NRO account or, • FCNR account • Housing loan can also be taken.

  4. How NRIs Can Pay EMI of Home Loan? Home loan to NRIs can be obtained against the deposits in FCNR or NRE account. Its EMI can be paid: • Through direct remittance abroad or, • Rent received from the purchased property • Transferred money from the account of the relatives

  5. Can the property be purchased jointly? NRIs can purchase the property in partnership but: • The joint partner must be an NRI or, • The joint partner should have contributed money in the property • The joint partners can be relative living in India

  6. Can NRI retain the ownership of property if he/she owes it before becoming an NRI? • Yes, an NRI is permitted to retain the ownership. • The land can be of any type, as movable or immovable property. • He can enjoy the permission of transferring the rent to abroad after paying requisite taxes.

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