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Can NRIs give a Power of Attorney in favour of a person of his choice in India to complete loan formalities on his behalf?

April 26, 2017COMPLETE favour formalities India loan NRIs person power of attorney

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Can NRIs give a Power of Attorney in favour of a person of his choice in India to complete loan formalities on his behalf?

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The RBI has granted general permission to NRIs and foreign citizens of India origin, to let out their residential properties acquired for their bonafide residential purpose but which on account of their residence abroad, are not required for their immediate residential purpose. However, there are restrictions the repatriation of the rental income earned from such letting out the property. The rental income is on a non-repatriation basis. Thus funds (rental income) must be credited to the NRO Account/Residential Accounts in India.