Other than an NRI-s who holds an Indian passport, any Person of Indian origin(PIO) who is currently holding a passport of a different country, but was himself an Indian citizen earlier or whose ancestors have been Indians upto the fourth generation(great grandparents), is considered a PIO. The current country of residence can be any except Afghanistan, Bangladesh, Bhutan, China, Iran, Nepal, Pakistan & Sri Lanka. He will have a free passage to India without a visa.

Overseas citizen of India (OCI) on the other hand has a lot of misconceptions around it. People think that it is a dual-citizenship card. Please understand that there is no such thing, as India does not allow any citizen of other country to hold an Indian citizenship. An OCI has no voting rights in India and he cannot have a government job or hold any legislative position in India. Simply put, he is not an Indian citizen.

Henceforth, applicants may apply for OCI card only, as PIO card scheme is no longer in existence. Transfer of PIO Card to OCI card is optional. One can apply for OCI card in lieu of valid PIO card free of any charges.

All NRI, PIO and OCI can buy residential or commercial properties in India.

Home loan is easily available for all three categories in India. Some multinational banks have special schemes and easy paperwork too. They do not seek a POA for extending home loan to NRI-s. However, there are plenty country restrictions with different lenders. So, getting an advisor on your side will be an intelligent move.

Reserve Bank has granted general permission to foreign citizens of indian origin, whether resident in india or abroad, to purchase immovable property in india for their bona fide residential purpose. they are, therefore, not required to obtain permission of reserve bank.

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from nre/fcnr accounts maintained with banks in india.

They are required to file a declaration in form ipi 7 with the central office of reserve bank at mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.

Reserve bank permits indian firms/companies to grant housing loans to their employees deputed abroad and holding indian passports subject to certain conditions.