If a foreign national is a person resident in India as per the provisions of Section 2 (v) (i)B of the FEMA, 1999, does he require approval of Reserve Bank to purchase any immovable property in India?

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immovable-property

A foreign national resident in India does not require approval from Reserve Bank from FEMA angle, but approvals if any required in terms of regulations prescribed by other authorities such as the concerned State Government etc. will have to be obtained by him / her. However, a foreign national resident in India who is a… Read more »

Can a person who had bought immovable property when he was a resident, continue to hold such property even after becoming an NRI’PIO?

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immovable-property

Yes, he can continue to hold the residential/commercial property / agricultural land/ plantation property / farm house in India without the approval of the Reserve Bank. Immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it – property that is fixed to the earth, such as… Read more »

If the immovable property was received as inheritance by the NRI/PIO can he repatriate the sale proceeds?

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immovable-property

Yes, general permission is available to the NRls/PIO to repatriate the sale proceeds of the immovable property inherited from a person resident in India. NRls/PIO may repatriate an amount not exceeding USD one million, per financial year, on production of documentary evidence in support of acquisition / inheritance of assets, an undertaking by the remitter… Read more »

Can NRI And PIO repatriate the sale proceeds of immovable property?

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immovable-property

NRI/ PIO may repatriate the sale proceeds of immovable property in India (a) If the property was acquired out of foreign exchange sources i.e. remitted through normal banking channels I by debit to ‘NRE I FCNR (B) account The amount to be repatriated should not exceed the amount paid for the property: 1. in foreign… Read more »

Can NRI and PIO avail of housing loan in rupees from his employer in India?

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immovable-property

Yes, subject to certain terms and conditions (Please refer to Regulation 8A of Notification. No FEMA 4/2000-RB dated May 3, 2000 and AP. (DIR Series) Circular No.27 dated October 10, 2003). Immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it – property that is fixed… Read more »

Can residential and commercial property be mortgaged?

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immovable-property

i) NRI/ PIO can mortgage to: (a) an authorised dealer/ housing finance institution in India- without the approval of Reserve Bank. (b) a party abroad – with prior approval of Reserve Bank. ii) a foreign national of non-Indian origin can mortgage only with prior approval of Reserve Bank iii) a foreign company which has established… Read more »