Q.1231 Can Nepali Citizen get

house with house loan in India?

Question: Hello sir, My wife is Indian and am a Nepali citizen.we both not interested in changing our nationality after marriage hence we did not alter. I am residing in India from 7-8 years and we both are salaried employees in private organization. We would like to buy a home in India with the help of loan (wife and husband together). I would like to know if I am eligible to take loan ?? We planned to keep house property on both names . Am I eligible to do so ?? Else I need to keep property on my wife name itself ?? Incase I need to take permission from RBI , plz let me know procedure. Thank you. Answer: Citizens of Nepal should be able to buy property in India under Article 7 of the 1950 Treaty of Peace and Friendship between India and Nepal. Article 7 states: ‘The Governments of India and Nepal agree to grant, on a reciprocal basis, to the nationals of one country in the territories of the other the same privileges in the matter of residence, ownership of property, participation in trade and commerce, movement and other privileges of a similar nature.’ However, going by the Reserve Bank of India rules citizens of Nepal regardless of their residential status, require prior permission of the Reserve Bank to buy or sell immovable property in India. For the benefit of other readers, prior permission of the Reserve Bank to purchase property in India is also required by citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Bhutan, Macau, Hong Kong or Democratic People’s Republic of Korea (DPRK). OCI holders from these countries may be exempt from seeking prior permission to purchase immoveable property. It would be prudent for you to check with a lawyer in India to ensure current purchase rules are followed so that you do not have problems at time of property registration. If your intention is to get the property registered jointly with your wife who has Indian citizenship your lawyer may be able to guide you as to the best way to proceed. Citizens of Nepal can open Indian rupee accounts with authorized banks in India, you should check with them for home loan procedure