Build the document file early
Ask the promoter and lender for their current identification, address and income-document requirements. Names and signatures should be consistent across the booking, bank and registration documents. If another person will represent you, get advice on the form and execution of an acceptable power of attorney.
Plan the money trail
Discuss eligible accounts, remittance records and loan conditions with an authorised bank. Preserve the source-of-funds documentation and each payment acknowledgement. Purchase, rental income and a later sale can create different reporting requirements, so get transaction-specific tax advice.
Verify the property remotely
Request the selected phase’s registration records, approved plans, agreement and itemised cost sheet. A virtual tour can help shortlist, but a trusted local inspection is useful for access, surroundings and the show home. Refer to current RBI guidance and the developer’s NRI information before acting.
Keep these details in view
- Identity and residency documentation
- Banking and remittance records
- Unit, phase and agreement review
- Power of attorney if required
- Independent legal and tax advice
Official references: Reserve Bank of India and Godrej Properties NRI information.