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CAN AN NRI GET A HOME LOAN TO BUY PROPERTY IN GOA?
There is nothing better than having a home in your own country. With the real estate sector booming in India, Indian ex-pats living abroad are looking to invest in property, given that real estate, as we read in our last blog, is one of the best investment options one can opt for in Goa.
Well, any NRI (Non-Resident Indian), OCI (Overseas Citizen of India) who dreams of buying a home in India can apply for a home loan to buy property in Goa, except citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Bhutan, and Nepal.
It’s a phenomenal idea to invest in real estate in India for additional revenue, for gifting your loved ones a luxury home or to just spend your leisure trip with friends and family at India’s best holiday destination.
Can an NRI buy property in Goa?
The answer is YES, an NRI can definitely purchase property, villas, and apartments in India as long as they are buying residential or commercial property in India. NRIs are not eligible, however, to buy any agricultural land or farmhouses, nor can they accept these as gifts.
The FEMA (Foreign Exchange Management Act) is the basis of all the rules and regulations regarding the decision-making as far as real estate matters go with regards to NRIs. Those who hope to invest in Indian properties need to first undergo a legal supervisory check of the property to analyse and verify if everything is as per FEMA. The Act also puts in place a clause that an NRI cannot purchase more than two properties in India.
As far as taking a loan goes, once you’ve chosen a villa or apartment you would like to buy, any bank or housing finance company which is registered under the National Housing Board can provide a loan to an NRI who intends to buy property in Goa. However, the banks are not allowed to credit the loan amount in any foreign account but the said amount could be transferred to the property seller’s or developer’s account. NRIs can, however, choose to either come to the country personally or hand over the Power of Attorney (POA) to any of their relatives to get all the legal and financial transactions sorted.
Benefits of buying a property in Goa for NRIs
Goa is the perfect holiday destination and owning your villa or apartment here could be a dream come true. Perhaps the best investment opportunity you could capitalise on is buying luxury villas and premium apartments in Goa where you can spend your vacations with your family.
When it comes to people who are looking to invest but who don’t have an immediate need to move in, the opportunities for real estate investment are endless. There are many upcoming and in-construction projects of luxury villas and apartments for sale in Goa which could be ideal for a long-term investment. And it goes without saying that it is easier for an NRI to buy property in Goa or India as the value of the currency of most countries is higher than the Indian Rupee.
What are the eligibility norms for an NRI to apply for a home loan?
The most important document any NRI needs to have in order to buy a property in Goa is an Indian Passport. If you are a non-Indian citizen, you can only buy property if you have an Overseas Citizen of India (OCI) card or a Person of Indian Origin (PIO) card.
The next mandatory document will be your PAN (Permanent Account Number) card in order to file the income tax for your investment in India. Apart from this, you would also need a Power of Attorney Certificate from a trustworthy family member or a friend who is an Indian Citizen, upon whom you would bestow the right to make decisions on your behalf for smooth transactions. An OCI would also be required to submit proof of income, passport copy, overseas residency proof, the existence of property in India, proof of ownership among other documents, etc.
Apart from legal documents, an NRI looking to buy property in India should also be a minimum of 21 years and a maximum of 60 years of age. They should also have spent a minimum period of 1 year overseas for salaried persons or 2 years in the case of self-employed persons.
If you found this article useful or would like to share your thoughts, we would love to hear from you in the comments section below. And if you are ready to invest in property in Goa and are looking to buy a luxury villa or apartment in Goa from a renowned real estate developer like Ashray, you can take a look at some of our upcoming projects as well as our current projects on sale.