Since you’re reading this article, there’s a good chance you’re planning to buy a property in India as a foreign citizen. It’s only natural you’re wondering how you will make it happen? When you think about it, buying a property in India as a foreigner sounds a bit difficult. Well, that can be said about any real estate transaction, wherever you care to look. Buying a house anywhere, even as a local resident, is not an easy task. Okay, so how do you do it? Well, you’ll have to meet certain requirements. Of course, you’ll also need some informal tips. In the article below, you’ll find everything you need to know about buying a property in India as a foreigner. Stay tuned for some helpful info ahead!
A good decision
Congrats! You’ve made a good choice by planning to buy a property in India. Whether you want to cash in on a real estate investment in the future, or you just want to change the scenery and settle somewhere in India – you’re in for a treat. The real estate market in India is booming, and society itself is going through some rapid changes. More and more regions are being modernized, and the parts that have already gone through the process are turning into Western-like places while keeping their undeniable oriental charm. Foreigners are flocking to this massive Asian pearl. Of course, there are some things you need to know before even deciding you want to buy a house in India.
First things first – is it doable?
This is the question you’re bound to ask first. We’ll give you a quick answer: YES. Unfortunately, that’s not the whole story. If you’re a non-resident living outside of India, you’re banned from owning property in the second most-populated country in today’s world. So what’s the deal? Let’s say you’re a US citizen without Indian ancestry or residency. You’ll have to obtain residency by fulfilling the requirement of living in India for 183 days in a financial year. You don’t even have to ask for permission from the RBI (Reserve Bank of India). Unfortunately, this isn’t an option for citizens of Bangladesh, Sri Lanka, Pakistan, Afghanistan, China, Iran, Bhutan, and Nepal since they have to ask special permission from the RBI.
Do you have Indian origins?
Sorry for the bold question, but having Indian ancestry can help you obtain property in this beautiful country. As defined in the Government of India Act of 1935, if either of your parents or grandparents were born in India, you are eligible for buying any number of properties here. Also, if your spouse is an Indian citizen living in another country (OCI – Overseas Citizen of India) or they are an NRI (Non-resident Indian), you’re allowed to buy one piece of real estate. The only thing is: you can’t buy agricultural land.
Picking out the right place
You’ll need to figure where is the best place in this wonderful country for your new home. On the other hand, if you’re on the hunt for a great investment, you’ll require some help from experts. Hiring a local real estate agent to do all the research for you could be a great way to avoid making a mistake that’ll cost you a fortune. In the end, you’ll have to spend less money making sure you won’t end up with a property that’ll eventually turn out to be a bad investment. Also, a local real estate agent can help you find the house of your dreams. India is full of great communities, and you’ll have a lot to choose from. Hiring someone to help you filter all those choices might prove like the best decision you’ve made yet. They’ll probably have an answer to all of your questions.
Organizing the trip
Now, let’s say you’re all done buying your new house in India as a US citizen. You’re going to need to make it into a home. In that case, there’s no alternative to hiring experienced professionals. They’ll help you transfer all personal belongings you’re taking along with you to India. You might even want to think about downsizing. It’s an excellent opportunity to introduce minimalism to your life. Of course, there are items that are simply too valuable for us to leave behind. Imagine having to say goodbye to a piece of furniture that’s been in your family for over a century. Luckily, there’s no need for that, since there are international specialists concerned with simple furniture transfer from the US, who’ll ensure your belongings have a safe trip to India. You won’t have to move a muscle!
A quick summary before the end
We’re getting pretty close to the end of this article. You’ve read some of the tips on buying a property in India as a foreigner. Let’s sum it all up. So you’re a foreigner looking to invest in India’s real estate? Or are you on the lookout for the home of your dreams in this beautiful country? Whatever’s the case, you’ll have to make sure you meet the requirements set by the RBI. Make sure you find a local real estate agent you can trust to help you find an ideal property. Once you finish the transaction, don’t hesitate to hire moving professionals for the task of making your house feel like a home.