Non Resident Indians
(NRIs) is a citizen of India residing outside India.
An NRI may acquire
any immovable property in India other than agricultural or / plantation or / farm house. He / sher is also permitted to
transfer any immovable property in India to a person residing in India.
The purchase shall be
made out of funds received in India by way of inward remittance from any place
outside India or / funds held in any Non
Resident (NRE / or NRO) account maintained in accordance with FEMA (Foreign
Exchange Management Act) and regulations of Reserve Bank of India (RBI).
NRIs can avail home
loans from Housing Finance Institutions and Banks in India for purchase of
residential accommodation (Flats and Homes).
Such a home loan shall be repaid by way of inward remittance through
normal banking channel, by debit to NRE /
or NRO account, or / out of
rental income from such property.
Subject to the
provisions of FEMA Act, an NRI shall repatriate outside India, the sale
proceeds of residential property held in India.
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