Can residential / commercial property be mortgaged by NRI/ PIO /OCI?

i) NRI / PIO can mortgage a residential / commercial property to: (a) an Authorised Dealer / the housing finance institution in India without the approval of Reserve Bank (b) a bank abroad, with the prior approval of the Reserve Bank. ii) A foreign national of non-Indian origin can mortgage a residential / commercial property only with prior approval of the Reserve Bank. iii) A foreign company which has established a Branch Office or other place of business in accordance with FERA/FEMA regulations has general permission to mortgage the property with an Authorised Dealer in India. C. Mode of payment for purchase of immovable property in India.

Tags: NRI's