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Can NRI or PIO transfer by way of mortgage his residential or commercial property in India to a party abroad?

April 26, 2017Commercial India mortgage NRI party PIO Property Residential transfer

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Can NRI or PIO transfer by way of mortgage his residential or commercial property in India to a party abroad?

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A. No. He should seek prior approval of RBI. Q25. Can a foreign national of non-Indian origin resident in India or outside India transfer by way of mortgage his residential or commercial property in India acquired with the specific approval of Reserve Bank to a party in India or abroad? A. No. He should seek prior approval of RBI. However, immovable property purchased by a person resident outside India who has established a Branch Office or other place of business for carrying on in India any activity in accordance with FERA or FEMA regulations, may under general permission available, mortgage such a property with an authorized dealer as a security for any borrowing.