It is common for the non-resident Indians or NRIs to hold property in India. Some of the best and most alluring residential options are available to them and these include the 5 Star Royal Grande residential apartments located in Wakad, Pune.
But whether an NRI wants to invest in a Royal Grande Wakad property or any other, he/she has to follow certain rules that specifically apply to them.
Types Of Properties That NRIs Can Buy In India
The FEMA or Foreign Exchange Management Act has been amended to make the property and real estate investments more attractive for the NRI investors. NRIs can now purchase both commercial and residential properties, and invest in properties for returns.
But NRIs cannot buy a plantation, farmhouse, agricultural land, or farmland in India, according to the rules.
Individuals, who are citizens of countries including Nepal, Bangladesh, Sri Lanka, Afghanistan, Bhutan, China, and Iran are not allowed to buy any kind of immovable property is in India. They can, however, take the property on lease on a 5-year agreement.
Therefore, some of the best residential properties like Royal Grande Wakad in Pune are open to purchasing for the NRIs. These exquisite apartments have all kinds of amenities including a gymnasium, swimming pools, clubhouses, electricity backup, and more and also offer locational advantages.
NRIs can remit the funds through the normal banking channels or can use the NRO/ FCNR/NRE accounts. Remember that property purchase may not be made through foreign currency and traveller’s cheques.
The NRIs are eligible for home loans that are provided by both Non-Banking Financial Companies (NBFCs) as well as banks in India.
For instance, Bajaj Housing Finance Limited and Bajaj Finserv Homes & Loans can provide a loan of up to 3.5 crores to the NRIs, with a repayment term of 20 years. NRIs can therefore easily expand their business or acquire residential property in India through the help of loans and can reap the associated benefits and enjoy the comfort.