Investment in Immovable Property
NRIs can acquire immovable property in India other than agricultural land / plantation property or a farmhouse out of repatriable and non-repatriable funds.
In respect of such investments NRIs are eligible to repatriate sale proceeds of immovable property acquired in India to the extent of repatriable funds used for acquiring the property, up to two residential properties. The balance will be repatriable through NRO Account subject to payment of applicable taxes.
Housing Loan in rupees availed of by NRIs from ADs / Housing Financial Institutions can be repaid by the close relatives in India of the borrower.