[nancyarora2020]

A person of Indian origin resident outside India may -
* Acquire any immovable property other than agricultural land/farm house/ plantation property in India by purchase, from out of
o Funds received in India by way of inward remittance from any place outside India or
o Funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank under the Act.
* Acquire any immovable property in India other than agricultural land / farm house /plantation property by way of gift from a person resident in India or from a person resident outside India who is a citizen of India or from a person of Indian origin resident outside India
* Acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations or from a person resident in India
* It is necessary for a PIO to purchase property through NRE or NRO accounts. How are housing loans taken out and to be repaid by NRIs / PIOs?
Authorised banks are permitted to provide housing loans to NRIs / PIOs for acquiring residential accommodation in India, subject however, to certain conditions. The quantum of loans, margin money and the period of repayment is at par with the housing loans provided to residents in India; the loan amount cannot be credited to the NRE / FCNR account; it has to be fully secured by equitable mortgage of the property proposed to be acquired, and if necessary, also by lien on the NRI’s / PIO’s other assets in India; the instalment of loan and interest and other charges has to be paid by the NRI / PIO by remittances from outside India through normal banking channels, or out of funds in the NRE/FCNR/NRO account in India. In the last case, the loan and interest can also be repaid out of the rental income of such property.