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NRI Guides

1	Do non-resident Indian citizens/ foreign citizens of Indian origin require permission of Reserve Bank to acquire residential property in India?

2	In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission?

3	Are there any formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?

4	Can such property be sold without the permission of Reserve Bank?

5	Can sale proceeds of such property if and when sold be remitted out of India?

6	Are any conditions required to be fulfilled if repatriation of sale proceeds is desired?

7	What kind of Bank Accounts can be operated by NRIs?

8	Can Non Resident Indians (NRIs) avail loans for purchase of immovable property?

9	What security will Non Resident Indians (NRIs) have to provide for availing loan?

10	Can Non Resident Indians (NRIs) give a Power of Attorney in favour of a person of his choice in India to complete loan formalities on his behalf?

11	Can the house owned by Non Resident Indians (NRIs) be let out?

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