NRIs and OCI cardholders can buy any number of homes and commercial properties in India without RBI approval. They cannot buy agricultural land, plantation property or farmhouses, except by inheritance. Payment must come through normal banking channels, from abroad or from an NRE, NRO or FCNR account in India.
What NRIs and OCIs can and cannot buy
- Allowed: flats, villas, residential plots and commercial property, in any number.
- Not allowed: agricultural land, plantation property and farmhouses. These can only be acquired by inheritance.
- Plotted developments: allowed when the land is converted for residential use, which is why the layout approval matters.
How to pay
- Money sent from abroad through a bank, or paid from your NRE, NRO or FCNR account.
- No payment in foreign currency notes or travellers’ cheques.
- Keep every bank receipt and the foreign inward remittance certificate. You will need them to send the money back abroad when you sell.
Home loans for NRIs
Indian banks and housing finance companies lend to NRIs for buying or building a home. EMIs can be paid from your NRE or NRO account, or by a close relative in India. Lenders usually ask for proof of overseas income, your passport and visa, and a co-applicant or power of attorney holder in India.
Documents you will need
- PAN card, which is required for any property purchase.
- Passport, visa or OCI card, and overseas address proof.
- A registered power of attorney if someone in India will sign or register on your behalf.
Choosing a project from abroad
Because you cannot visit often, a RERA-registered project from an established developer lowers your risk, and a construction-linked or 20:80 payment plan spreads your payments. Every project on BookNewProperty shows its RERA number, approvals and timeline, so you can shortlist from anywhere. For selling later, see our guide on NRI property sale, TDS and repatriation.
Frequently asked questions
Can an NRI buy a plot in Bengaluru?
Yes, as long as the land is converted for residential use and is not agricultural land.
Can an OCI cardholder buy property in India?
Yes. OCI cardholders have the same property rights as NRIs, except for agricultural land, plantations and farmhouses.
Can an NRI pay for property in dollars?
The money can come from abroad through a bank, but it is credited in rupees. Payment in foreign currency notes is not allowed.
Does an NRI need to visit India to register property?
No. A registered power of attorney holder in India can complete the registration.
