Dreaming about having your own comfortable living space in Kerala? Great. Think calm lakes, peaceful shores, maybe some local flavour mixed in. If you are an NRI or OCI living overseas, buying property in Kerala from abroad has become quite easier now.
Growing NRI real estate markets in places like Kochi, Trivandrum, and Thrissur are a benefit for homebuyers today. But handling everything from another country takes sharp attention. Read these careful steps as they help to stay away from legal troubles, hidden costs, or regulatory issues that slow things down.
Legal Eligibility and Restrictions
NRI status holders, along with OCI holders, are allowed to purchase flats in Kochi or business spaces in Kerala. They just need to double check eligibility using their passport plus OCI documents.
Money should move through NRE or FCNR accounts, maybe by international transfers. But handing over cash is not permitted at all.
Outsiders can own just one home for living, but farms or estates are not allowed. Check with RBI or FEMA now so you can take money out later, only up to what you put in, along with profits. Get a local attorney involved to manage these restrictions legally.
Essential Documents to Verify
Get your documents ready with a passport that is up-to-date, a PAN card, proof of foreign address, and a FEMA form for your NRI investment in Kerala. Check the property papers carefully. Look at the title deed to confirm clean ownership, an encumbrance certificate, and recent tax receipts.
Look into builder documents, too. RERA registration, start permit, eco approval, and local government approvals are essential. When using a PoA, get it stamped at a notary overseas, verified through the Indian mission, then filed in Kerala. A review of lawyers will help dodge ownership conflicts.
Property and Developer Due Diligence
Check on-site or online whether there is a steady water supply, safe surroundings, and nearby services, plus zero contamination risks for the property.
Examine the trustworthiness of builders in Kerala by looking at old builds, their financial situation, and also what buyers say. Make sure construction is solid, look at how well it holds price over time and consider upkeep fees.
Financial and Tax Planning
Set aside cash for stamp duty plus registration costs when buying a new-build home. Also, account for GST during construction phases. If your purchase crosses ₹50 lakh, get ready to handle TDS payments. When selling later, expect capital gains taxes. So keep that in mind early.
Check with a chartered accountant about tax rules for NRIs. Also, find out how to skip paying taxes twice. Get home loan approval from Indian banks using video verification. Do not pay anything upfront before approvals come through.
Summary
These are the essential aspects to check when buying an apartment in Kochi from abroad. Once the purchase is complete, make sure the land records are updated and the home is insured properly.
For a seamless home buying experience backed by decades of trust in the real estate of Kochi, visit ABAD Builders and explore premium properties tailored for NRIs. Contact ABAD Builders now for personalised consultations and exclusive deals on verified projects!
Article source: https://seoarticlesdirectory.info/what-to-check-when-buying-property-from-abroad-in-kerala/
