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Can NRIs obtain loans for acquisition of a house/flat for residential purpose from authorized dealers or financial institutions providing housing finance?

April 26, 2017acquisition authorized financial institutions flat House Loans NRIs obtain purpose Residential

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Can NRIs obtain loans for acquisition of a house/flat for residential purpose from authorized dealers or financial institutions providing housing finance?

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Ans. Reserve Bank has granted general permission to authorized dealers and financial institutions providing housing finance which are approved by National Housing Bank to grant housing loans to Non-resident Indian national for acquisition of a house/flat for self occupation subject to certain conditions. Repayment of the loan should be made by inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO/NRNR/NRSR accounts. Rental income derived from renting out such acquired property by utilizing loan amount can also be used for repayment.