Here are some quick points for NRI's:
- NRI's are eligible to buy property in India
- NRI's are not eligible to buy agricultural land or farm houses
- NRI will have to give a power of attorney to a resident indian to handle affairs or complete the purchase process in India.
- NRI's are eligible for home loans and they are easily available.
- NRI's can repatriate up-to $1 million each year to the overseas bank accounts.
- Rental income from any property in India attracts taxes.
- Sale of property is subject to taxes depending on short term or long term capital gains.
- NRI's can inherit ancestral property
- NRI's can receive gifts in the form of property.