Now buying a property back home and even renting it is no more a herculean task for the NRIs. The improved and liberalized laws have made the property buying process hassle-free for the Non- Residential Indians. Investing in immovable property in India is perhaps the best and lucrative investment idea for any NRI but the earlier Foreign Exchange Laws had dissuaded the prospective buyers. The modified and the altered Foreign Exchange Management Act (FEMA) have drastically changed the scenario. The Reserve Bank of India (RBI) has granted permission to the NRIs for buying any immovable property without acquiring any clearance from the Central bank.Below are the prevalent provisions for purchasing immovable properties in India for the NRIs:Types of properties for NRI investment:The RBI has surely granted the permission for acquiring immovable property but there are still certain limitations. Most of the NRIs wish to buy agricultural lands as they plan to build farmhouses but as per the current exemption, NRI are not allowed to invest in agricultural or plantation lands. An NRI is free to invest in any number of residential or commercial properties but is proscribed to acquire an agricultural property.Financial aspect:The payment for the properties can be made with the help of banking sectors or from the money which is kept in NRE (Non-Resident External)/ NRO (Non-Resident Ordinary) or FCNR (Foreign Currency Non-Resident) accounts. The payment can be made only through banking channels therefore foreign currency cannot be accepted.Home loan:The home loan for purchasing the property is accepted in Rupees. As the EMI for home loan is taken in Indian currency, it can similarly be done by direct payment from foreign country or from the money which is lying in NRE, NRO or FCNR account. Apart from the above financial sources the home loan can also be paid off from the rents which are obtained from these properties or by the money which is transferred to the borrowers account from his or her relatives account. If the NRI is purchasing the property for his own living purpose then he can even take loan of amount upto Rs. 1 crore against the sum of money which is lying in his or her FCNR or NRE account for servicing the home loan.In case of Joint Ownership:An NRI can solely own a property or he/ she can enter into a joint ownership with another NRI. The NRI can only enter into a joint ownership with another NRI and not with any Indian resident. Even if the second partner is not investing a penny in this property, he/ she cannot be an Indian resident.A resident turning into Non-Resident Indian:What if a resident Indian already owns a property in India and now he/she is becoming an NRI? Well in this scenario the person need not worry as he/she will still continue to own the property even after he/she becomes an NRI. In fact one of the most advantageous factors is that if the person pre-owns an agricultural property or a plantation land, he/she will not lose the ownership which otherwise an NRI is restricted from owning this property. A prospective NRI can also let-out the property before he/she migrates to abroad. The person is also profited by the rent paid; an NRI can receive the amount after the payment of appropriate taxes.The modified laws have definitely benefited the NRIs and have made property buying process in our country smoother and hassle-free.займ на карту без отказов круглосуточновзять кредит онлайн