Navigating the legal aspects of a new home purchase can sometimes feel overwhelming. To simplify the process, we have compiled essential legal considerations for acquiring property in India. Feel free to reach out to us with any specific inquiries.
- Acquisition of Property by Non-Resident Indians
Non-resident Indians (NRIs) holding an Indian passport do not require permission from the Reserve Bank of India (RBI) to purchase immovable property for genuine residential purposes. - Payment Methods for NRIs
NRIs with Indian passports can use either of the following methods to make the purchase:- Remittance of funds from abroad through normal banking channels.
- Utilizing their NRO (Non-Resident Ordinary), NRE (Non-Resident External), or FCNR (Foreign Currency Non-Resident) account.
- Thorough Title Check
Before proceeding, ensure that the property’s title report does not contain any conditions in fine print and is free from specific reservations by the State Government. - Clearance Reports
Consider these specific clearance reports based on the property’s location:- Coastal Regulation Zone (CRZ) clearance for properties near the seafront.
- Heritage building reservations if the project is near or involves a heritage building.
The objective is to avoid potential disputes and ensure your property is free from title issues that may hinder your ability to secure a home loan.
