What
are the major differences for NRI and Indian Citizenship for Buying a House in Mumbai the major
rules we have to compare the rules between them?
Here
I will explain the Rules for getting a House for Sale purpose between NRI
and Indian Citizenship. What are the loan options for them, what will be the
income tax and what type of property they can buy and many more.
Rules for Indian Citizenship
Some few rules you should have to follow to get your own
property and this should be follow a while for living purpose. As you can see
that many fraud are happening now a days regarding a real estate sector. So let
us discuss some rule for getting a House for Sale in Mumbai:-
- · Indian Citizenship can buy any type of property like commercial property for business purpose like Office and Shop for Sale.
- · For individual they can get House for Sale for living purpose or they can make invest by Buying a Plot for future.
- ·
Indian have
the best option for investing their money in Real Estate sector so the government has also given plenty of tax benefits
regarding House for Sale under Section 24 of the Income Tax Act.
Rules for NRI
Non-resident Indians
(NRI) are often seen on Buying a
property in India whether it’s for family living or for other because they
want a proper living in India every time it is difficult to return or simply
because they would like to come back and settle in India later in their lives.
For them there are some rules below:-
- ·
Here NRI can only Buy a Flat or Individual House but they cannot buy
agriculture land or they have not the option for Plot for Sale.
- ·
For money transaction no RBI permission need for Buying a Flat or House because they have to make transaction on the NRO of FCNR
account or they can also make direct transfer to bank account.
- ·
NRI can also make home from the Indian Bank but for them the interest
will be little bit high as compare to Indian, but they have to give proper
documentation for loan purpose.
- ·
Under Section 80C Indian Government also give a high tax benefit
regarding home loan repayment which saves much money for the NRI.
For all these Cifiyah is the way where they found Individual House, Flat, Plot for Indian Citizenship and for NRI they have a Buy a Flat which will be the best option for them or they can Buy Independent House where they can find a good society for living purpose with family member.
Here only genuine user make post their
ads regarding Flat, Commercial Land, Office house and House for Sale.
