Quick Answer: Can NRI buy property without going to India?

Can I buy property in India without going to India?

Yes, a non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India. … RBI permission is not required to buy residential or commercial property.

How NRI can purchase property in India?

For purchasing permitted immovable properties in India, the NRI has to either pay through banking channel by remittance from abroad or the NRI can use balance in his NRE/NRO or FCNR account.

Can I purchase property outside India?

Resident individuals can purchase property abroad using funds held in an RFC account without prior RBI approval. Resident individuals are also permitted to purchase property overseas jointly with a relative who is resident outside India, without prior RBI approval.

Can Overseas Citizen of India buy property in India?

A: No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India.

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Do NRI pay property tax in India?

NRIs who are selling house property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends on whether it’s a short term or a long term capital gain.

How many properties NRI can buy in India?

Yes, a non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number of residential or commercial properties that an NRI can purchase in India. Exception: An NRI however cannot buy agricultural land, plantation land or a farm house in India.

Do NRI get loan in India?

NRIs can get the personal loan amount from the bank in their NRE or NRO accounts. Most lenders provide the loan amount in Indian rupees. However, some banks also provide these loans in foreign currency.

What documents are needed for an NRI to buy property in India?

To get a home loan, NRIs must furnish the following documents:

  • Copy of Indian passport and visa.
  • In case an Indian passport in unavailable.
  • PIO card if you hold a foreign passport.
  • OCI card if your parents are citizens of India.
  • Work permit / employment contract / appointment letter of your country of residence.

How NRI register property in India?

The basic list of property documents that an NRI needed during property buying in India are:

  1. Title Deed (in the name of the seller)
  2. Sanctioned Building Plan.
  3. Commencement Certificate.
  4. Occupancy Certificate.
  5. Tax Paid Receipts.
  6. Encumbrance Certificate.
  7. Khata/Mutation Documents.

What will happens if NRI buy agricultural land in India?

Inheritance of Agricultural Land for NRI

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NRIs as well as OCIs can’t directly buy agricultural land, plantation property, or a farmhouse in India but they can inherit it from a Resident Indian. An NRI can even inherit such properties from other NRIs subject to certain regulations such as special permissions from RBI.

Can a US citizen buy property in India?

The law gives general permission to citizens of US to buy immovable property in India. Yes, this permission is available only for buying residential or commercial property. It does not apply to buying or selling of agricultural land, plantation property or a farmhouse in India.

What countries do not allow foreigners to buy property?

Four countries in which there are extra layers of difficulty for non-citizens who attempt to purchase real estate are Vietnam, Mexico, Greece, and Thailand.