The Ultimate Property Buying Guide for NRIs in India


hardik, July 29, 2019

The Ultimate Property Buying Guide for NRIs in India

Non-resident Indians (NRIs) find Indian realty a promising investment avenue. Many invest in Indian properties to earn returns and as a retirement home for their future. If you are an NRI looking to spend on real estate in India, it could not have been a better time. Buying properties in India has become less time consuming and more lucrative with favourable currency rates.

You may want to consider VTP Blue Waters Pune if you are interested in purchasing a property in the city. VTP Blue Waters Mahalunge offers excellent connectivity to the various central areas in the city. The aesthetically designed apartments make VTP Blue Waters a superb choice for comfortable living.

This home buying guide can help you understand the critical factors if you want to purchase a property in India.

Types of properties to invest

As an NRI, you can purchase any number of commercial or residential properties in India without seeking permission from the Reserve Bank of India (RBI). In case you cannot be physically present in India to purchase the property, you can execute the deal through an Indian resident with a valid power of attorney. However, under the general permissions by RBI, you cannot purchase any plantation property or agricultural land in India. It is important to note that if you own property in India and subsequently become an NRI, you can continue to hold the property in your name in India.

Joint ownership

As an NRI, you can purchase a property either in your name or jointly with another NRI. However, you cannot buy a property jointly with a resident Indian or any other person who is otherwise not allowed to invest in a property in India. This is irrespective of whether the second person contributes towards the purchase of the property.

Must Read: 3 Best Location to Buy 1 BHK Flat in Pune

Source for financing the property purchase

When you purchase immovable property in India, the payment can be made from your NRE/NRO or Foreign Currency Non-Repatriable (FCNR) account or by way of remittances through banking channels from abroad. Since the money has to be compulsorily remitted through banking channels, the payment cannot be made by traveller’s cheques or foreign currency.

Power of attorney

If you want to purchase an under-construction property, you are required to provide power of attorney to your builder or a trusted associate. In such cases, it is wise to take help from lawyers to appropriately worded the document and eliminate the chances of forgery. It also helps in securing the investment while the property is being developed.

Must Read: Best Tips to Invest in Pune

Servicing home loans

You can finance the purchase of a property in India with a home loan in Indian rupees. To make EMI payments, you can make through NRE/NRO/FCNR accounts or direct remittances. In addition to these sources, rents received from such properties can also be used to service the home loan taken for the said property.


If you are interested in purchasing resale flats in Pune or ready possession flats in Pune, you can consider properties like VTP Blue Waters Mahalunge. VTP Blue Waters Pune is a residential cum commercial development project by VTP Realty. It offers world-class amenities to residents such as 3-tier security, primary health centre, wellness centre, sports club and more. VTP Blue Waters provides 1 BHK, 2 BHK, 3 BHK apartments and commercial shops.
If you need financial assistance, you can avail a home loan from Bajaj Housing Finance Limited which offers home loans up to Rs. 3.5 crores.