For NRIs

Who is a NRI?
A NRI is a person resident outside India who is either a citizen of India or a person of Indian origin. For all official purpose the Government of India recognizes an NRI who is away from India for more than 182 days, in a year.

Who can purchase immovable property in India?
Under the general permission available, the following categories can purchase immovable property in India:

i) Non-Resident Indian (NRI)
ii)  Person of Indian Origin (PIO)

The general permission, however, covers only purchase of residential and commercial property and is not available for purchase of agricultural land / plantation property / farm house in India.

How should the purchase of residential immovable property be paid for by NRI/ PIO under the general permission?
The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR(B)/NRO accounts maintained with banks in India.

Can NRI/PIO sell their purchased property without the permission of Reserve Bank?
Yes.

Can NRI / PIO rent out the residential / commercial property purchased out of foreign exchange / rupee funds?
Yes.

Can NRI / PIO, avail of housing loan in Rupees from an Authorised Dealer or a Housing Finance Institution in India approved by the National Housing Bank for purchase of residential accommodation or for the purpose of repairs / renovation / improvement of residential accommodation ?
Yes.

How many residential / commercial properties can NRI / PIO purchase under the general permission?
There are no restrictions on the number of residential / commercial properties that can be purchased.

Can NRI/PIO acquire agricultural land/ plantation property / farm house in India?
No.