The first and foremost step is to understand the idea of NRI and what it is like to buy a property in India. As all these types of transactions fall under the preview of FEMA, which is the Foreign Exchange Management Act, you need to understand NRIs according to their definition. Any Indian who is currently living outside if India is called an NRI. Any NRI can buy property in India as per the FEMA Rules. Any kind of residential or commercial property can acquire by an NRI, but none can buy an agricultural plot in India. Now let’s jump into the question and their answers.
Is It Possible for an NRI to BUY Property in India?
The answer to this would be yes. Any NRI can buy property in India. Besides, there is no limit, which means an NRI can buy as many properties as they want in India. The only problem is that no NRI can buy an agricultural plot in India, otherwise any residential or commercial plots and properties can be bought.
How To Make The Payment?
The Payment can be done by either from a fund that is already in India or you can transfer money from abroad like in the NRE, NRO and FCNR account. No RBI permission is needed to buy a property in India that’s why any NRI can buy property in India.
These are two common questions NRIs usually have regarding buying a property in India.