Puraniks NRI Homecoming Fest '17

Expatriates & NRIs

Fortunately for the NRIs, no special sanction or permission is required to buy property in India. NRIs are also allowed to rent a particular property and send back their rental proceeds to the country they are currently residing in, wherein the amount will be subject to payment of taxes.

Puranik Builders - a trusted name in real estate - lends full support to foreigners or NRIs or both to buy properties in India. Another very important aspect is that an NRI who is an Indian Citizen can sell his Immovable Property (other than agricultural, plantation property or farmhouse) to another NRI, but only through Indian channels. The sale proceeds of the property should be credited to a NRI's bank account maintained with an authorized dealer in India.

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Who is a Non-Resident Indian (NRI)?

A Non-Resident Indian (NRI) is an Indian who stays abroad under circumstances indicating an intention for an uncertain duration of the stay abroad. If an Indian citizen stays outside India for 182 days during the previous financial year then he/she becomes an NRI.

Who is a PIO?

PIO stands for a ‘Person of Indian Origin’, who happens to be a citizen of a different country (except for Pakistan, Afghanistan, Bangladesh, China, Iran, Bhutan, Sri Lanka & Nepal).

  • Who at any time held an Indian passport
  • Who has either or both of the parents/ grandparents/ great grandparents born and permanently residing in India as defined in Government of India Act, 1935 and other territories that became part of India thereafter.
  • Who is a spouse of a citizen of India or a PIO

Can NRIs buy property in India?

The Reserve Bank of India (RBI) has granted general permission to NRIs, PIOs and foreign citizens to invest in real estate for their residential purpose.

The general permission covers only residential and commercial property.

Can NRIs purchase commercial properties in India?

NRIs can purchase commercial, as well as residential property in India (except for agricultural land, farm house & plantation property) provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India.

In this case, a declaration has to be submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment.

In what different ways can a PIO pay the purchase consideration for a residential property under the general permission?

The payment of the purchase should be made out of the funds received in India through the financial options made available by the Indian. In case the funds are held in a non-resident account, that account should be maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank.

Can NRIs sell their residential/commercial property in India without the permission of RBI?

Yes, NRIs can sell their residential/commercial property without the permission of RBI.

If the property is purchased by another PIO, funds towards the purchase consideration have to be remitted to India or paid out of balances in NRE/FCNR accounts.

Can Indian banks provide financial assistance to NRIs and PIOs, for the purchase of residential or commercial property in India?

As per the general permission granted by RBI, NRIs are allowed to receive financial assistance in the form of housing finance from certain financial institutions namely, HDFC, LIC Housing Finance, IDBI etc.

  • Housing loans can be availed in rupees.
  • Even though the criteria regarding the purpose of the loan are at par with those applicable to the resident citizens, the repayment period of the loan should not exceed 15 years.


Can the housing loans of NRIs/PIOs be repaid by the close Indian relatives?

Yes. The housing loan of an NRI or a PIO can be repaid by his/her close Indian relatives.

What is the process for documentation and loan sanction?

NRIs have different eligibility criteria in order to get home loans in India. A copy of the passport, copy of work contract is a must.

Having a power of attorney (POA) may not be obligatory but it is nevertheless very important as the financial institute would want a representative since the borrower is not based in India.

Here is a general list of documents needed for NRIs to obtain home loans:

  • Passport & Visa
  • Appointment letter and contract from the employing company
  • Bank statement for the last six month
  • Labor card/identity card

More documents may be needed depending upon the requirements of different banks.

Who is an Overseas Citizen of India (OCI)?

The following individuals (except from Pakistan and Bangladesh) are eligible to apply under OCI scheme:

  • Who is a citizen of another country, but was a citizen of India at the time of or after, the commencement of the constitution; or
  • Who is a citizen of another country, but was eligible to become a citizen of India at the time of the commencement of the constitution; or
  • Who is a citizen of another country, but belonged to a territory that became part of India after the 15th day of August, 1947; or
  • Who is a child or a grand-child or a great grandchild of such a citizen; or

(b) A person, who is minor child of a person mentioned in clause (a); or(c) A person, who is a minor child, and whose parents are citizens of India or one of the parents is a citizen of India; or(d) Spouse of foreign origin of a citizen of India or spouse of foreign origin of an Overseas Citizen of India Cardholder registered under section 7A, Citizenship Act 1955, and whose marriage has been registered and subsisted for a continuous period of not less than two years immediately preceding the presentation of the application under this section.

  • Provided that no person, who is or had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may by notification in the Official Gazette, specify shall be eligible for the registration as Overseas Citizen of India Cardholder.

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