Indian Citizen – Foreign Passport Holder - PIO Card– Property buying eligibility:
Originally Posted by ginnu
If you are an overseas passport holder like a US Passport or a British Passport Holder, then you need to have a PIO Card/OCI Card, or a Person of Indian Origin Card. Even, if you have your fathers or mothers’ passport or birth certificate or any other proof of their being Indian Citizen, then it is ok. It is essential although, to carry that proof with you.
If you are an NRI/PIO, you should ideally remit funds from your bank to the Indian bank where your NRE Account is set up to buy a property. If you buy the property through the NRE account, then the source of funds is not required to be disclosed usually to any one as this is your inwards remittance. Please remit at least INR 500,000/- to 10,00,000/- in your bank accounts to India prior to your leaving your country where you are based. This will act as placing the down payment of at least 10% with the builder/property owners, if you are buying a property of around Rs 1 Crore, this amount can be proportionately increased if you are looking at high value properties.
Power of Attorney (POA)
If you are settled outside India and come once if a couple of years, then for all practical purposes, you should give a specific power of attorney to some one here in India, so that in your absence, things like registration, possession, execution of agreement for sale, agreement of leave and license etc, can be taken care of with ease.
Remember, I am strictly a layperson without any legal training. Please, if in doubt, be sure to use the services of a professional lawyer whom you trust.