NRI Guide to Buying Property in Mumbai (2026)

Under FEMA rules, NRIs and OCI cardholders can buy most property types just like resident Indians. There is no limit on the number of homes you can own. The table below shows what you can and cannot buy.

Buying from overseas works smoothly once you follow a clear order, and the main steps run like this:

• Get a PAN card if you do not already have one, since every property deal needs it.
• Open an NRE or NRO account with an Indian bank for all payments.
• Shortlist projects and check their MahaRERA registration on the official website.
• Pay the booking amount through your NRE or NRO account and collect a receipt.
• Apply for an NRI home loan if you need funding, once the bank approves the project.
• Sign and register the Agreement of Sale in person or through a Power of Attorney holder.
• Pay instalments as per the payment plan and take possession on completion.

Keep these documents ready before you book, since missing papers can delay your loan and registration:

• Valid Indian passport, or OCI card with a foreign passport
• PAN card linked to your bank account
• Overseas address proof, such as a utility bill or bank statement
• Visa or residence permit for your country of stay
• Six months of NRE or NRO account statements
• Passport-size photos and a notarised Power of Attorney, if someone acts for you

FEMA rules allow payment only through Indian banking channels in Indian rupees. You cannot pay in foreign currency, cash or traveller's cheques. Each account type suits a different need:

Paying from NRE, FCNR or direct remittance makes it easier to take sale money back abroad later. So plan your payment source with repatriation in mind from day one.

Most leading banks and housing finance firms offer NRI home loans in India. Banks fund up to 75% to 80% of the value, with loan tenure of up to 20 years. You repay the EMIs from your NRE or NRO account in rupees.

Banks usually ask for your employment contract, salary slips and overseas credit history. Since a lender approves the project before it approves your loan, choose a developer with a strong record. That step helps your loan move faster once you sign the agreement.

NRIs pay the same stamp duty and registration charges as residents. The main costs to add to your budget look like this:

If you buy a resale home from another NRI, the TDS rules change. You then deduct tax on the seller's capital gains and need a TAN. So consult a chartered accountant before you pay.

A Power of Attorney (PoA) lets a trusted family member or lawyer sign documents for you in Mumbai. You sign the PoA abroad, get it attested or apostilled, and send the original to India. Your PoA holder then gets it adjudicated at the local stamp office within three months of arrival.

Keep the PoA specific to the property and the tasks involved. A narrow PoA protects you from misuse while still letting your representative handle registration and possession.

When you sell your property later, you can take the money back abroad under set limits. If you paid from NRE, FCNR or remittance funds, you can repatriate proceeds for up to two homes. Funds in an NRO account can go abroad up to USD 1 million in each financial year.

You will need Form 15CA and a chartered accountant's certificate in Form 15CB to move the money. Long-term capital gains for NRIs now attract 12.5% tax without indexation, so plan with your tax adviser.

Distance makes small errors costly, because you cannot always visit the site or the bank in person. Watch out for these common slips:

• Paying the booking amount before you check the project's MahaRERA registration
• Using an NRO account for the purchase and then facing limits when you repatriate
• Signing a broad Power of Attorney that gives your representative more control than needed
• Forgetting to deduct 1% TDS and file it on time, which can lead to interest and penalties
• Ignoring currency swings, since a weaker rupee changes how much you remit for each instalment

A quick call with a property lawyer and a CA before booking helps you avoid most of these.

Many NRIs now look beyond Mumbai's island city at Thane, where larger homes cost less per sq. ft. Thane, part of the Mumbai Metropolitan Region, gains from Metro Line 4 and the upcoming Thane-Borivali Twin Tunnel. These links bring BKC, Powai and the western suburbs closer.

Prestige Falcon City Thane offers NRIs a branded option here, with 2, 3 and 4 BHK homes. Prices start at ₹1.62 Cr, and the 10-stage payment plan spreads instalments over nearly five years. That long gap makes remittance planning much easier. Prestige Group also brings 40+ years of experience and 300+ delivered projects, which helps with bank approvals. You can compare current rates on the Prestige Falcon City Thane price page before you shortlist.