Q: What kind of immovable property can be purchased by NRIs by way of purchase?
A: An NRI under general permission of RBI can acquire by way of purchase any immovable property other than agricultural land/ plantation property/ farm house in India.
Q: Can a foreign national of non-Indian origin be the second holder to immovable property purchased by an NRI?
A: No, foreign national of non-Indian origin cannot be the second holder to purchase the immovable property by an NRI
Q: Are there any tax benefits for NRIs buying property?
A: No tax benefits are available for NRI's unless you file your returns and subsequently become eligible to avail the tax benefits as mentioned under Home Loan.
Q: Non-resident Indians staying abroad can the property be purchased through an agent or through the POA?
A: The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be...
Q: Are there any formalities to completed by foreign nationals of Indian origin for purchasing residential immovable property in India?
A: They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of purchase of immovable property.
Q: Can NRI purchase a house or flat for residential purpose through the help of financial institutes in India?
A: Yes! The RBI has granted permission to financial houses to provide loans to NRIs for the acquisition of house/flats for self-occupation, subject to banking terms and conditions. Although, the...
Q: What is the procedure, time frame for this procedure and the documents needed to buy a property in India for a NRI
A: The following links provide you the complete information and the documents required to buy a property in India for an NRI...
Q: Can you buy property in India without Indian citizenship?
A: Only individuals with Indian citizenship are allowed to own property in India or they should at least own an OCI card.
Q: What should be the method of payment for an NRI to purchase properties in India?
A: NRIs are allowed to purchase properties by funds remitted through normal banking channels or funds in NRE/FCNR accounts maintained with Indian banks in India.
Q: Can an NRI purchase immovable property in India?
A: Under the general permission granted by RBI, an NRI can purchase residential immovable properties in India if the person has valid proof of address in India or an OCI card.