Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?
RBI has granted general permission to authorized dealers and financial institutions providing housing finance which are approved by NHB (National Housing Bank) to grant housing loans to Non-resident Indian national for acquisition of a house/flat for self occupation subject to certain conditions. Repayment of the loan should be made by inward remittance through banking channels or out of funds held in the investors' NRE/FCNR/NRO/NRNR/NRSR accounts. Rental income derived from renting out such acquired property by utilizing loan amount can also be used for repayment.
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