Reserve Bank of India has given permission to foreign citizens of Indian origin to sell a property. However, wherever the property is purchased, the funds towards the purchase consideration should be either remitted to India or the paid out of balances in NRE/FCNR accounts.
Reserve Bank of India permits you to rent out any immovable residential/commercial property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.
You can either pay through rupee-denominated NRO or NRE and FCNR accounts. Loans are readily available and can be taken from any Indian bank within India, or from a branch of any Indian bank in your country of residence.
Within 90 days from the date of purchase, you will need to file a declaration in the prescribed form with Central Office of Reserve Bank at Mumbai. You can also submit a final payment of purchase consideration along with a certified copy of a document evidence of transaction and the bank certificate of the consideration paid.
Passport, proof of residence and PAN card.
