Can OCI card holders buy and sell property in India?

Can OCI sell property in India?

So, coming to the main question – whether OCI Cardholder can buy, hold, transfer or sell immovable property in India without prior approval of the Reserve Bank of India (RBI)? Yes. OCI Cardholder is at parity with Non-Resident Indians (NRIs) towards property transactions.

Can OCI cardholders sell property in India without RBI permission?

NRIs & OCI card holders often acquire immovable property in India. … The Supreme Court (SC) recently delivered a judgment declaring that the sale or gift of property by a foreigner without the permission of RBI is illegal.

Can OCI holder inherit property in India?

NRI/OCI can inherit any immovable property (including agricultural land, farm house, plantation property) from Person resident in India or from Person resident outside India. Funding: … Housing loan can be availed to acquire the property from Authorised Dealer (AD) Bank or a housing finance institution in India.

Can OCI holder live permanently in India?

OCI cardholders do not need a visa to visit, live or work in India.

Can OCI get Aadhar card?

Aadhaar Card enrollment is presently available to residents in India. OCI Cardholders who stay in India for a long time (over 182 days in twelve months immediately preceding the date of application for enrolment) and have an Indian address can also enroll for Aadhaar Card in India.

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What are the disadvantages of OCI card?

The OCI card benefits refer to the rights you gain, like working, living, and entering India as many times as you want. One of the major drawbacks is that you must surrender your Indian passport as India doesn’t accept dual citizenship. Still, this is a chance for Indians living and working abroad.

What is the new OCI rule?

OCI cardholders are no longer required to obtain new OCI cards each time they receive a new passport. … The Indian government is additionally introducing a new online portal for OCI cardholders to upload copies of their passports each time they receive a new passport up to the age of 20 and only once after the age of 50.

How long can I stay in India with OCI?

cardholders ? (i) An OCI is entitled to life long visa with free travel to India whereas for a PIO card holder, it is only valid for 15 years.

Is OCI same as NRI?

The NRI status can also be given to citizens who live abroad but have the roots connected to India whether through their parents or guardians. On the other hand, OCI cardholders are foreigners or citizens who want to work or to study within the Indian territory.

Is OCI valid for lifetime?

The OCI card is a lifelong visa available for citizens of Indian origin. Once you get it, you will obtain all the rights any resident in India has. You can live and work in India. The OCI card is valid for 10 years after issued and it allows Multiple Entry to the country.

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How long is OCI valid?

For an applicant who is 50 years of age or older, OCI documents must be re-issued once after the issuance of a new passport. If the OCI card is issued for the first time after the age of 50 years, then there is no need for re-issuance of OCI.