- Are people of Indian origin liable to purchase immovable property In India?
Yes, people of Indian origin who are living abroad have the permission to buy the immovable property in India but there are certain documents which are a must while making the purchase.
- If anyone wishes to rent the property, can they do so?
Yes, once the property is purchased it is the owner who can decide whether they wish to live there or give it on rent. No special permission is needed for the same.
- Is there any document required to be submitted from RBI to complete the purchase process?
No, there is no need to provide any document from RBI but you will have to complete the paperwork and attach the necessary documents along with it so that the process can be initiated as soon as possible.
- Can NRI’s sell their residential or commercial property?
Just like other people even NRI’s are free to sell their property whether it is commercial or residential. They can sell it to any NRI, Indian citizen or PIO.
- How many numbers of properties can be bought by NRI or PIO?
There is no fixed number of properties which can be purchased by any NRI or PIO. No matter how many property you buy, fulfilling the general criteria is a must.
- What is the ideal way of sending remittances to India?
If you wish to buy any property in India, you need to send a remittance to India and the proper channel has to be followed for the same. So do ensure that you send it via banking channel which is the only and best-suited option.