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Q: Adviser for Home loan in India for US citizen. I can apply directly. But as my personal tax return in USA is not great , But I have enough capacity to buy. So I want to go through an adviser , who can help me to prepare a paperwork .

A: Financial institutions offering housing loans and banks registered with the National Housing Bank to offer loans to PIO’s and NRI’s to buy residential properties in India have general permission...

Q: What is the position regarding the refund of the purchase consideration on account of non-allotment of flats/ plots/ cancellation of bookings/ deals in respect of immovable property purchased by NRI in India

A: With a view to credit to NRE/FCNR account of refund of purchase considerations by the seller on account of cancellation of bookings for purchase of residential, commercial property, RBI clarified...

Q: Are there any formalities to be completed by foreign nationals of Indian origin for purchasing a residential immovable property?

A: They are required to file a declaration in Form IPI 7 with the Central Office of the Reserve Bank of India at Mumbai within a period of 90 days from the date of purchase of immovable property or...

Q: Can NRIs buy real estate property in India?

A: Yes, NRIs can buy and sell real estate and commercial properties in India.

Q: Can NRIs buy property in India without RBI permission?

A: Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential...

Q: What are the documents required for buying property in India?

A: The following is the list (non-exhaustive) of documents required for NRIs to buy property in India: * PAN card (Permanent account number) * OCI / PIO card (In case of OCI / PIO) * Passport...

Q: If an Indian Resident die and his executor in India transfer his money (3 crs) to an NRI who is grandson of deceased, whether RBI permission require for transfer of money from deceased or executor account to NRI (USA) in his NRO account in India. Deceased has made will and WILL is probated in Court.

A: Yes, an NRI/PIO can receive a gift from a resident relative. However, the amount cannot exceed the limit prescribed under LRS, i.e., $250,000 per financial year The account can be credited with...

Q: Can the name of foreign national or non-Indian origin be added as a shareholder to a residential or commercial property purchased by NRI/PIO?

A: No, you cannot add the name of foreign national or Indian origin as a shareholder to a residential or commercial property purchased by NRI/PIO

Q: If non-resident Indian nationals are staying abroad can the property be purchased through the 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 foreign nationals of Indian origin allowed to buy immovable property in India?

A: A person of Indian origin (PIO) who can claim to have Indian lineage doesn’t require any special permission to buy property in India. However, there is a clause inserted by the Foreign Exchange...