NRIs and OCI card holders can buy homes and commercial property in Mumbai without any RBI approval. Under FEMA rules, you cannot buy agricultural land, plantation property or farmhouses. You must pay through Indian banking channels, like an NRE, NRO or FCNR account. You can take a loan from an Indian bank and handle the deal through a power of attorney. This guide covers each step, the papers you need, tax rules and how to send money back.
| Property Type | Can NRIs Buy? |
| Residential flats and houses | Yes, with no limit on number |
| Commercial property | Yes |
| Agricultural land | No |
| Plantation property | No |
| Farmhouses | No |
NRIs can also receive any property as a gift or inheritance from a resident Indian relative.
All payments must go through Indian banking channels. You cannot pay in foreign currency notes or travellers' cheques.
Paying from an NRE or FCNR account makes it easier to send sale money back abroad later.
| Document | Why You Need It |
| Valid passport | Proof of identity and NRI status |
| OCI card, if applicable | Proof of eligibility for foreign citizens of Indian origin |
| PAN card | Needed for property deals and tax filing |
| Overseas address proof | Required by banks and builders |
| Passport-size photos | For the agreement and loan papers |
| Power of attorney, if used | Lets a trusted person act for you in India |
| Bank statements (NRE or NRO) | Proof of payment through legal channels |
Most leading Indian banks offer home loans to NRIs. Rates are close to those for residents, often starting in the 7% range for strong profiles. Banks usually lend up to 75% to 80% of the property value.
You repay the loan from your NRE or NRO account, or through inward remittance. Banks look at your overseas income, job stability and credit history. Some also ask for a co-applicant who lives in India.
Many NRIs cannot travel to Mumbai for every step. A power of attorney lets a trusted family member sign papers and register the deal for you. You sign it abroad before the Indian consulate or a notary, and then get it stamped in India.
Keep the power of attorney specific to the property and its tasks, which protects you from misuse.
Tax rules change often, so speak to a chartered accountant before you buy or sell.
NRIs can send sale proceeds abroad within set limits under FEMA. You can repatriate the sale value of up to two residential properties. The amount you can send back usually cannot exceed what you paid in foreign exchange.
Keep all payment records, bank statements and tax papers safe. You will need them when you apply to your bank for repatriation.
NRI buyers often choose large branded projects, as they cannot visit the site often. Trusted builders offer MahaRERA-registered projects, digital updates and clear paperwork. For example, Prestige Grove Park in Borivali offers 2 and 3 BHK homes from about ₹2.55 Cr. The project plans to launch in March 2027, with possession targeted for December 2031.
Look for builders who offer video calls, online payment tracking and a dedicated NRI desk. These make the whole process much easier from abroad.
Yes, NRIs and OCI card holders can buy residential and commercial property in Mumbai. They do not need special RBI approval for this. They cannot buy agricultural land, plantation property or farmhouses.
Yes, most Indian banks offer home loans to NRIs. They usually fund up to 75% to 80% of the property value. You repay the loan from your NRE or NRO account or through remittance.
You can pay from an NRE, NRO or FCNR account, or through direct inward remittance. Payments from NRE or FCNR accounts make repatriation easier, but you cannot pay in foreign cash.
Yes, NRIs pay the same stamp duty and registration fee as residents. In Mumbai, stamp duty is 6%, or 5% for women buyers. The registration fee is 1%, capped at ₹30,000.
Yes, an NRI can buy through a power of attorney given to a trusted person in India. You sign the power of attorney at an Indian consulate or before a notary abroad. You then get it stamped in India before use.
Yes, NRIs can repatriate sale proceeds of up to two residential properties. The amount usually cannot exceed what you paid in foreign exchange. Keep all payment and tax records for your bank.
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