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Can NRI avail loans for purchase of immovable property?

April 26, 2017avail immovable Loans NRI Property purchase

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Can NRI avail loans for purchase of immovable property?

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The Reserve Bank of India (RBI) has issued certain guidelines for granting loans to non resident Indians. The Guidelines are :The loan amount shall not exceed 85% of the cost of the dwelling unit.Own contribution, which is the cost of dwelling unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels , or from the Non-resident (External) [NR(E)]account and / or Non-resident(ordinary)[NR(O)] account and / or Non resident special rupees account [NRSR] in India.