Virtual tour

Who is NRI?

An NRI is any citizen of India who is not residing in India and has resided in India for less than 182 days in the preceding financial year. NRIs have professional or other commitments which require them to live outside India for an indefinite period of time.

NRIs (Non-Resident Indians) are Indian Citizens who live in another country.

Who is OCI?

OCIs (Overseas Citizen of India) are non-Indian citizens who have a lifetime visa to live and work in India with fewer restrictions.

Who can purchase property in India?

According to guidelines laid down by the RBI, the following can purchase property in India:
  • A Non-Resident Indian (NRI)

  • A PIO

  • An OCI

All three categories are generally referred to as NRIs

What property can NRI buy?

The RBI allows NRIs to purchase immovable property in India including:
  • Residential property

  • Commercial assets

What documents do NRIs need for purchasing property in India?

While presenting documents for purchasing property in India, NRIs fall under two categories: salaried individuals and self-employed individuals.

Following details will be downloaded as NRI brochure . there will be a google form having a details of Name, Contact number , Current Location then only they can download our brochure.

What documents do salaried individuals require?

  • Indian passport
  • PIO card/OCI card (if applicable)
  • PAN card
  • Power of attorney documents
  • Latest salary pay slips for the past 6 months
  • Income tax returns for the last 2 years
  • Copy of employment contract
  • Appointment letter (if applicable)
  • Work permit (if applicable)
  • Bank statement for the past 1 year from external bank account
  • Bank statement for the last 1 year from Non-Resident External (NRE)/Non-Resident Ordinary (NRO) account
  • Address proof
  • Credit report
  • Property related documents

What documents do self-employed individuals require?

  • Passport
  • PIO/OCI card (if applicable)
  • Balance sheet of company for the last 3 years
  • Profit and loss accounts for the last 3 years
  • Bank account statement of individual account for the last 6 months
  • Bank account statement of company account for the last 6 months
  • Income tax returns from the last 3 years
  • Address proof
  • Power of attorney documents
  • Credit reports
  • Property-related documents

What property documents do NRIs need?

  • Title Deed
  • Authorized building plan
  • NOC from Electricity Supply, Pollution Control Board, Water Department
  • Sale agreement between builder and previous owner (if applicable)
  • Possession letter from the builder
  • Sale agreement
  • Khata certificate and extracts
  • Allotment letter
  • Possession letter
  • Encumbrance certificate (in case of there being a previous buyer)
  • Occupancy certificate

What is Power of Attonery (POA)?

NRIs need to appoint a power of attorney who can act on their behalf.

What are different types of POAs?

There are three types of PoA’s:
  • A Special PoA has only limited powers, usually restricted to a particular kind of transaction.
  • A General PoA can act on behalf of an individual for a wide range of transactions without any limitations.
  • A Durable PoA has lifetime powers and can even make decisions for an individual when they’re incapacitated.

What functions can POA perform?

In real estate, a PoA can:
  • Mortgage, exchange, sell, lease, collect rent on behalf of an individual
  • Manage and settle any disputes which arise
  • Perform acts required by banks and insurance companies and enter into contracts, deal with bonds, sign documents, etc.

What are the steps for granting POA?

The following steps need to be completed to grant someone PoA status:
  • Draft the PoA agreement on non-judicial stamp paper
  • Visit Sub-Registrar’s office with legal representative and two witnesses
  • Carry ID proof, two passport size photographs, copy of PoA agreement along with original
  • Signatures, photographs and fingerprints of both parties will be collected
  • Visit Sub-Registrar’s office again to collect registered PoA agreement once it’s completed.

What are the documents required for obtaining NRI Home Loans?

  • Copy of passport
  • Copy of work visa
  • Address proof (utility bill, bank statement, lease agreement)
  • Salary statement for the last 6 months
  • NRE/NRO bank account statement for the last 6 months
  • Power of attorney documents
  • 2 passport size photographs
  • Copy of PAN card
  • List of documents for salaried/self-employed individuals as well

How is the mode of payment for NRI home loans?

The housing loan needs to be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from other financial accounts as may be permitted by RBI. Generally, payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI regulations.

What is the repayment period for the home loan for NRIs?

Home loan offered to NRIs do not exceed 5 years in major cases. However, some financial institutions offer loans for a term of 7 years as well. The repayment for the loan is done through monthly installments (EMI), which usually begin after the entire loan is disbursed. Cases which involve part disbursement, you need to pay simple interest at the interest rate applicable on the amount disbursed.

What is the eligibility criteria for obtaining NRI Home Loans?

The eligibility is calculated in the same way as it is done for resident Indians with special emphasis on:
  • Qualifications - Graduate (minimum)
  • Current job profile and work experience
  • Chances of continuing abroad for the loan tenure
  • Chances of servicing the loan with an extended tenure in case the applicant needs to return to India

What kinds of property can an NRI avail home loans for?

To purchase a house which is either ready to move in, under construction or bought from another owner, an NRI is eligible to apply for home loans. Additionally, NRIs can apply for home loans -
  • For construction of a property on a plot of land by self
  • To purchase a plot allotted by a society/development authority
  • For the purpose of renovation or improvement of an existing property in India

Can an NRI or PIO buy property in India jointly with other Indian citizens/PIO?


Is there any limit on the number of housing properties that an NRI can buy?

No. There is no limit placed on the number of residential properties an NRI can buy in India.

Can a home/land be sold by an NRI or Person of Indian Origin without the permission of the Reserve Bank of India?

Yes, the RBI has granted general permission for sale of property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.

Do NRIs require consent of the Reserve Bank of India (RBI) to buy immovable property in India?

No, NRIs don't require consent from the RBI to buy an immovable property in India, provided the property is residential or commercial in nature.

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