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Q. Is permission
of the Reserve Bank of India required by non- resident Indian nationals to
acquire residential/commercial property in India?
No, permission
is not required by non-resident Indian nationals to acquire immovable
property in India.
Q. Are foreign nationals of
Indian origin allowed to purchase
immovable property in India?
Yes, foreign nationals of Indian origin, whether resident
in India or abroad, have been granted general permission to purchase
immovable property in India.
Q. What should be the
method of payment for purchasing
residential immovable property in India
by foreign nationals 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.
Q. What are the formalities
to be completed by foreign nationals of
Indian origin for purchasing residential
immovable property in India?
They are
required to file a declaration in Form IPI 7 with the Central Office of the
Reserve Bank of India at Mumbai within a period of 90 days from the date of
purchase of immovable property or final payment of purchase consideration. A
certified copy of the document evidencing the transaction and bank
certificate regarding the consideration paid is also required.
Q. Without the
permission of the Reserve Bank of India,
can such property be sold?
Yes. The Reserve Bank of India 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.
Q. For such property,
can the rental income be remitted
outside India?
No. Such income cannot be remitted abroad and will have
to be credited to the ordinary non-resident rupee account of the owner of
the property. Restricted remittances are, however, now permitted.
Q. Can sale proceeds of
such property if and when sold, be
remitted out of India?
In respect of residential properties purchased on or
after May 26, 1993, the Reserve bank of India 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 May 26, 1993, will have to be
credited to the ordinary non-resident rupee account of the owner of the
property. The Reserve Bank of India also considers repatriation of sale
proceeds up to the consideration amount remitted in foreign exchange for
acquisition of commercial properties.
Q. For repatriation of sale
proceeds, what are the conditions
required to be fulfilled?
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 of consideration amount, whichever is later.
Q. What is the procedure
for seeking such repatriation?
Application for necessary permission for remittance of
sale proceeds should be made in Form IPI 8 to the Central Office of the
Reserve Bank of India at Mumbai within 90 days of the sale of the
property.
Q. Can foreign citizens of
Indian origin acquire or dispose off
residential property by way of gifting
it?
Yes. The Reserve Bank of India has granted general
permission to foreign citizens of Indian origin to acquire or dispose of
properties up to two houses by way of gift from or to a relative who may
be an Indian citizen or a person of Indian origin whether resident in
India or not, provided gift tax has been paid.
Q. Can commercial
properties in India be acquired by
foreign citizens of Indian origin?
Yes. Under the general permission granted by the Reserve
Bank of India properties other than agricultural land/farm
house/plantation property can be acquired by foreign citizens of Indian
origin provided the purchase consideration is met either out of inward
remittances in foreign exchange through normal banking channels or out of
funds from the purchaser's NRE/FCNR accounts maintained with banks in
India and a declaration is submitted to the Central Office of the Reserve
Bank of India in Form IPI 7 within a period of 90 days from the date of
purchase of the property/final payment of purchase consideration.
Q. Can they
dispose of such properties?
Yes
Q. Can sale proceeds of
such property be remitted out of India?
Yes. Repatriation of original investment in respect of
properties purchased by foreign citizens of Indian origin on or after May
26, 1993 will be allowed to be remitted up to the consideration amount
originally remitted from abroad provided the property is sold after a
period of three years from the date of the final purchase deed or from the
date of payment of final of consideration amount, whichever is later.
Applications for the purpose are required to be made to the Central Office
of the Reserve Bank of India within 90 days of the sale of property in
Form IPI 8.
Q. Can the properties
(residential/commercial) be given on
rent if not required for immediate use?
Yes. The Reserve Bank of India has granted general
permission for letting out any immovable property in India. The rental
income or proceeds of any investment of such income has to be credited to
NRO account.
Q. Can NRIs obtain loans
for acquisition of a house/flat for
residential purpose from financial
institutions providing housing finance?
The Reserve Bank of India has granted general permission
to certain financial institutions providing housing finance. HDFC, LIC
Housing Finance Ltd., etc., to grant housing loans to non-resident Indian
nationals for acquisition of a house/flat for self-occupation subject to
certain conditions.
Q. For acquisition of a
flat/house for residential purposes, can
a dealer grant loans to NRIs?
Dealers have
been granted permission to grant loans to non resident Indian nationals for
acquisition of house/flat for self-occupation on their return to India
subject to conditions. Repayment of the loan should be made within a period
not exceeding 15 years out of inward remittance though banking channels or
out of funds held in the investors’ NRE/FCNR/NRO account.
Q. Can Indian companies
grant loans to their NRI staff?
The Reserve Bank of India permits Indian firms/companies
to grant housing loans to their employees deputed abroad and holding
Indian passport subject to certain conditions.
Q. Can a dealer grant
housing loan to non-residents of Indian
nationality where he is a principal
borrower with his resident close
relative as a co-obligate/guarantor, or
where the land is owned jointly by such
NRI borrower with his resident close
relative?
Yes. However, in such cases the payment of margin money
and repayment of the loan installments should be made by the NRI.
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