A Non-Resident Indian is an Indian who stays abroad for employment/carrying on business activities or someone who is staying under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. If an Indian citizen stays outside the India for 182 days, he/she becomes an NRI.
- PIO stands for a person of Indian origin who happens to be a citizen of a different country (except for Pakistan, Afghanistan, Bangladesh, China, Iran, Bhutan, Sri Lanka & Nepal).
- Who at any time held an Indian passport.
- Who or either of their parents/ grand parents/ great grand parents was born and permanently resident in India as defined in Government of India Act, 1935 and other territories that became part of India thereafter provided neither was at any time a citizen of any of the aforesaid countries ( as referred above).
- Who is a spouse of a citizen of India or a PIO.
- The Reserve Bank of India (RBI) has granted general permission to NRIs, PIOs and foreign citizens to invest in real estate for their residential purpose.
- The general permission covers only residential and commercial property.
Except for agricultural land, farm house & plantation property, NRIs can purchase commercial, as well as residential property in India, provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser’s NRE/FCNR accounts maintained with banks in India.
Yes. The housing loan of an NRI or a PIO can be repaid by his/her close Indian relatives.