There is no need to take any prior permission from RBI or any authority for purchase of residential and commercial property in India for an NRI or Person of Indian Origin (PIO). Also there is no restriction on the number of properties an NRI can purchase. But you cannot buy any agricultural land, agricultural estate or farm house in India. Such property received as a gift or inherited can only be a legal ownership.
Banks and Housing Finance Companies who are registered with National Housing Bank can provide home loan facilities for NRIs as per the general permission of RBI. The loan taken by NRI from any of these banks shall be given in Indian rupees and shall also repayable in Indian rupees.
An NRI can get up to 80% of the value of property from financial institution. Rest of the amount is to be arranged by NRI from his resources.
Ashoka Realty offers luxurious 2 and 3 BHK homes for NRIs in their on-going project Royale. Visit the project page for more information.