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Can authorised dealer grant loans to NRIs for acquisition of flat/house for residential purposes?

April 26, 2017acquisition authorised Dealer flat House Loans NRIs purposes Residential

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Can authorised dealer grant loans to NRIs for acquisition of flat/house for residential purposes?

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• Authorised dealers have been granted permission to grant loans to NRIs for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. Repayment of loan should be made within a period not exceeding 15 years out of inward remittance through banking channels or out of funds held in the investor’s NRE/FCNR/NRO accounts.