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Can authorized dealer grant loans to NRIs for purchase of a flat/house for residential intention?

April 26, 2017authorized Dealer flat House Intention Loans NRIs purchase Residential

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Can authorized dealer grant loans to NRIs for purchase of a flat/house for residential intention?

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Ans.: Authorized dealers have been granted permission to grant loans to NRI’s for acquisition of house/flat for self-occupation on their return to India subject to certain conditions Repayment of the 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 investors’ NRE/FCNR/NRO accounts.