NRI Corner
For NRI Only
1Can a non-residential Indian (NRI) buy and sell properties in India?
With all the required documents, an (NRI) can buy and sell commercial & residential properties in India.
2Are There Any Formalities Required To Be Completed By Foreign Citizens Of Indian Origin For Purchasing Residential Immovable Property In India Under General Permission?
Applications for the repatriation of sale proceeds are taken into consideration as long as the sale occurs more than three years after the date of the final purchase deed or after the date that the final installment of consideration was paid, whichever comes first. They must submit an IPI-7 declaration form to the Central Office of the Reserve Bank in Mumbai within 90 days of the date they bought an immovable property or made the final payment on the purchase consideration, along with a certified copy of the paperwork proving the transaction and a bank certificate confirming the amount of the purchase consideration.
3Can Such Property Be Sold Without The Permission Of the Reserve Bank?
The sale of such property has received broad permission from the Reserve Bank. However, money for the purchase consideration should either be sent to India or deducted from the balance in NRE/FCNR accounts when the property is bought by a foreign national of Indian descent.
4Are there any restrictions to the number of properties an NRI can buy?
As of today, there are no restrictions on the number of properties an NRI can buy. However, the law forbids NRIs from owning farmhouses, agricultural land, etc.
5 Are there loan facilities available for NRIs to buy properties in India?
Non-resident Indians (NRIs) with Indian passports are eligible to apply for NRI loans in rupees up to one crore when buying real estate, just like any other resident Indian. There are a few small differences in how EMIs are repaid, though. Monthly rupee remittances must be made from an NRO, NRE, or FCNR account. These accounts must only accept payments made through authorized financial channels.