The Reserve Bank of India has granted general permission to certain financial institutions providing housing finance. HDFC, LIC Housing Finance Ltd., etc., to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions.

Dealers have been granted permission to grant loans to non resident Indian nationals for acquisition of house/flat for self-occupation on their return to India subject to conditions. Repayment of the loan should be made within a period not exceeding 15 years out of inward remittance though banking channels or out of funds held in the investors’ NRE/FCNR/NRO account.

The Reserve Bank of India permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.