What are the Guidelines Issued by the Reserve Bank of India for grant of Housing Loans to NRIs?
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, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India. Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India. What is meant by “Own Contribution”? How can this “Own Contribution be paid”? Own Contribution is the cost of the dwelling unit financed less the loan amount. The own contribution should be met from direct remittances from abroad through normal banking channels or from the Non-Resident (Ext
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- What are the Guidelines Issued by the Reserve Bank of India for grant of Housing Loans to NRIs?
- Has the Reserve Bank of India issued any guidelines for grant of housing loans to NRIs?
