Can NRIs obtain loans for the purchase of residential real estate from financial institutions providing housing finance ?
The Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC and authorized dealers (see “helpful links” below) to grant housing loans to non-resident Indian nationals for the purchase of residential real estate, 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 (see “abbreviations”).
