Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

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

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

0

Posted

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

1 Answer

0

Posted

A.25. No. He should seek prior approval of RBI. Q.26. Can a foreign national of non-Indian origin resident in India or outside India transfer by way of mortgage his residential/commercial property in India acquired with the specific approval of Reserve Bank to a party in India or abroad? A. 26. 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/FEMA regulations, may under general permission available, mortgage such a property with an authorized dealer as a security for any borrowing.