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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.
  • In this case, a declaration has to be submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.

  • Yes, NRIs can sell their residential/commercial property without the permission of RBI.
  • If the property is purchased by another PIO, funds towards the purchase consideration have to be remitted to India or paid out of balances in NRE/FCNR accounts.

The payment of the purchase should be made out of the funds received in India through the financial options made available by the Indian banks by way of inward remittance from any place outside India.

Funds which are held in a non-resident account. In this case, the account should be maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank.

  • As per the general permission granted by RBI, NRIs are allowed to receive financial assistance in the form of housing finance from certain financial institutions namely, HDFC, LIC Housing Finance, IDBI etc.
  • Such housing loans can be availed in Rupees.
  • Even though the criteria regarding the purpose of the loan is at par with those applicable to the resident citizens, the repayment period of the loan should not exceed 15 years.

Yes. The housing loan of an NRI or a PIO can be repaid by his/her close Indian relatives.

  • NRIs / PIOs have different eligibility criteria in order to get home loans in India. A copy of the passport, copy of work contract is a must.
  • Having a power of attorney (POA) may not be obligatory but it is nevertheless very important as the financial institute would want a representative since the borrower is not based in India.




Thank you for visiting our website. We are currently updating our website towards compliance of the newly introduced housing law for the State of Maharashtra i.e. the Real Estate (Regulation and Development) Act, 2016 and the rules and regulations notified thereunder.

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