Would you like to...

Print this page

Email this page

Post a comment

User Opinions

100% 0% (1 vote)

---

How would you rate this answer?

Helpful

Not helpful

Thank you for rating this answer.

1) Can NRIs obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?
Ans: Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC,LIC Housing Finance Ltd.,etc. to grant housing loans to non-resident Indian nationals for acquisition of houses/flats for self-occupation subject to certain conditions.

2) Can authorised dealer grant loans to NRIs for acquisition of a flat/house for residential purposes?
Ans: Authorised dealers have been granted permission to grant loans up to non-resident Indian nationals for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years out of inward remittance through banking channels or out of funds held in the investments' NRE/FCNR accounts.

3) Can Indian companies grant loans to their NRI staff?
Ans: Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.

4) What are the options available for obtaining guarantors while applying for a HDFC/LIC loan ?
Ans: One will need a guarantor for a loan mainly for collateral security. The guarantor will have to demonstrate appropriate networth to cover for the loan. Usually one can have a guarantor in any city where the loan issuer has a branch. Talk to loan issuers they will work something out for NRIs and foreign banks

5) What is meant by "Own Contribution"? How can this "Own Contribution be paid"?
Ans: 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 (External) Account/Non-Resident (Ordinary) or the Non-Resident Special Rupee account in India.