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- Are you a non-resident Indian who is interested in purchasing property in your home country? There are some very important points that you should know:
- As an NRI, you have all the rights to purchase a commercial or residential property. However, you will not be able to buy agricultural land or plantation properties.
- There is no upper limit as to how many residential or commercial properties you can buy in India.
- According to the regulations of the RBI, you need to pay 20% of the property value and the remaining 80% needs to be financed by a bank or a financial institution. Your loans will be given in Indian currency and repayment has to be made in the same currency.
- If you are planning to purchase an apartment that is still under construction, then you may have to give the builder or any other trusted person the power of attorney to make the relevant decisions.
- You can let your property for lease and rent and use the income to repay your home loan