• Transactions must be done in Indian rupee (INR) through regular banking channels via an existing NRI account.
• NRI/PIO can invest in real estate by remitting fund to India through Normal banking channel or funds held in NRE/FCNR/ NRO accounts maintained in India.
• NRIS with a valid Indian passport need no prior approval unless they are citizens of a Pakistan, Bangladesh, Sri Lanka, Iran, Nepal, Bhutan, Afghanistan and China.
• NRIS can buy residential or commercial properties but are not allowed to buy agricultural land, plantation properties and farmhouses. However, such properties can be gifted to or inherited by NRIS.
• NRIS are eligible to avail loans to purchase a property in India. The maximum loan amount is generally 80% of the property value. NRIS can lease or rent such properties without any restrictions.
• According to the new FDI policy, NRIS can invest in real estate development through Indian companies. There is a lock-in period of three years before which the minimum investment can be repatriated.