NRI’s Corner
Everything You Need,
Wherever You Are.
Investing in India from abroad, made simple and transparent.
Register for InterestBuying a home in India from overseas should feel effortless. Here is everything an NRI or PIO needs to know before investing.
01 – Questions
Frequently Asked Questions
Who is a Non-Resident Indian (NRI)?
As per FEMA 1999, an NRI is an Indian citizen or foreign national of Indian origin residing outside India for employment, business or vocation, indicating an intention to stay abroad indefinitely. A person is also considered an NRI if their stay in India during the preceding financial year was less than 182 days.
Who is a Person of Indian Origin (PIO)?
As per the Gazette of India (09.01.2015), all existing PIO cardholders registered under the PIO Card Scheme 2002 are deemed Overseas Citizens of India (OCI) cardholders.
As per the Gazette (30.09.2014), a PIO card is valid for the holder’s lifetime, provided they hold a valid passport.
Can NRIs or PIOs buy or sell immovable property in India?
Yes, they may buy or sell residential and commercial properties, but not agricultural land, plantation property or farmhouses.
Do NRIs need to submit documents to the RBI when buying residential property?
No. Under general permission, no documents need to be submitted to the RBI.
What payment modes can an NRI or PIO use?
Funds remitted to India through normal banking channels, or funds held in NRE / FCNR / NRO accounts.
Can an NRI rent out their residential property?
Yes.
Can NRIs obtain a home loan?
Yes. Under general permission, NRIs and PIOs may obtain loans from banks and housing finance companies such as HDFC and LIC Housing. The maximum repayment tenure is 15 years.
What is the loan sanction process?
From application to final disbursement, the sanction letter issued by the bank or financial institution is the key document in the home loan process.
Can an NRI give a Power of Attorney to a resident Indian?
Yes, if the NRI is unavailable in India for long periods, a Power of Attorney can be given to carry out documentation formalities.
Can an NRI or PIO gift their residential property?
Yes.
These are common queries from NRIs looking to buy or invest in real estate. A good starting point for smaller investments is a 2 BHK apartment in Noida Extension, considering development and pricing.
02 – Paperwork
The general documents required
Passport, Driving License, Voter ID or PAN.
License, registered rent agreement, electricity bill (up to 3 months old) or passport.
Appointment letter, if current employment is less than 1 year old.
- 3 months’ salary slips
- 6 months’ bank statements
- 2 years’ Form 16