Q:HelloCase: I wish to invest in commercial property(shop/office) by forming my own company(investment holding co). Income will be purely rental income.This is purely for tax reasons as I am an NRI.My question is:1. Will banks give property loans to such company?2. Out of various classes of companies, which class will I need to form?As clarification, my capital will be sufficient only for 1 shop ~400sqft in Pune.
Latest Answer: Yes, a non-resident Indian can buy either a residential property or a commercial property in India but he cannot buy agricultural land, plantation land or a farm house in India. He cannot even acquire such property as a gift. The RBI has given a general permission to banks and housing finance companies registered with the National Housing Bank to provide loans to NRIs for buying residential and commercial property in India.
