Deciding a property investment is one of the most crucial decisions of one’s life. So it becomes imperative to make sure it is done as wisely as possible. Property purchase majorly involves legal documentation and bank loan proceedings.
Buying a property undeniably occupies a prime position on the India ‘dream list’. So it does not matter which part of the world an Indian decides to live in; a home in India is simply a must. And the Indian laws, over the years, have made this a fairly easy job. The Reserve Bank of India governs such transactions and they fall under the purview of the Foreign Exchange Management Act (FEMA).
Here we give you a lowdown on all that you need to know if you are an NRI wanting to buy a property in India. Since property purchases are governed by FEMA, we need to go by the definition of NRI as stated in FEMA. According to FEMA, an NRI is a citizen of India who is residing outside India.
Now let us understand the rules and implications:
