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Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?
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.
Can an dealer grant loans to NRIs for acquisition of a flat/house for residential purposes?
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.
Can Indian companies grant loans to their NRI staff?
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.
Can an dealer grant housing loan to non-residents of Indian nationality where he is a principal borrower with his resident close relative as a co-obligate/ guarantor, or where the land is owned jointly by such NRI borrower with his resident close relative?
Yes. However, in such cases the payment of margin money and repayment of the loan installments should be made by the NRI.
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