Can NRI Buy Property Jointly With Resident Indian?

The answer to your question: C

an NRI buy property jointly with resident Indian is

Yes. Non-Resident Indians (NRIs) can buy property jointly with a Resident Indian in India, but there are specific regulations that need to be followed under the Foreign Exchange Management Act (FEMA).

Can NRI Buy Property Jointly with Resident Indian?

Types of Properties NRIs Can Buy

1. Residential Property: NRIs are allowed to purchase residential properties in India without any restrictions. They can buy as many residential properties as they wish, either jointly with another NRI or with a Resident Indian.

2. Commercial Property: Similarly, NRIs can also purchase commercial properties such as shops, offices, etc., with no restrictions on the number of properties.

However, NRIs are not allowed to purchase agricultural land, plantations, or farm houses without special permission from the Reserve Bank of India (RBI).

NRIs can buy property jointly with Resident Indians. However, it is important to note that the primary buyer or co-owner must comply with FEMA regulations. The joint ownership can be between an NRI and a Resident Indian only if the property being purchased is residential or commercial.

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can NRI buy property jointly with resident Indian.

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Buying property is not a big deal now. Just make sure all the property documents are legal and free of disputes. One of our relatives has been living in the USA for more than five years now, and recently he bought a property in India worth Rs 47 crore. The NRI purchase property in India will however be possible if only he/she abides by certain rules. If you are an NRI and want to invest in a property in India, I am sure this answer will help you know how. 

How is NRI buying property in India possible?

An NRI can buy both commercial and residential properties in India. There are just a few things He/she should follow and they are-

• The NRI must provide a notarised PoA or Power of Attorney for property buying

• The applicable property tax must be paid as per Indian guidelines

• He/she will be eligible to receive tax benefits on their real estate investments

If the NRI wants to avail a home loan for buying a property in India-

• He/she can avail of loan through NRE or NRO accounts

• The NRI can repay the EMIs in INR

But do know that an NRI buying agricultural land in India is not at all possible. They can inherit it, but not acquire it. 

While we are at this subject, let me also tell you that there is no such restriction as to how many properties an NRI can purchase in India. The purchase of property in India must be made using the NRI account and the capital amount must be held in that account.

What are the RBI guidelines for NRI buying property in India?

Here are some of RBI guidelines that an NTI should follow-

• An NRI who purchased a property beneath the general permission is not required to provide any documents to RBI

• The NRI can pay for the acquisition of the property

• The fund can be obtained in India through the ordinary banking channels via the

  inward remittance method or through debit to his/her NRE/FCNR(B)/NRO account

• The payments will not be incurred

  by traveller’s cheque, foreign currency notes, or additional ways, except those stated by RBI.

This answer should be enough to help you know how can an NRI purchase property in India. 

Hey Friend,

Consider being a property owner in India, where it is still seen as one of the most sought ways to maintain ties to one's ancestral home. As my father is a real estate advisor, one of my NRI friends enquired, “can NRI buy property jointly with resident Indian?” To this query, my dad told her that buying a home in India is much more than just an investment opportunity for NRIs.

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It is a method of looking for ties to one's home country as well as a strategy to establish one's own "home." It is advantageous if there is an Indian resident who is a recognised family or friend who is also a joint owner of the property.

• Similar to other purchases, NRI property purchases in India are subject to RBI regulations.

• While the RBI has also released general guidelines for NRI property purchases, in specific circumstances, special authorization from the RBI or government approval is needed before an NRI invests in real estate.

• According to RBI, NRIs may co-own a piece of property with another NRI or a permanent Indian.

• The NRI will not be able to purchase the property with the resident Indian, however, if the resident Indian is otherwise not permitted to purchase a property (irrespective of the financial contribution of the other person).

I hope this clarifies your query, “ can NRI purchase property jointly with Indian residents?”

NRIs are free to purchase homes or commercial property. The number of properties that may be purchased is unrestricted. In such circumstances, acquiring specific approval is not necessary, nor is it necessary to provide RBI with any information regarding the transaction. No paperwork needs to be submitted to RBI in this regard.

The same procedure can be carried out by granting a specific POA (Power of Attorney) to another individual if the interested NRI is unable to go to India to complete the property purchase.

• FEMA does not have any explicit rules regarding joint property purchases by NRIs and native Indians.

• Any movable item may be sold or given to a resident Indian by an NRI.

• Other than agricultural property, a plantation, or a farmhouse, any property can be presented by an NRI to an NRI.

• Even if it is a combined acquisition, NRIs are still subject to the limits regarding the purchase of agricultural land, a farmhouse, or a plantation.

• The transactions must follow the correct financial channels in accordance with FEMA and RBI regulations.

• NRIs and PIOs are regarded equally for all real estate investment reasons.

I hope this suffices your query, “can NRI buy property jointly with resident Indian?”

I hope this helps:)

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