NRI, based in Dubai, buying a 3BHK off Whitefield. assumed the loan would be the hard bit. it wasn’t, got sanctioned without much drama. it’s all the stuff around it that nobody warns you about.
- Repayment has to route through NRE/NRO, i can’t just pay from my local salary account here
- The bank wants a Power of Attorney for someone in india to sign on my behalf. and the POA has to be attested at the consulate here, then adjudicated in india. that’s weeks, not days.
- The rate i got is a touch higher than what my resident friends are getting, and the max tenure they offered is shorter
- Registration needs me physically there, or the POA holder, and flying down on short notice is its own war with work
Questions for NRIs who’ve actually done this:
- Did you complete it fully on POA without flying down, and did it actually go smoothly or did the sub-registrar create problems
- NRE vs NRO for repayment, does it actually matter for tax or repatriation later
- Anything you wish you’d set up before you left india?