Quick answer
Yes — NRIs and OCI cardholders can buy flats in Surat without RBI approval, as long as payment comes through Indian banking channels (NRE, FCNR(B), NRO or inward remittance). They can take a home loan on the same 75% LTV terms as residents, deduct 1% TDS when buying from a builder, and sign documents through a power of attorney if they cannot travel.
What NRIs and OCIs can and cannot buy
| Allowed without RBI approval | Not allowed |
|---|---|
| Residential flats and houses | Agricultural land |
| Commercial property | Plantation property |
| Any number of properties | Farmhouses |
Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau, Hong Kong and North Korea need prior RBI permission (except leases up to five years); this restriction does not apply to OCI cardholders.
How to pay
| Use | Don't use |
|---|---|
| Inward remittance through normal banking channels | Foreign currency cash |
| Debit to your NRE account | Travellers' cheques |
| Debit to your FCNR(B) deposit | Payments routed through a third party's account |
| Debit to your NRO account | Cash in rupees |
Pay the builder's RERA collection account directly and keep the bank's remittance advice for each payment — you will need it for repatriation later.
Buying an under-construction flat from abroad, step by step
- Shortlist on location, configuration and RERA completion date — our comparison of Surat luxury projects puts them side by side.
- Video walk-through of the site and sample flat; a family member can visit on your behalf.
- Verify RERA registration, approvals and quarterly progress on the GujRERA portal.
- Book from your NRE/NRO account. Under RERA the builder cannot take more than 10% before a registered agreement for sale.
- Sign the agreement for sale in person on a visit, or through a registered power of attorney.
- Pay construction-linked demands, deducting 1% TDS from each payment and filing Form 141.
- Take possession after the building-use (BU) permission, then register the sale deed or conveyance.
The resident's version of this process, with every document, is in our Surat buying process guide.
NRI home loans
Eligibility and published terms
| ICICI Bank | HDFC Bank | Bank of Baroda | |
|---|---|---|---|
| Who | NRIs; salaried abroad 1+ year, self-employed 3+ years | NRIs and PIOs | NRIs (Indian passport), PIOs, OCIs |
| Minimum income | USD 42,000 a year (US and others); AED 84,000 (GCC) | Lender assessment | Lender assessment |
| Tenure | Up to 30 years | Up to 20 years | As per scheme |
| Rate | Repo-linked | 7.75% – 13.20% | From 7.20% |
| Signing from abroad | Power of attorney allows disbursal | Power of attorney in HDFC's format | — |
Loan-to-value limits are the same as for residents — 75% of the property value above ₹75 lakh — and stamp duty cannot be financed. See the home loan guide for EMIs and pre-EMI during construction.
Repaying the loan
EMIs can come from NRE or NRO accounts, inward remittances or rent from the property. During construction, HDFC Bank's tranche-based EMI lets you start principal repayment from the first disbursement.
Documents for an NRI loan
Passport, visa or residence permit (or OCI card), PAN (ICICI accepts Form 97 from OCIs), recent salary slips, three months of overseas bank statements, and for some countries a recent overseas credit report.
TDS for NRI buyers and sellers
| Scenario | Who deducts | Rate | How it is filed |
|---|---|---|---|
| NRI buys a new flat from a builder (resident seller) | Buyer | 1% when price is ₹50 lakh or more | Form 141 (formerly 26QB), PAN-based, no TAN |
| Anyone buys a resale flat from an NRI seller — up to 30 Sep 2026 | Buyer | On the seller's capital gain: 12.5% + surcharge + cess if held over 24 months; slab rate if shorter | TAN required; Form 27Q |
| Anyone buys from an NRI seller — from 1 Oct 2026 | Buyer | Same rates as above | PAN-based Form 141 (Schedule E), no TAN — confirm on incometax.gov.in |
An NRI seller can apply for a certificate for lower or nil deduction if the actual gain is smaller than the TDS would imply.
Power of attorney for a Gujarat purchase
Executing it abroad
Sign before a notary, then get it apostilled in a Hague Convention country (US, UK, Canada, Australia and most of Europe) or attested at the Indian embassy or consulate elsewhere (for example the UAE, Qatar and Kuwait).
Stamping within three months
Under the Gujarat Stamp Act, 1958 an instrument executed outside the state must be stamped after it is received in Gujarat, and the Collector cannot adjudicate it after three months from its first receipt in the state. Send the original to your attorney promptly.
Registration
A power of attorney used to buy or sell immovable property should be registered with the Sub-Registrar where the property is located. Keep the scope specific: the project, the unit and the acts permitted.
Selling later: repatriation
RBI allows repatriation of sale proceeds for up to two residential properties, provided the purchase was funded through banking channels. Funds in an NRO account can be remitted up to USD 1 million per financial year after tax. Your chartered accountant will guide you on the remittance forms your bank asks for.
Documents checklist
| Document | NRI (Indian passport) | OCI cardholder |
|---|---|---|
| PAN | Required | Required (or Form 97 where the lender accepts it) |
| Passport | Indian passport | Foreign passport |
| Status proof | Visa / residence permit | OCI card |
| Overseas address proof | Yes | Yes |
| Bank statements | NRE/NRO | NRE/NRO |
| Power of attorney | If not signing in person | If not signing in person |
Why Surat appeals to NRI families
Many Surati families abroad — in the Gulf, the UK and North America — buy close to where relatives already live. Surat's international airport at Magdalla sits minutes from Vesu and Dumas Road, the metro's first section runs along VIP Road, and luxury projects such as Pramukh One Tapi on the Tapi riverside in Piplod and Avadh Classima near the airport offer large homes that need little management while you are away. We run video walk-throughs and can attend site visits with your family.
Sources
- RBI — FAQs on acquisition of immovable property by NRIs/OCIs (Id 1855) — 6 Apr 2023
- FEMA (Borrowing and Lending) Regulations, 2018
- ICICI Bank — NRI home loan — checked 29 Sep 2026
- HDFC Bank — NRI home loans — checked 29 Sep 2026
- Income Tax Department — Form 141 FAQs
- ICICI Bank — TDS on sale of property by NRI — 15 May 2026
- Indian Pay Calculator — NRI property TDS: no TAN from 1 Oct 2026 — 25 Sep 2026
- Gujarat Stamp Act, 1958 — sections 19, 31, 32
Last reviewed 29 Sep 2026 by the Surat Niwas research desk under our editorial policy. Tax and FEMA rules change; confirm with a chartered accountant before remitting. This guide is general information, not legal, tax or investment advice — confirm figures with the official portal, your bank or your advocate before you act.