Investing in the real estate industry is a lucrative opportunity for buyers. Even NRIs are looking to invest in 3/4 BHK flats in Siliguri due to the soothing environment. However, it seems challenging to look for the property due to the documentation. The Reserve Bank of India has eased the buying process. You don’t need special permission to buy a residential or commercial property. For this reason, you can hire a real estate developer in Siliguri to carry out specific tasks. They will assist you with documentation, funding, taxes, and so much more. So, ease your process by considering a quick checklist before buying a property in Siliguri.
But before we proceed, let us know what type of property an NRI can buy. Well, there is no limit to buying property in India. They can invest in 3/4 BHK flats in Siliguri and commercial properties. However, they are not allowed to invest in agricultural properties such as farmhouses, agricultural land, and plantations. Other than this, they can procure any property without limits on the number. But how can they acquire the property? Let us know in the following section. We will also understand how they can seek assistance from top builders in Siliguri for the investment process.
Guidelines For NRI Before Buying 3/4 BHK Flats In Siliguri
Buying property in Siliguri involves a series of documents to ensure a smooth transaction. Therefore, taking assistance from the best property dealer in Siliguri would be beneficial as they will guide you throughout the process. Below is the list of documents and important decisions NRI should keep handy while flat for sale in Siliguri.
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Power of Attorney
If an NRI buyer is not present in India to buy 3/4 BHK flats in Siliguri, they can appoint a legal representative through a Power of Attorney, who plays a significant role in maneuvering the transactions and all the documentation on behalf of the NRI. The Power of Attorney acts as the registered figure for signing documents, acquiring property, and making decisions in consultation with the NRI. This way, an NRI can easily buy property in Siliguri and bring accountability.
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Pan Card
The real estate developer in Siliguri will ask for a PAN card while purchasing a property. It will serve as a critical document that assures you are involved in any fraudulent practices. Also, the financial transactions of property dealings are appropriately recorded and monitored. As an NRI, if you are interested in buying a property, you should have a PAN card, as it would be necessary to file income tax returns if you rented out the property.
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Address Proof
The top builders in Siliguri will ask for the address proof of your current residence approved by the Indian Embassy abroad. They can present an Aadhar Card, Ration Card, or Electricity bills, which may act as address proof. In case an NRI doesn’t have any property in India, proof of their overseas residential address should be submitted, which may include a work permit, driver’s license, or utility bills.
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Passport
If an NRI wants to purchase 3/4 BHK flats in Siliguri, they must provide a valid Indian passport or OCI (Overseas Citizen of India). OCI holders must provide an OCI card and their foreign passport to acquire a property. Other than this, if you don’t have an Indian passport, you must provide (a PIO) Person of Indian Origin. This applies to those whose father or grandfather was an Indian citizen.
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Occupancy Certificate
An occupancy certificate is a crucial document an NRI should have before buying a property. It is the document in which the purpose of the land use is mentioned. As a buyer, you should check if the land is used for residential, commercial, industrial, non-agricultural, or mixed-use. It indicates that the property is available for occupying the property. The real estate developer in Siliguri is responsible for getting this certificate.
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Tax Benefits
You must understand the tax implications if you are an NRI and want to purchase 3/4 BHK flats in Siliguri.
- As per the Income Tax Act, 1961, if you are an NRI and are buying property in India, you are subject to TDS (Tax Deducted at Source) at the rate of 20% if the rate of property exceeds Rs. 50 lakhs.
- For the uninformed, the TDS is calculated the cost of amenities, parking, and all other charges related to the property.
- However, if the property costs less than Rs. 50 lakhs, the TDS rate is 1%. In fact, you can apply for a certificate of lower deduction or exemption from TDS.
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Encumbrance Certificate
You may seek help from the top builders in Siliguri to obtain this certificate. It is to prove that the property you are interested in has no pending legal dues or mortgages. With this certificate, you can get the complete details of any debt taken on the property or loan applied. Therefore, ask the builders to get the Encumbrance Certificate for the past 15 years.
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Home Loan
The Indian government gives the NRI the right to apply for a home loan to buy 3/4 BHK flats in Siliguri. The loan will be provided in Indian currency and must be repaid in the same currency. However, RBI won’t ping you regarding the rules and regulations of your bank account. They will be disbursed to either the seller or to the account of the top builders in Siliguri.
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Employment Proof
You must provide a copy of your work permit or work visa to the best property dealer in Siliguri, depending on which country you live in. You must also provide employment details, including an appointment letter, contract, and employee ID. Lastly, you must submit a copy of income proof, including salary slips for the last six months, bank statements, or your country’s latest income tax returns.
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Property Documents
Last but not least, provide the document that gives you a brief about the property infrastructure, the sale agreement, title deed, or construction agreement.
Are You An NRI Looking For Further Guidance?
Mega Developers is the best property dealer in Siliguri, with a dedicated team who can support you while buying a property in the town. The team has experts who can handle everything, including property checklist, verifying site, and comfortable availability. Feel free to contact us if you purchase 3/4 BHK flats in Siliguri.