NRI? Be Ready with these Before Investment!

The new government after 2014 Lok Sabha General Elections seems to be promising for better access to Non-Resident Indians. The recent Pravasi Bharatiya Divas 2015 held in Gandhinagar, Gujrat has also paved way for many reforms to facilitate contribution from NRIs in Indian economy. The scene is perfect to buy a home as real estate investments are expected to give great returns in the near future, encouraged by changing economic policies in India. Be ready with this list before you shell out your capital to buy a property:

• Copies of your passport
• Valid visa
• Work permit
• Contract of employment
• Work experience certificate
• Salary certificate and statements of NRE/NRO accounts
• Copy of the employment card for those residing in Middle East
• In case of self-employment, proof of income is needed
• Details of permanent address in India is also required sometimes

For people of Indian origin, holding an Indian passport, buying any property in India is valid. For those who are holding a foreign passport, a PIO card(Person of Indian Origin) is required, which can be availed from the Indian embassy. For NRIs who visit India once in a couple of years, it is advisable to allot Power of Attorney to someone residing in India for all general procedures of buying. This POA can be customized according to your requirements.

Investment is like setting out for sail in open sea. Be aware of the wind direction before you begin your voyage. Happy buying!