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2 mins Read | 2 Years Ago

Can NRIs Buy Property Jointly with Resident Indians?

nri buying property jointly Indian residential


Given the soaring property prices, several homebuyers are purchasing property jointly to reduce the burden of a Home Loan. Even NRIs have the option to buy property jointly in India. Let’s get to know about the joint registration process for NRIs investing in real estate.

As per the guidelines issued by the Reserve Bank of India (RBI), Non-Resident Indians (NRIs) can purchase both residential and commercial properties in India. When it comes to investing in real estate, an Overseas Citizen of India (OCI) and an NRI are treated the same. If you are an NRI looking to buy property back in your native country, you have the option to buy the property jointly with a Resident Indian. Every NRI should be aware of the provisions related to the purchase or ownership of immovable property in India, under the Foreign Exchange Management Act (FEMA).

Who can be Joint Owners?

An NRI can buy a property independently or in joint ownership with another NRI or with a Resident Indian (RI) . Whether it is a residential or commercial property, NRIs have the right to invest in the property and there is no restriction on the number of properties that you can own as an NRI. There is no requirement to avail any specific permission from any authority, nor is there any FEMA guideline regarding property purchase.

What are the provisions of Foreign Exchange Management Act (FEMA) regarding the acquiring of immovable property in India by an NRI/OCI?

  • A Non Resident Indian (NRI)/ Overseas Citizen of India (OCI) can acquire any immovable property (residential or commercial) in India by way of purchase, other than agricultural land or plantation property or farmhouse.
  • An NRI/OCI may acquire any immovable property other than agricultural land or plantation property or farmhouse by way of a gift from a resident Indian or an NRI/OCI.
  • An NRI/OCI is also allowed to transfer an immovable property to any one of the following:
    • Another NRI
    • A person of Indian origin residing outside India
    • An Indian citizen residing in India

What does the FEMA say?

Key aspects about NRI Home Loans:

  • A joint application for a Home Loan helps increase your chances of being eligible for a good deal.

  • Buying property jointly with another NRI partner helps reduce the total cost of the Home Loan.

  • Banks usually approve the loan after evaluating the income of both the applicants.

  • Getting an ICICI Bank NRI Home Loan is a stress-free process. To apply for the loan, you don’t need to visit India. You can now apply digitally in 5 simple steps through Express Home Loan (EHL), if you are a salaried NRI/OCI customer.


Let’s understand the type of taxes applicable on properties bought in India by NRIs, jointly or otherwise?

Like every Indian citizen, NRIs need to pay taxes to buy property in India, whether it is bought jointly or independently. As an NRI, you are required to pay the Registration Fee, Stamp Duty, Post Property Purchase Tax, as well as GST for properties under construction. Buying a property with joint registration is advisable, as the spouse can be a successor in case of the demise of the joint owner.

Are you an NRI looking to buy property in India jointly with another NRI? ICICI Bank offers Home Loans for NRIs/ OCIs ranging from a minimum of Rs 5 lakh to a maximum of Rs 1 crore, based on your repayment capacity and the cost of the property. Usually, NRI borrowers are eligible for a maximum of  80% of the cost of the property or the cost of construction, as applicable.

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