Can a NRI obtain a loan for purpose of acquiring a residential or commercial property in India?

Can a NRI obtain a loan for purpose of acquiring a residential or commercial property in India?

Can a NRI obtain a loan for purpose of acquiring a residential or commercial property in India?

Certain Financial Institutions has been granted general permission by the Reserve Bank to provide housing loans to NRI nationals for acquisition of a NRI House/ Flat for self-occupation subject to certain conditions. These financial institutions are HDFC, LIC Housing Finance Ltd., etc and other authorized dealers.

Norms regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to Resident Indians. 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 investor’s NRE/FCNR/NRO Accounts.