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Home buyers to be asked for KYC, info on source of funds by real estate agent

Commercial Property for Sale on Kadamaba Plateau, Bainguinim

SOURCE :Economic Times

If you are looking to buy a house, then your real estate broker will ask you to undergo KYC process and provide information about the source of the funds you will be using to buy the house. This is because the government has amended the Prevention of Money Laundering Act (PMLA) and has brought real estate agents with an annual turnover of Rs 20 lakh or more, under its ambit as a reporting entity.As a reporting entity.

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