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.
Hi Ahmed, you have to obtain the approvals and fulfil the requirements , if any, prescribed by other authorities, like the state government concerned. They might check your documents related to your salary of the job in India for loan. RBI can even go for background check as they do in companies. However, it would be good if you could ask in the concerned bank itself.
Greetings,
Thank you for the sincere reply. I'm DJIBOUTI national, my country has a good relationship with INDIA (no hostile).
Regarding the requirements, I have no idea and I don't know the office of RBI in PUNE. Where should I go for the approvals?
Regarding the concerned bank (AXIS for example, salary acc), they always tell me that It's possible to avail HOME LOAN, however pass on the call to the next person. No proper guidance or form to fill.
I haven't mentioned in my earlier mail, but I'm staying in a RENTED flat 2BHK and paying amount Rs. 15000/month. It's as good as paying EMI for HOME LOAN.
I wanted to invest better and I want to settle here in PUNE.
So I'm welcome to any idea regarding HOME LOAN, and for different option of investment available for FOREIGNERS.
THANK YOU in advance.
AHMED-YACIN FARAH
1st February 2013
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