Can NRIs buy property jointly with resident Indian?
Some things in this world are still going fine jointly! Take property ownership in India, for instance – especially when we live in a country where the property is still one of the most coveted ways to connect with your roots.
For NRIs, purchasing a property in India is much more than an investment opportunity. It is a way of seeking connections to the native place – and also to find a ‘home’ for oneself.
It helps if the property ownership is joint with a known relative or friend who is a resident Indian.
What do you keep in mind while buying property jointly?
As with other things, the purchase of property by NRIs in India is also governed by guidelines issued by RBI.
While the RBI has issued General guidelines for purchase of property by NRIs also, in some cases, special permission from RBI or approval from Government is required before making an investment in the immovable property by NRI.
RBI allows NRIs to jointly own a property with another NRI or a resident Indian.
However, in cases where the resident Indian is otherwise ineligible to buy property, then the NRI will also not be allowed to buy the property with that resident Indian (irrespective of the financial contribution of the other person).
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