LEGAL INFORMATION

Sale
Reserve Bank of India allows foreign citizens of Indian origin to sell a property. However, wherever the property is purchased, the funds towards the purchase consideration should be either remitted to India or the paid out of balances in NRE/FCNR accounts.

Renting
Reserve Bank of India permits you to rent out any immovable residential/commercial property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.

Finance
You can either pay through rupee-denominated NRO or NRE and FCNR accounts. Loans are readily available and can be taken from any Indian bank within India, or from a branch of any Indian bank in your country of residence.

Formalities
You will need to file a declaration in form IPI 7 with Central Office of Reserve Bank at Mumbai, within 90 days from the date of purchase. You can also submit a final payment of purchase consideration along with a certified copy of a document evidence of transaction and the bank certificate of the consideration paid.

Documentation
Passport, proof of residence & PAN card.


FAQ's