Non-Resident Indians (NRIs) are currently eligible to purchase residential property in India, provided they adhere to specific financial regulations. All property transactions must be conducted through recognized banking channels, as cash deals are strictly prohibited. While NRIs are generally subject to the same loan terms as resident buyers, they are not directly eligible for the Pradhan Mantri Awas Yojana (PMAY) subsidy scheme.
Banks facilitate the home-buying process for NRIs by offering loan products comparable to those available to domestic residents. These financial arrangements are designed to streamline property acquisition for the diaspora, though participants must remain mindful of the tax implications and regulatory requirements associated with cross-border real estate investments.
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