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	NRI Guides :: Pune Property Bazaar   1 Do non-resident Indian citizens/ foreign citizens of Indian origin require permission of Reserve Bank to acquire residential property in India? 2 In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission? 3 Are there any formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission? 4 Can such property be sold without the permission of Reserve Bank? 5 Can sale proceeds of such property if and when sold be remitted out of India? 6 Are any conditions required to be fulfilled if repatriation of sale proceeds is desired? 7 What kind of Bank Accounts can be operated by NRIs? 8 Can Non Resident Indians (NRIs) avail loans for purchase of immovable property? 9 What security will Non Resident Indians (NRIs) have to provide for availing loan? 10 Can Non Resident Indians (NRIs) give a Power of Attorney in favour of a person of his choice in India to complete loan formalities on his behalf? 11 Can the house owned by Non Resident Indians (NRIs) be let out?     1 Do non-resident Indian citizens/ foreign citizens of Indian origin require permission of Reserve Bank to acquire residential property in India?   Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain permission of Reserve Bank.   Go to Top 2 In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission?   The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.     3 Are there any formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?   They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration alongwith a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.     4 Can such property be sold without the permission of Reserve Bank?   Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.     5 Can sale proceeds of such property if and when sold be remitted out of India?   In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.     6 Are any conditions required to be fulfilled if repatriation of sale proceeds is desired?   Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.   Go to Top 7 What kind of Bank Accounts can be operated by NRIs?   a. Non - Resident (External) Account (NRE):   Current, Savings and Fixed Term accounts can be opened by depositing foreign currency along with the account application form. NRE account can be opened during the visit to India by tendering foreign currency travellers cheques or foreign currency notes. b. Foreign Currency Non-Resident (Banking) Account [(FCNR)(B)]:   In the form of fixed deposits for a maximum period of 3 years, only by NRIs and OCBs resident in external group of countries. NRIs and OCBs resident in bilateral group of countries cannot open FCNR accounts. FCNR accounts are permitted only in four currencies viz, GBP, USD, DM and JPY.     8 Can Non Resident Indians (NRIs) avail loans for purchase of immovable property?   Yes, provided:   a. The loan amount shall not exceed 85% of the cost of the dwelling unit. b. Own contribution (which is the price of dwelling unit financed less the loan amount) is met from direct remittances from abroad only through normal banking channels, or from the Non- Resident (External) [NR(E)] Account and / or Non-Resident Special Rupees Account [NRSR] in India.     9 What security will Non Resident Indians (NRIs) have to provide for availing loan?   First mortgage of the property to be financed, by way of deposit of title deeds and / or such other collateral security as may be necessary. A local Guarantor shall be required. An additional interim security may be required, if the property is under construction. Collateral or interim security could be in the form of assignment of life insurance policies, surrender value of which is at least equal to the loan amount, pledge of shares and other such investments.     10 Can Non Resident Indians (NRIs) give a Power of Attorney in favour of a person of his choice in India to complete loan formalities on his behalf?   Yes.     11 Can the house owned by Non Resident Indians (NRIs) be let out?   Yes.   Go to Top
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