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The Reserve
Bank of India (RBI) has clarified that Non-Resident Indians
(NRIs) and Persons of Indian Origin (PIO), purchasing immovable
property in India should pay for the acquisition by funds
received in India through normal banking channels by way of
inward remittance from outside the country.
The NRIs and Resident
Indians can also acquire immovable property in India other
than agricultural property, plantation or a farmhouse. It
has issued certain directive for sanctioning home loans to
Non-Resident Indians. The guidelines provided are:
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The home loan amount should not exceed 85% of the cost
of the dwelling unit, as the remaining amount that is 15%
needs to be provided an own contribution towards the cost
of unit financed.
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The cost of dwelling unit which is own contribution financed
less the loan amount, can be met from direct remittances from
abroad through normal banking channels, the Non-Resident (External)
[NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account
in India.
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However, repayment of the loan, comprising of the principal
and interest including all the charges are to be remitted
to the HFC from abroad through normal banking channels, the
Non-Resident (External) [NR(E)] Account and /or Non-Resident
(Ordinary) [NR (O)] account in India.
The repayment option
for NRIs as they can pay through the funds held in any non-resident
account maintained in accordance with the provisions of the
Foreign Exchange Management Act, 1999, and the regulations
made by the RBI from time to time. As most of the home
loan provider companies consider the economical stability
of the applicant, home loans for NRIs are quite feasible,
because they are well in economic resource.
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