NRIs – How to Make Your Home in a Hassle Free Way
Having a property in your native country is undeniably that one dream which is on each NRIs list. However, the process of buying or making a standalone house can be unnerving. There are numerous moving parts to be considered in making that decision like land titles, home plans, availability of materials, availability of skilled labor, the time frame, financials etc. The effect gets amplified if you are managing everything remotely i.e. you aren’t living in the same city.
Can NRIs own a house in India?
The acquisition of immovable property in India by NRIs is guided by FEMA regulations. According to RBI notifications, the regulations under Notification No. FEMA 21/2000-RB dated May 3, 2000, as amended from time to time, permit a NRI or a PIO to acquire immovable property in India, other than agricultural land or, plantation property or farm house. Essentially, the RBI grants a general permission which covers only purchase of residential and commercial property and is not available for purchase of agricultural land / plantation property / farm house in India. For more details please refer here.
Subject to certain terms and conditions, the RBI specifies that the NRI could avail of a housing loan and it shall be granted only for personal purposes including purchase of housing property in India. However, the loan agreement shall specify that the repayment of loan would be by way of remittances from outside India or by debit to NRE/NRO/FCNR account of the borrower and the lender shall not accept repayment by any other means.
Building a House
If you are buying a flat then everything is taken care of by the builder. However, if you are looking to make a standalone house, the entire process of construction of a house is a long and tedious one. There are many things you will need to consider before building a house (here)
It would be extremely difficult to manage the entire process if you are living abroad and have limited time on hand to oversee the entire process. The best way would be to hire professional services which make modular homes. Agencies like buildmyghar which undertakes the entire project on a turnkey basis and delivers a finished house to the NRIs in a period of 2 months. You could also contact their experts who would assist you at any stage of the project.