A Non-Resident Indian (NRI) is an individual of Indian nationality residing outside India. A Person of Indian Origin (PIO) refers to someone of Indian ancestry who is a citizen of another country, excluding Pakistan and Bangladesh. Both are eligible to invest in Indian real estate.
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Yes. As per RBI guidelines, NRIs and PIOs can legally invest in residential and commercial real estate in India. However, agricultural land, plantation property, and farmhouses are restricted.
To Buy Property In India, Nris/Pios Typically Need The Following:
- Valid Indian or foreign passport
- OCI (Overseas Citizen of India) or PIO card
- Proof of foreign residential address
- PAN card (for taxation purposes)
Yes. Most Indian banks and NBFCs offer home loan facilities for NRIs. Loans are sanctioned in INR and are subject to RBI norms. EMIs must be paid through NRE, NRO, or FCNR accounts.
Absolutely. NRIs can lease or rent their residential or commercial properties, and the rental income can be repatriated subject to tax compliance.
NRIs are liable to pay income tax on rental income, as well as capital gains tax on property sale in India. Tax Deducted at Source (TDS) may apply, and repatriation of sale proceeds requires proper documentation and tax clearance.