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NRIs are the Indian citizens who choose to stay outside India for the purpose of employment, business, or vocation for an uncertain duration of time. This category also includes bureaucrats posted abroad by Central/State Government or personnel posted in United Nation organizations. On the other hand, Overseas Citizen of India (“OCI”) means an individual resident outside India who is registered as an Overseas Citizen of India Cardholder under section 7A of the Citizenship Act, 1955.
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:
Hampton Homes requires you to provide the following documents to experience a hassle-free booking:
NRI/ OCI is eligible to make payment for purchasing immovable through following modes :
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:
NRI/ OCI who executes POA is required to adhere to following procedure: