NRI FAQ

NRI Faq

Who is a non-resident Indian (NRI)?

Who is a person of Indian Origin?

Do Non-Resident Indian nationals require permission of the Reserve Bank of India to acquire residential / commercial property in India?

Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in India for their residential use?

What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission?

Can such property be sold without the permission of the Reserve Bank of India?

Can the rental income from such property be remitted outside India?

Can such property be sold without the permission of Reserve Bank? Can sale proceeds of such property if and       when sold be remitted out of India?

What are the conditions required to be fulfilled for repatriation of sale proceeds?

What is the procedure for seeking such repatriation?

Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?

Can immovable property held in India non-resident persons, be transferred by way of gift to relatives/registered charitable trusts/organisations in India?

Can foreign citizens of Indian origin acquire commercial properties in India?

Can they dispose of such properties?

Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?

Can authorized dealer grant loans to NRIs for acquisition of a flat/house for residential purposes?

Can Indian companies grant loans to their NRI staff?

Can an dealer grant housing loan to non-residents of Indian nationality where he is a principal borrower with his resident close relative as a co-obligate/guarantor, or where the land is owned jointly by such NRI borrower with his resident close relative?

What are the options available for obtaining guarantors while applying for a HDFC/LIC loan?

One will need a guarantor for a loan mainly for collateral security. The guarantor will have to demonstrate appropriate net worth to cover for the loan. Usually one can have a guarantor in any city where the loan issuer has a branch. Talk to loan issuers they will work something out for NRIs and foreign banks.

While purchasing real estate most developers demand a Power of Attorney in their favor, is there a way to avoid it?