Maxworth Realty Reviews - NRI Home Financing Options
The Reserve Bank of India (RBI) allows Non Resident Indians (NRIs) to purchase any residential or commercial property in India, without seeking any special permission from the country’s central banking institution. NRIs are not even required to communicate or inform the RBI about the same. Under the Income Tax laws and current general permissions, NRIs can purchase any number of residential or commercial properties as they please. If an NRI is unable to be present in India, all purchase documents can be produced on his behalf by any person who he appoints as the authority of the power of attorney. The only exception to the rule of property purchase for NRIs, is that they cannot purchase agricultural land, plantation properties, or farmhouses in India without taking proper approval and consent from the RBI. The RBI will consider the applications on a case-to-case basis. Moreover, an NRI is also allowed to own property in India jointly with another NRI. However, a resident Indian or a