Who is eligible to buy immovable property in India
Question: Who is eligible to buy immovable property in India?
Raju Kanumuri: According to RBI norms, an NRI can buy any property in India. Any Person of Indian Origin (PIO), an individual not being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, and Bhutan, can also buy immovable properties in India, if, (i) he/she, at any time, held Indian passport or (ii) whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
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: What way non-resident Indian can finance the flat?
A: The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from the original non-resident account or from Non-resident (External)...
Q: What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission?
A: The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/ FCNR accounts maintained with banks in India.
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: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.