Paying mortgage from India as an OCI holder

[agrawal_c]

Hi all


I am planning to purchase a property in UK before I move to India for one year as an OCI card holder. What I am not sure about is if I take employment in India, can I pay for my mortgage installments through my salary in India? Am I allowed to transfer funds from India on a regular basis to pay my UK mortgage.

Most likely it is always going to b rented so it should payfor itself, but just in case I I don't find a decent tenant, I wanted to cover all grounds. Do I need to get special permissions from RBI etc?


Thanks to you all in advance.

Kind regards

Charchit

[ban.s]

You'll be able to repatriate upto 1m USD per year from india though your NRO a/c after paying applicable taxes. You'll need permission from RBI ONLY if the amount exceeds 1m USD and/or source of money in India is not normal income or property sale

also see Facilities for Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs)

[agrawal_c]

You'll be able to repatriate upto 1m USD per year from india though your NRO a/c after paying applicable taxes. You'll need permission from RBI ONLY if the amount exceeds 1m USD and/or source of money in India is not normal income or property sale

also see Facilities for Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs)

ok, thank you very much for replying. this helps.

[ociuk]

Hi,
I am also planning to move to india for a period of time and let the house for tenants, do u think it is best to let it thru an estate agent, also how r u planning to deal with any problems in house repairs etc,
Thanks in advance,
Raj.

[ban.s]

Hi,
I am also planning to move to india for a period of time and let the house for tenants, do u think it is best to let it thru an estate agent, also how r u planning to deal with any problems in house repairs etc,
Thanks in advance,
Raj.

This is primarily an immigration forum. You may wish to post in property related forums and landlord's group for better advice.