Can authorised dealer loans to NRIs for acquisition of a flat/house for residential purpose?
Authorised dealers have been granted permission to grant loans up to Rs. 10 lakhs to non-resident Indian nationals for acquisition of only one house/flat for self-occupation on his return to India subject to certain conditions. At least 25 per cent of the cost should however be remitted from abroad by way of foreign inward remittance through banking channels or out of funds held in the investor’s NRE/FCNR accounts.
Authorised dealers have been granted permission to grant loans up to Rs.10 lakhs to non-resident Indian nationals for acquisition of only one house/flat for self-occupation on his return to India subject to certain conditions. At least 25 per cent of the cost should however be remitted from abroad by way of foreign inward remittance through banking channels or out of funds held in the investor’s NRE/FCNR accounts.
