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Can NRI /PIO avail of a housing loan for purchase of residential accommodation or for repairs, renovation or improvement of the residential accommodation?

April 26, 2017accommodation avail HOUSING loan NRI PIO purchase renovation repairs Residential

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Can NRI /PIO avail of a housing loan for purchase of residential accommodation or for repairs, renovation or improvement of the residential accommodation?

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A.56 Yes. Such loans can be repaid by inward remittance through normal banking channel, by debit to NRI / FCNR /NRO account or out of rental income from renting out the property. The borrowers close relatives through their accounts in India can also repay such loans.