Who Can Purchase Immovable Property In India
In Case Of NRI / PIO / OCI
What type of property can an NRI / PIO / OCI not buy in India
The general permission, however, covers only purchase of residential and commercial property and not for purchase of agricultural land/plantation property/farm house in India. OCI can purchase immovable property in India except agricultural land/plantation property/farmhouse. However, they can inherit them.
How to fund the property purchase?
Is there any Tax on buying immovable property /income from immovable property selling/renting?
- The quantum of loans, margin money, and the period of repayment shall be at par with those applicable to housing finance provided to a person residing in India.
- The loan amount shall not be credited to the Non-resident External (NRE)/Foreign Currency Non-resident (FCNR)/Non-resident non-repatriable (NRNR) account of the borrower.
- The loan shall be fully secured by equitable mortgage by deposit of title deal of the property proposed to be acquired, and if necessary, also be a lien on the borrower’s other assets in India.
- The installment of the loan, interest, and other charges, if any, shall be paid by the borrower by remittances from outside India through normal banking channels or out of funds in his Non-resident External (NRE)/Foreign Currency Non-resident (FCNR)/Non-resident Non-repatriable (NRNR)/Non-resident Ordinary (NRO)/non-resident Special Rupee (NRSR) account in India, or out of rental income derived from renting out the property acquired by the utilization of the loan or by any relative of the borrower in India by crediting the borrower’s loan account through the bank account of such relative (The word ‘relative’ means ‘relative’ as defined in section 6 of the Companies Act, 1956.)
- The rate of interest on the loan shall conform to the directives issued by the Reserve Bank of India or, as the case may be, the National Housing Bank.
Property Can Be Purchased Through A Power Of Attorney?
What Is Adjudication Of POA?