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.

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. 🙂