India has a great deal of liberty as long as investments are concerned. Along with the natives, PIOs (Person of Indian Origin) & NRIs (non-residential Indians) can also invest in immovable assets in India. A spouse of an NRI is also treated as an Indian citizen and hence allowed to purchase property in India. Overseas Corporate Bodies (OCBs) predominantly owned by NRIs (at least 60%) including trusts are allowed to own properties in India. Foreign organisations and individuals need special permission from RBI to acquire any form of real estate in India. This process becomes simpler when it’s a lease for only 5 years.
Is co-ownership of properties permitted?
Joint ownership of property is permitted with the spouse, son, daughter, father or mother. However, cHowever, Go-owners of the property are required to be the co-borrowers of home loan.