NRI Buying Property in India - FAQ

Wherever you are in the world, Marvel makes real estate buying easy for you...

In this article, we take you through some of the Benefits and FAQs on NRI Buying Property in India and provide you some global helpline numbers. We all know money can’t buy everything. A swanky house is an exception, of course. But what about service – that high valued intangible asset that constitutes the core of any trustworthy and reputable company, irrespective of the industry? we as Top Builders & Developers in Pune, India believe in taking a conscientious and judicious approach to everything we do.

While our ultra-luxurious yet affordable apartments and villas that have come to be known for their inimitable quality and infallible layouts stand testimony to this, it’s our entire gamut of after-sales and sundry service offerings that really help us deliver a holistic and comprehensive property purchasing experience back home. You could be skiing in Russia or surfing in Australia.

You could be trekking in South America or doing the desert safari in Africa. No matter where you go, your Marvel property will always be a phone call away. All you need to do is press the green call button.

Benefits for NRIs (Non Resident Indian)
  • Top-of-the-line luxury at competitive prices
  • Dedicated assistance for renting or re-selling of property.
  • Proactive guidance in investing to maximise customer benefits
  • Zero ownership-transfer charges levied at time of resale
  • All Auto CAD drawings and legal documents shared at the outset
  • Dedicated Customer Relation Personnel
  • Hospitality and transportation services for visiting clients
  • Regular status updates on ongoing projects
  • Home loan assistance facility in collaboration with leading banks
  • Legal assistance on Power of Attorney and Agreement-related documents.

International toll-free numbers

USA 8442 30 8060listsquareUK 8000 31 5069listsquareUAE 8000 18 8293listsquareSG  8001 01 3349



Can NRI’s sell the properties they hold in INDIA without Reserve Bank’s Permission?


Can NRI’s/PIO’s rent out their properties if not required for immediate use?

Yes. NRI/PIOs can freely rent out immovable property, whether purchase through application of forex or otherwise, without seeking any permission from the RBI. The rental income being a current account transaction is repatriable outside India, only if property tax paid or provided for.

Can NRIs acquire commercial properties in INDIA?

Yes, under the general permission granted by the Reserve Bank, property other than agricultural land/farm house/plantation can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser’s NRE/FCNR accounts maintained with banks in India. A declaration is then submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.

Can NRIs acquire or dispose residential property by way of gift?

Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.

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

The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRI nationals for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.

Types of Power of Attorney
  • A Power Of Attorney (POA) is an instrument that is used by people to confer authority on somebody else to legally act on their behalf. POA are of two types.
  • Special Power of Attorney (SPA), while an SPA is used for transfer of a specific right to the person on whom it is conferred.
  • General Power of Attorney (GPA), the GPA authorizes the holder to do whatever is necessary.
  • There is no sale clause of immovable property mentioned in POA (notarized)
  • Registered POA from registration office allows sale clause and POA to any one
What are the various facilities available to NRIs/OCBs?

NRIs/OCB’s are granted the following facilities:
1. Maintenance of bank accounts in India
2. Investments in securities/shares of, and deposits with, Indian firms/companies
3. Investments in immovable properties in India

  • A Power Of Attorney (POA) or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other. The person authorizing the other to act is the principal, grantor, or donor (of the power).
  • A Power Of Attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property.
  • A Power Of Attorney, or letter of attorney, is a document that authorizes another person, known as the agent or attorney-in-fact—usually a legally competent relative or close friend over 18 years old—to handle any combination of financial, legal and health care decisions.
  • Generally, one chooses a POA as a provision if he or she becomes incapacitated.
What is the loan sanction process and documentation?

The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like copy of the passport and a copy of the work contract, etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India.
Another vital document required while processing an NRI home loan is the power of attorney (POA). The POA is important because, since the borrower is not based in India; the Home Finance Company would need a ‘representative’ ‘in lieu of’ the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI’s parents/wife/children/ close relatives or friends.

Who can purchase immovable property in INDIA?

A.1 Under the general permission available, the following categories can freely purchase immovable property in India:
i) Non-Resident Indian (NRI) – that is a citizen of India resident outside India
ii) Person of Indian Origin (PIO) – that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who
1. At any time, held Indian passport, or
2. Who or either of whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
The general permission, however, covers only purchase of residential and commercial property.

Who is a Non-Resident Indian?

An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non- resident Indian citizens (NRIs).

Who is a POI?

A person of Indian origin means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:

  • held an Indian Passport at any time, or
  • who or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955