Everything an NRI needs to know about owning property back home.
For Indians abroad, owning property in India is a dream. One that comes with many questions. Our team understands the specific requirements and needs of NRIs, and are here to guide you to the perfect home. If, after reading this section, you have queries, please feel free to reach out to us.
Reserve Bank of India (RBI) Guidelines on NRI Investment in properties in India
NRIs holding Indian passports—No permission required
NRIs holding foreign passports—Intimation to RBI via form IPI - 7 within 90 days of purchase of property or final payment of consideration. Funds through NRE/NRO accounts.
Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.
Repatriation of proceeds from sale of residential property purchased on or after 26th May 1993 is allowed.
The RBI will consider repatriation of the consideration amount remitted in foreign exchange for the acquisition of 2 properties. The sale has to have taken place after 3 years from the date of final purchase deed or from the date of final payment.
Application of repatriation (IPI-8) has to be done within 90 days of the sale of the property.
NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account.
i. Subject to changes from time to time ii .E. & O.E
A Person of Indian Origin (PIO), a foreign citizen (except a national of Pakistan, Afghanistan Bangladesh, China, Iran, Bhutan, Sri Lanka and Nepal) who at any time held an Indian passport.
Who has either of their parents/ grand-parents/ great grand-parents born and permanently residing in India as defined in Government of India Act, 1935 and other territories that became part of India thereafter provided neither was at any time a citizen of any of the aforesaid countries
(as referred above);
Who is a spouse of a citizen of India or a PIO.