1. Do non-resident Indian nationals require permission of Reserve Bank to acquire residential/commercial property in India? Ans. No permission is required by non-resident Indian nationals to acquire immovable property in India.       2. Are foreign nationals of Indian origin allowed to purchase immovable property in India? Ans. Yes, foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.     3. What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission? Ans. The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.     4. Are there any formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India? Ans. They are required to file a declaration in Form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration alongwith a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.     5. Can such residential property be given on rent if not required for immediate residential use? Ans. Yes.       6. Can the rental income from such property be remitted outside India? Ans. No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property. Restricted remittances are, however, now permitted .     7. Can such property be sold without the permission of Reserve Bank? Ans. Yes. However, such property can be sold to other foreign nationals of Indian origin provided funds towards the purchase consideration are either remitted to India or paid out of balances in NRE/FCNR account.       8. Can sale proceeds of such property if and when sold be remitted out of India? Ans. In respect of residential properties purchased on or after May 26, 1993, Reserve bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to May 26, 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property. Reserve Bank also considers repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for acquisition of commercial properties.     9. Are any conditions required to be fulfilled if repatriation of sale proceeds is desired? Ans. Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.     10. What is the procedure for seeking such repatriation? Ans. Application for necessary permission for remittance of sale proceeds should be made in Form IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.     11. Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift? Ans. Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, provided gift tax has been paid.     12. Can foreign citizens of Indian origin acquire commercial properties in India? Ans. Yes. Under the general permission granted by Reserve Bank properties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin 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 and a declaration is 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.     13. Can they dispose of such properties? Ans. Yes       14. Can sale proceeds of such property be remitted out of India? Ans. Yes. Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after May 26, 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in Form IPI 8.     15. Can the properties (residential/commercial) be given on rent if not required for immediate use? Ans. Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income has to be credited to NRO account.     16. Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance? Ans. Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc., to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions.     17. Can authorised dealer grant loans to NRIs for acquisition of a flat/house for residential purposes? Ans. Authorised dealers have been granted permission to grant loans to non resident Indian nationals for acquisition of house/flat for self-occupation on their return to India subject to cetain conditions. Repayment of the loan should be made within a period not exceeding 15 years out of inward remittance though banking channels or out of funds held in the investors’ NRE/FCNR/NRO account.     18. Can Indian companies grant loans to their NRI staff? Ans. Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.