Ahmed-Yacin Youssouf Farah
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Can a foreign national who is a person residing in India? My name is AHMED, foreign national and I would like to buy FLAT in PUNE. I am working for IBM Private Limited INDIA. In the FAQ: Acquisition and Transfer of Immovable Property in India by a person resident outside India
Q: Q.7. Can a foreign national who is a person residing in India purchase immovable property in India? Ans. Yes, a foreign national who is a person resident in India within the meaning of Section 2(v) of FEMA, 1999 can purchase immovable property in India, but the person concerned would have to obtain the approvals and fulfill the requirements, if any, prescribed by other authorities, such as, the State Government concerned, etc. The onus to prove his/her residential status is on the individual as per the extant FEMA provisions, if required by any authority. However, a foreign national resident in India who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of the Reserve Bank. What are the REQUIREMENTS that I need to fulfill? Can I get a loan to buy property? IF YES, can I get loan from Bank? should I buy NEW FLAT or go for RESALE? as one of my friend is proposing me to go for resale 2bhk.

Latest Answer: If you go for resale flat then you can negotiate with the owner and the price may come down a bit than the original one.

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