Can OCI buy property in India?

Indians residing in foreign countries might wonder,

Well, yes of course. An OCI (Overseas Citizen of India) card holder can buy property in India, however, they can’t purchase agricultural land, plantation property or farmhouse. 

The rules as stated by The Ministry of External Affairs, India has certain guidelines which must be followed during the transaction of funds.

• The transfer of funds to India must be through banking channels as a way of inward remittance into India.
• The funds can be transferred from any non-resident account provided it is maintained as per FEMA (Foreign Exchange Management Act), 1999.
• The buyer/seller shall not use any other mode of transaction such as traveler’s cheque, or foreign currency.

For those asking ‘

or ‘

The answer is yes, but there are some rules and conditions which you must abide by.

Yes, OCI can buy property in India, but there are specific rules and limitations. Under the Foreign Exchange Management Act (FEMA), OCI cardholders are permitted to purchase both residential and commercial properties. However, they are restricted from buying agricultural land, plantation properties, and farmhouse properties unless they inherit these types of properties from a resident Indian.

Can I Buy Property in India with OCI?

• OCI cardholders can buy any number of residential properties in India, which may be used as a primary residence, for investment, or as a vacation home.

• They can also invest in commercial properties for business purposes or as an investment.

• OCI holders are required to follow specific guidelines for financing property purchases. The funds must be routed through regular banking channels in India, meaning they should come from the NRE, NRO, or FCNR accounts.

• OCIs can also obtain a home loan in Indian currency from banks and financial institutions in India to finance their purchase, though repayment must be made in Indian rupees.

OCIs

can buy property in India and

enjoy substantial property rights similar to Indian citizens in terms of buying residential and commercial properties, but with restrictions on agricultural lands.

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Can OCI Holder Buy Property in India?

• OCIs and NRIs have equal rights when it comes to owning property.
• They are not permitted to purchase farmhouses, plantation property, or agricultural land, though.
• The objective of this restriction is to safeguard India's agricultural resources and guarantee that they stay under the ownership of Indian residents who are actively involved in farming.

• OCI card (In case of OCI)
• Passport (In case of NRI)
• Pan card (Permanent account number)
• Passport-size photographs
• Address proof

As you are aware, OCI, or "Overseas Citizenship of India," is a type of immigration status that allows foreign citizens of Indian origin to work and reside in India as long as they want. My cousin possesses an OCI card. Recently he asked my father who is a lawyer, if I could purchase a property in India. He said that

. He shared more details that I have mentioned below for your reference.

Can I Buy Property in India with OCI?

Yes, OCI cardholders are allowed to purchase real estate in India. My father also informed my cousin that he could make investments in any type of residential or commercial property. He can also purchase any number of residential or commercial properties. 

However, OCI cardholders are not allowed to invest in agricultural, plantation, or farmland. An OCI needs permission from the Government and RBI before purchasing a plantation or farmhouse.

Check out the

below:

• OCI card 

• Aadhar card (not mandatory)

• PAN card

• Passport size photographs

• Address proof

• Passport

• Latest salary slips

So, OCI card holder can buy property in India except for the agriculture property. I hope you found this answer helpful. 🙂