We live in the era of globalization. It means that people of a country immigrate to a foreign country in search of a professional career, better lifestyle, making a livelihood and earning money. It can bea lengthy process which could take a span of many years. This phenomenon is not really quite unusual in India. In reality, on the opposite side, globalization as a fad struck its root deep inside India many time ago. This is exactly the reason why we see Indian people generations ago, had moved to other foreign countries like US, UK, Australia etc. to earn a livelihood, make money and build a lucrative professional career of their own.
However, it is their own country India, where their hearts resides. This is the reason why they often try to move back to India purchasing a residential property and settle down here. Such Indian citizen who has moved to other regions of the world for their professional careers will come under the category of Overseas Citizens of India. Let’s discuss whether such people can buy and inherit property in India or not.
For people outside India and planning to buy property in India, time could not have been any better. While India’s real estate industry has seen price corrections recently, purchasing property in India has become more lucrative with reasonable currency rates. As an OCI cardholder you will not require any special approval to purchase an immovable property. Although you can buy residential or commercial property in India but you cannot buy agricultural lands, farmhouses or plantations.
DOCUMETNS REQUIRED TO BUY PROPERTY
- OCI card: If someone holds a foreign passport, he can purchase property in India provided hehas an OCI (Overseas Citizen of India) card.
- PAN Card: This is mandatory for the transaction of property.
- Power of attorney: You also need to provide a power of attorney, if you are not staying in India for completing the purchase transaction& other formalities. Keep this in mind that you will require a special power of attorney which is duly registered, notarized and it must not be a general power of attorney to complete a property transaction.
DOCUMENTS REQUIRED FOR HOME LOAN
- OCI card
- Work permit or employment contract or appointment letter of your country of domicile
- Most recent salary certificate orPaychecks of the past six months
- Most recent income tax returns
- NRE and NRO bank statements of the past 1 year
- Bureau report of country of domicile
- Power of attorney if you are not available in India for completing the purchase transaction)
ESSENTIAL DOCUMETNS THAT NEED TO BE VERIFIED
- Title deed in the name of seller
- Approved plan
- Permit of building
- Occupation certificate if it is already built
- Older title deeds in case there are any
- Updated encumbrance certificate of the property
- Share certificate in case of co-operative housing society
- No Objection Certificate from the society
- RERA registration if it is applicable
If these documents are arranged properly, then you can move further to prepare the sale agreement for buying the property.
Apart from your identity proof documents like passport & PAN card, you will also need to give in your current address proof documents like utility bills & passport size photographs for the sale deed registration.