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2 mins Read | 1 Year Ago

Process of Owning Property By NRI In India

Planning to purchase a home for end use or as an investment?


The buying and selling of immovable properties in India is governed by the Real Estate Regulatory Authority (RERA). As an NRI, you are eligible to buy residential and commercial properties in India without any specific permission. Read further to know the process to buy real estate property in India.

Real estate is a lucrative investment option for citizens in India as well as those settled abroad. Many NRIs buy property in India. However, while buying a property in India, one of the differences between the resident Indians and NRIs is that the latter can invest only in residential and commercial properties. NRIs can buy or sell such properties to a resident in India or other NRIs. In terms of types of property, FEMA  does not allow NRIs to invest in agricultural lands or farmhouses; however, one can inherit such properties.

Types of Properties NRIs can Purchase in India

1. Residential Properties: These can be ‘Ready to Move’ or ‘Under Construction’ properties. These properties can be directly purchased from builders or can be a resale transaction.

Customer can also avail loan for construction of a house on a piece of residential land owned by him or his parents. Further, he can also avail loan to buy only residential plots.

2. Commercial Properties: NRI customers can buy commercial or non-residential properties with the end use being either for self-consumption or investment purpose.

Documents required for an NRI to buy property in India

Note: You may visit the ‘Loans’ section to check the documents required for NRIs to buy property in India.

Investment by NRIs in India

NRIs may have the urge to own a property in India to maintain a connection with their native country. If you are looking for a long-term investment, then you should invest in real estate in India. Some of the major investment areas include cities like Delhi NCR, Bangalore, Mumbai and other emerging cities like Pune and Hyderabad among others.

Procedure to Invest in Real Estate in India as NRI

Ready to invest in a property in your home country? Below is the procedure to get started:

  1. On the budget front, plan how much you are ready to invest. This includes the stamp duty and registration fees

  2. Select a suitable location that will have a favourable impact on the resale value of the property

  3. If you are buying a property in order to earn a rental income, remember to select homes in highly populated areas and know the rental rates of the locality

  4. You can determine your Home Loan eligibility using an ICICI Bank Home Loan eligibility calculator. Improve your loan eligibility by jointly applying for the loan with a co-applicant

  5. Ascertain which documents are required for submission at the time of buying the property

  6. NRIs can apply for an ICICI Bank Home Loan even before selecting a property. The Bank will sanction the loan based on your repayment capacity

  7. Apart from stamp duty and registration fees, you are also required to pay taxes

  8. If you want someone to conduct the real estate buying and transaction process on your behalf, you have an option to give the Power of Attorney (POA) to your friends or relatives living in India

  9. EMIs are one of the easiest ways to repay your Home Loan, but changes in forex may impact your EMIs. Therefore, it is always recommended to make a payment through rentals.

Frequently Asked Question

What are the rules for NRIs to buy a property in India?

There are no specific rules that apply to an NRI/OCI. An NRI/OCI does not require any separate RBI approval to acquire an immovable property in India which includes any residential or commercial properties. However, an NRI/OCI cannot acquire agricultural land, farm houses or plantation properties. If an NRI/OCI is willing to purchase any one of those prior RBI approval is required. An NRI/OCI customer may inherit or be gifted an agricultural land from a Resident Indian.

What is capital gain on purchase of property from NRI?

For more info visit ‘NRI’ section of our website

What are the tax implications for NRI buying property in India?

For more info visit ‘NRI’ section of our website

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