A person of Indian origin means an individual
( not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan ) who:
i)  Held an Indian Passport at any time, or
ii) Who or whose father or paternal grand father was a citizen of India by virtue of the Constitution of India or the
    Citizenship Act, 1955.

There are no restrictions on the numbers of Residential/Commercial Properties ( other than Agricultural land/ Farm house / Plantation ) that can be purchased.

No. All Indian citizens are entitled to buy property in India, irrespective of their residential status

The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR(B)/NRO accounts maintained with banks in India.

Currently there is no lock in period.

Yes.
Reserve Bank of India has granted general permission for sale of such property to the following categories:-
    “To a NRI
    “To a PIO ( If the seller is a PIO, then a prior approval is required from RBI )
    “To a person Resident of India

Yes the sale proceeds can be remitted/repatriated out of India In the event property acquired out of foreign exchange source i.e. remittance through normal banking channels/ debit to NRE/ FCNR(B) accounts, the amounts to be repatriated should not exceed the amount paid for such property from such source. However, repatriation of sale proceeds purchased out of foreign exchange is restricted to not more that two residential properties, in a block of one year, with a facility of crediting the Capital gain to the NRO account. Again in the event the property was acquired out of Rupee source, an amount not exceeding USD one million, per financial year, subject to tax compliance, out of balance held in NRO account, may be remitted/repatriated.

Yes. The Reserve Bank has granted general permission for letting out any immovable property in India.

Before you buy a property, you must get a title and document search properly conducted by hiring a competent advocate. You cannot examine the documents on your own, and thus, professional assistance needs to be taken.

Carpet Area: It refers to the area of the apartment, excluding the area of the walls.
Built-up Area: It comprises the apartment area as well as the area of the walls.
Super Built-up Area: This term is used only when referring to multi-dwelling units. It includes the apartment area,
                                  the area of the walls and the area under common spaces like lobby, staircase, elevators, etc.

The following documents must be properly verified by an advocate before buying a property:

	Approved Layout Plan
	Approved Building Plan
	Title Ownership Documents
	Complete Search

Stamp Duty refers to charges in the form of taxes levied by the State Government. 

The following instruments have a great influence on the payment of Stamp Duty on the market value of the property:

	Agreement to Sell
	Conveyance Deed
	Exchange of Property
	Gift Deed
	Partition Deed
	Power of Attorney
	Lease Transfer

A Freehold Property refers to any plot or flat, where there is a sole proprietary ownership with no conditions under the land laws, and there is no less or lessee involved.

You might be required to hire an advocate to render his professional services for the proper examination of the authentication of the documents submitted by the seller.

Non Resident Indians (NRI ) can take loans for building a house or for buying a plot or house in the country. 

Every bank follow the RBI guidelines to define NRI, "An Indian citizen who holds a valid Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI."

Interest rates for NRI loans do not vary much from that of the Indians living in this country.  But the loans will be sanctioned only for a shorter period. NRIs will get only 85% of cost of home as loan amount. The size of the loan depends upon the borrower's repayment capacity.  Up to 36 times of the gross monthly earnings of the applicant may be issued as loan.  However, there is a maximum limit. Calculation of eligibility is same as that of Indians living in the country. 
* EMI (The amount to be repaid to the bank every month)

As the NRI is living far away, banks have to take greater care and therefore they will ask for more documents for ensuring their eligibility for issuing loans.  They include

•  Passport and Visa

• A copy of the appointment letter and contract from the company employing the applicant.

• The labour card/identity card (translated in English and countersigned by the consulate)
  if the person is employed in the Middle East

• Salary certificate (in English) specifying name, date of joining, designation and salary details.

• Bank Statements for the last six months

Property Documents :

• Original title deeds tracing the title of the property for a minimum period of the last 13 years.

• Encumbrance Certificate for the last 13 years.

• Agreement of sale /construction, if any.

• Approved plan / license.

• ULC clearance /conversion order etc.

• Receipts for having invested the margin money through normal banking channels from the Non-Resident ( External ) account in India and / or the Non-Resident ( Ordinary ) account in India.

• Latest tax paid receipt.

The re-payment can be made as equated monthly Installments (EMI) through Non - Resident Ordinary (NRO) account or the Non Resident External (NRE) Account. 

For security, most banks insist that the first mortgage of the property should be in their name. If the property is under construction then adequate additional security is required such as guarantee of third party (either resident or non-resident).