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Can NRIs obtain loans for the acquisition of a flat for residential purpose from authorized dealers / financial institutions providing Housing Finance?

April 26, 2017acquisition authorized Dealers financial institutions flat Loans NRI obtain purpose Residential

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Can NRIs obtain loans for the acquisition of a flat for residential purpose from authorized dealers / financial institutions providing Housing Finance?

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Yes, RBI has granted general permission to certain HFC’s (Housing Financial Institutions) like HDFC, ICICI etc and authorised dealers for the provision of Housing loans to NRI’s. The repayment of loan should be made within a period not exceeding 15 years out of inward remittances / out of funds held in the investors NRE / FCNR / NRO accounts.