Property purchase

If you are of Indian origin and hold an Indian passport, then you are entitled to buy property in India. If you are an overseas passport holder, like a US passport or a British passport holder, then you need to have a PIO card. This can be applied for at the Indian Embassy or Consulate in the country where you are residing or you could esquire with them for further details. It is sufficient if you have your father's/mother's passport, their birth certificate or any other proof of their being an Indian Citizen. It is essential to carry that proof with you.

HOW CAN I PAY FOR PROPERTY PURCHASE?

There is no restriction or condition on payment while buying property. Normal banking channels are applicable.

FCNR - Foreign Currency Non-Resident account in India.

NRE - Non Resident (External) Rupee account in India.

Remittance from abroad through normal banking channels.NRO - Non Resident (Ordinary) Rupee account in India.

Although the payment could be in rupees or any other foreign currency, no repatriation benefits are applicable on these investments.CAN AN NRI GET HOME LOAN IN INDIA?

Yes, as an NRI you can apply for a home loan in India. Getting a home loan is as easy for an NRIas a resident Indian. Some lenders may, however, ask for a local power of attorney holder.

CAN I LEASE MY PROPERTY IN INDIA EVEN THOUGH I STAY ABROAD?

If the NRI's property is lying unused, he can lease it out and earn the proceedings. RBI approval or permission is not required. There are only two restrictions, i.e. the proceeds out of this leaseare taxable and they cannot be taken out of India. Also, outright selling of NRI property does not require RBI permission, although the profit on sale is liable to capital gains tax.

CAN I SELL MY PROPERTY?

If an NRI wishes to sell his property and take away the profits, then:

IF PROPERTY WAS BOUGHT IN FOREIGN EXCHANGE -

He can take away the proceeds.Sale is restricted to only two properties.

Sales allowed only after three years.IF PROPERTY WAS BOUGHT IN INDIAN RUPEES -

Money must be kept in India.IF PROPERTY FOR COMMERCIAL PURPOSES IS BOUGHT IN FOREIGN EXCHANGE -

Any or all properties can be sold.Entire proceeds can be transferred.IS THERE A LIMIT TO THE NUMBER OF INVESTMENT FOR ACQUIRING COMMERCIAL OR RESIDENTIAL PROPERTIES IN INDIA?

Non-Resident Indians are allowed to make real estate investments in India without any cap on quantity or number of investments.

CAN A NON-RESIDENT INDIAN GIFT HIS RESIDENTIAL /COMMERCIAL PROPERTY?

Yes, an NRI/ PIO may gift his residential /commercial property to a person resident in India or to an NRI/PIO.

However, a foreign national of non-Indian origin gifting to another foreign national needs prior approval of the Reserve Bank of India.

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