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NRI Forum

 Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?
Rakesh jain

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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Comments(4)

Ketan.S  -  21 May, 2013
Are Loan available for buying Land/Plots
Gagan Sethi  -  19 Jul, 2013
Whats the interest rate presently for home finance and upto what percentage do the banks finance
Sunil  -  29 Jul, 2013
@Ketan, No, loans are not usually available for buying lands/plots.
Raj  -  29 Jul, 2013
@Gagan, The present interest rates for home finance usually range from 10.15% to 10.95%. Depending on the client profile banks finance up to 80% of the total property price.

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