NRI guide · 3 min read
NRE, NRO and FCNR accounts: how NRIs pay for Indian property
The way you pay matters as much as what you buy. A clean banking trail makes registration, tax filing and any later repatriation far easier.
The usual routes
- Inward remittance from your overseas bank account into India.
- An NRE account, which holds money you have brought in from abroad.
- An NRO account, which holds income earned in India, such as rent.
- An FCNR deposit, which is held in foreign currency.
Good habits
- Pay only to the account named in the builder agreement, never to an individual.
- Keep every remittance advice, receipt and bank statement.
- Ask your bank which documents it needs if you plan to repatriate the sale proceeds later.
- Use your own accounts. Payments from third parties can cause problems at registration and at sale.
Home loans are available to NRIs from many Indian banks, with their own eligibility rules. Ask the bank for its current terms. This is general information, so confirm the details with your bank or a chartered accountant.
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