NRI

  • Non-resident foreign citizens of Indian origin and non-resident Indian citizens have general permission to purchase immovable property in India.
  • 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.
  • The purchase of the flats can be funded from the fresh payment through the regular banking channels or from payment from original non-resident account or from Non-resident Accounts. Non-resident Indians who are citizens of India with Indian passports are eligible for housing finance for the investment in an immovable property or construction of a new house, or moving into a flat or for their family in India. But some Indian banks also provide loans to non-resident Indians even if they are settled abroad, on condition that a family member of the borrower in India is made a co-borrower and a power of attorney is given to the borrower’s representative in India.
  • Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident Indian account of the owner of the property.
  • Normal banking channels is the method approved for sending remittances into India.
  • Residential properties, that are not required immediately, can be given on rent. To complete the formalities of purchase like negotiating with the builder or developer, drafting and signing of agreements, taking possession, etc., the non-resident Indians who are staying abroad can enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour. Power of Attorney is required to be executed on a stamp paper before the concerned authorities in foreign country. Power of Attorney cannot be drafted on a stamp paper bought in India.

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