As defined by the Foreign Exchange Management Act of 1999 (FEMA), a Non-Resident Indian (NRI) is a citizen of India who resides abroad for employment, carrying on business, or any vocation outside India, or stays abroad with an intention indicating an uncertain duration of stay. Non-resident foreign citizens of Indian origin are treated at par with NRIs.

Yes, foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.

NRI/PIO can avail a housing loan in Indian Rupees from an Authorized Dealer or a Housing Finance Institution, subject to terms and conditions outlined in Regulation 8 of Notification No. FEMA 4/2000-RB dated May 3, 2000, as amended. Such loans can also be used for repairs/renovation/improvement of their residential property in India. Repayment can be made via: (a) inward remittance through normal banking channels; (b) debit from NRE/FCNR/NRO accounts; (c) rental income from the property; or (d) close relatives of the borrower (as per Companies Act, 1956) crediting the borrower’s loan account from their Indian account.

NRIs living abroad may execute a power of attorney in favor of their relatives or known persons to complete formalities related to property purchase such as negotiating, drafting agreements, taking possession, etc. This Power of Attorney must be executed on stamp paper before the proper authorities in the foreign country. It cannot be drafted on Indian stamp paper.

They are required to file a declaration in Form IPI 7 with the Central Office of the Reserve Bank of India in Mumbai within 90 days from the date of purchase or final payment. The declaration must be accompanied by a certified copy of the purchase document and a bank certificate confirming the consideration paid.

Yes, NRI/PIO can rent out property without RBI approval. Rent received can be credited to their NRO/NRE account or remitted abroad. Authorized Dealers are allowed to repatriate such income (rent, dividend, interest, etc.) upon certification by a Chartered Accountant confirming eligibility and tax compliance.

No, NRIs do not need RBI permission to acquire immovable property in India, except for agricultural land, plantation property, or farmhouses.

No, NRIs do not need permission to transfer immovable property in India to a person who is resident in India.

No, NRIs do not require RBI permission to transfer property to another NRI or a person of Indian origin residing abroad, except for agricultural land, plantation property, or farmhouses.