For NRIs, Which is a better mode for installment payment to the builder?

1. Check
2. Wire Transfer

What are the pros and cons?

Regards,
Amit
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  • IMHO - Check.

    This way at any point of time in future, it will be very easy to provide source of money, proof for Income Tax department.

    Specially if you have serious plan to come back and settle in India in future, else doesn't matter !


    Originally Posted by im_amit
    For NRIs, Which is a better mode for installment payment to the builder?

    1. Check
    2. Wire Transfer

    What are the pros and cons?

    Regards,
    Amit
    CommentQuote
  • Both are fine but for me I somehow feel Cheque is much better way of payment since you can have photocopy of the same .. but you will have hassle of mailing it by courier..

    In my case i have sent all future cheques to my father and he submits them when demand comes from builder...
    CommentQuote
  • cheques brother are a better way but wire transfer is also just fine (should be direct from your account to builder account),as an nri cheque would be better
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  • Can NRI pay by check from resident Indian bank Account ?
    CommentQuote
  • Originally Posted by saihtul
    Can NRI pay by check from resident Indian bank Account ?


    NO. It has to either NRO or NRE.
    CommentQuote
  • Originally Posted by im_amit
    NO. It has to either NRO or NRE.


    Is Builder going to check the residential status of a person ?

    If not, then the restriction doesn't applies. Am I missing something ?
    CommentQuote
  • Whenever you book some property through builder , in their application form they have section which asks for your status . if you state that you are NRI then they will only take payments through your NRE/NRO account which is required by the law.... I have dealt with Emaar, IREO and Vatika all three follows the same process..

    And if one doesn't declares his exact status .. he is breaking the law..

    Originally Posted by vikash.kumar
    Is Builder going to check the residential status of a person ?

    If not, then the restriction doesn't applies. Am I missing something ?
    CommentQuote