Yes, NRI/ OCI can purchase commercial as well as residential properties in India other than agricultural land/ plantation property/ farm house.

NRI/ OCI who has purchased residential property is not required to file any documents with RBI.

There is no restriction on the number of properties NRI/ OCI can purchase in India. On the other hand, there is a restriction on the kind of property they can purchase, ie, they are prohibitred to acquire agricultural land, plantation property and farm house.

The relevant principal regulations are the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 issued under Foreign Exchange Management Act, 1999 issued by Department of Economic Affairs, Ministry of Finance on 17th October, 2019.

A person resident outside India, not being a NRI/ OCI, who is a spouse of a NRI/ OCI may acquire one immovable property (other than agricultural land/ farm house/ plantation property), jointly with his/ her NRI/ OCI spouse provided that the marriage has been registered and subsisted for a continuous period of not less than 2 years immediately preceding the acquisition of such property. In case such foreign national spouse is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong Kong, Macau or Democratic People’s Republic of Korea, then prior permission of RBI is required to purchase the immovable property.

Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau, Hong Kong or Democratic People’s Republic of Korea, irrespective of their residential status, cannot, without prior permission of RBI, purchase immovable property in India, other than on lease, not exceeding 5 years. This prohibition shall not be applicable to an OCI.

- Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau, Hong Kong or Democratic People’s Republic of Korea (DPRK), irrespective of their residential status, cannot, without prior permission of the Reserve Bank, acquire or transfer immovable property in India, other than on lease, not exceeding five years.

- Foreign nationals of non-Indian origin resident in India (except 11 countries listed at (a) above) can acquire immovable property in India.

- Foreign nationals of non-Indian origin resident outside India can acquire/ transfer immovable property in India, on lease not exceeding five years and can acquire immovable property in India by way of inheritance from a resident.

Yes. Indian banks can grant loan to NRI and OCI cardholder for purchase of a residential accommodation in India.

An authorised or a housing finance institution in India approved by the National Housing Bank (NHB) may provide housing loan to a NRI or OCI for acquisition of a residential accommodation in India.

Below mentioned is the non-exhaustive list of documents generally required to apply for the home loan by NRI/ OCI:

• - Self-attested copy of valid passport and visa.
• - Address proof mentioning the current overseas address such as Utility Bill, Driving License, ID Card, Labour Card, Social Card, etc. issued by the authorities in that country and latest Bank Statement showing overseas address.
• - Pan Card
• - Passport Size photos.

Hampton Homes requires you to provide the following documents to experience a hassle-free booking:

• - Self-attested copy of PAN card
• - Self-attested copy of OCI card
• - Self-attested copy of Passport
• - Self-attested copy of address proof
• - Self-attested copy of Visa (work permit)
• - Registered Power of Attorney (if allottee is not physically present in India for executing the documents)
• - Passport size photographs

NRI/ OCI is eligible to make payment for purchasing immovable through following modes :

• - Out of the funds received in India through banking channels by way of inward remittance from any place outside India.
• - Out of the funds held by such NRI/ OCI in his/ her Non-Resident (External) Rupee Account / Foreign Currency Non-Resident (Bank) Account / Non-Resident Ordinary Account in India through any normal channels like a cheque.
• - By cheque from the bank in case home loan is availed in India.

Payment shall not be made either by traveller’s cheque or by foreign currency notes or by any other mode except those specifically mentioned above.

Payment can be made out of the funds:

• - received in India through banking channels by way of inward remittance from any place outside India; or
• - held in any non-resident account maintained in accordance with the provisions of the Foreign Exchange Management Act, 1999 and the regulations made by RBI. Further, no payment shall be made either by traveller’s cheque or by foreign currency notes or by any other mode except those specifically mentioned above.

NRI/ OCI who executes POA is required to adhere to following procedure:

• - When POA is executed in India by NRI:
  • - POA is to be executed on a non-judicial stamp paper of the requisite value as per the stamp duty prevalent in the respective state.
  • - Each page of POA is to be signed and wherever the blanks are filled in initialed by the grantor of POA (applicant executing POA). POA should be signed by the attorney on the last page.
  • - It is mandatory that POA should be notarized by a notary public.
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• - When POA is executed outside India by NRI:
  • - POA should be first typed on a plain sheet of paper. Each page of POA is to be signed and wherever the blanks are filled in initialed by the grantor of POA (applicant executing POA).
  • - The signature of the grantor should be attested by any authorized official of the Indian Embassy/ Indian Consulate/ Trade Commissioner of India/ Existing Banker and Advocate in the country where the grantor resides. These officials have to affix their stamp and signature on original POA. The Advocate’s name, principal office address and registration number must be written by hand.
  • - POA is then sent to India where thee attorney signs POA on the last page. POA then needs to be stamped and notarized by a notary public.