NRI Housing: Where to go?
"No matter how far you wander, your roots will always be there, calling you home." – Unknown
Staying in Place or Moving in with Family
There are many available options once you retire.
Many senior citizens prefer to stay in place, surrounded by their memories but many times it's not feasible due to the home being too large (hard to maintain) or the property not being retrofitted to accommodate senior citizens.
Other senior citizens decide to move in with their children for a multi generational experience. Even though there are benefits to this lifestyle, there are drawbacks, also - you lose your freedom, become dependent and have a sense of obligation.
Another option would be to find a retirement community in your area or one which caters to NRIs. There are a limited number of retirement communities in the USA which cater primarily to Indians.
In India, retirement communities are a burgeoning trend and there are many retirement community options available in various parts of the country and for varied budgets.
Purchasing/Renting Property in India
From the tranquil backwaters of Kerala to the majestic mountains of Himachal Pradesh, India boasts breathtaking landscapes that offer serenity and natural beauty. Retiring in India allows NRIs to explore and experience the country's diverse geography, providing ample opportunities for relaxation, adventure, and rejuvenation. offers a wide range of locations to retire, each with its own advantages and considerations. Factors to consider include climate, healthcare facilities, proximity to family and friends, lifestyle preferences, and cost of living. Research different cities and regions in India to find a location that suits your needs.
Once you have decided on a location, start looking for options such as buying or renting a property, or even staying with family or in retirement communities that cater to senior citizens.
As an American citizen and/or a non-resident Indian (NRI), purchasing property in India is possible, but there are certain regulations and processes to be aware of. Here's an overview:
-
Eligibility: NRIs, including American citizens of Indian origin, are generally eligible to purchase property in India. However, it's essential to check the specific guidelines issued by the Reserve Bank of India (RBI) and the Foreign Exchange Management Act (FEMA) to ensure compliance.
-
Property types: NRIs are allowed to buy residential and commercial properties in India. However, there may be restrictions on agricultural land, plantation property, and farmhouses. It's important to understand the limitations and permissions associated with each property type.
-
Funding: NRIs are permitted to purchase property in India using funds from their NRO (Non-Resident Ordinary) or NRE (Non-Resident External) accounts, or through inward remittances from abroad. Loans from Indian financial institutions are also available for NRIs, subject to certain conditions.
-
Legal considerations: Before finalizing any property purchase, it's crucial to conduct thorough due diligence. This includes verifying ownership, obtaining the necessary documents, conducting a title search, and ensuring the property is free from any legal disputes or encumbrances. Engaging a reliable lawyer or legal professional is advisable to guide you through the process and ensure a smooth transaction.
-
Documentation: NRIs need to provide specific documents during property transactions, which may include a valid passport, PAN (Permanent Account Number) card, Overseas Citizen of India (OCI) card or Person of Indian Origin (PIO) card (if applicable), and proof of address.
-
Power of Attorney (PoA): NRIs often use the PoA mechanism to facilitate property transactions in India. This allows a trusted representative in India to act on your behalf during the buying process, including signing documents, making payments, and completing legal formalities.
-
Tax implications: Purchasing property in India as an NRI can have tax implications both in India and the country of your residence. It's advisable to consult with tax experts or chartered accountants who specialize in international tax laws to understand the tax obligations and benefits associated with property ownership.
It's recommended to stay updated with the latest rules and regulations governing property transactions by referring to the official websites of the RBI, FEMA, and other relevant authorities. Additionally, engaging the services of reputable real estate agents or property consultants with experience in assisting NRIs can provide valuable guidance throughout the process.
Free Consultation
