Each
housing finance
company and
bank follows
the RBI guidelines.
“An
Indian national
who holds
a valid passport
as India and
left for employment
abroad or
for carrying
on business
or outside
vocation or
stays abroad
in circumstances
indicating
an intention
for an uncertain
duration of
stay abroad
is an NRI.”
The RBI directive
on home loans
is different
for non-resident
Indians, NRIs.
According
to Reserve
Bank of India
(RBI), non-resident
Indians, NRIs,
the purchase
of real estate
in India should
pay for the
acquisition
by funds received
in India through
normal banking
through transfer
of funds to
Inside and
outside the
country. According
to RBI directive
on home loans,
NRIs can also
purchase property
in India other
than agricultural
property,
plantations
or farms.
RBI has issued
some RBI directive
on housing
loans for
non-resident
Indians.
The guidelines
provided are
as follows:
-
The amount
of home loan
should not
exceed 85%
of the cost
of the dwelling
unit that
the remaining
amount 15%
must be made
a contribution
to the cost
of the unit
of funding.
The cost of
housing which
is financed
can be met
by direct
remittances
from abroad
through normal
banking, non-resident
external account
or non-resident
ordinary account
in India.
However, the
repayment
of the loan,
including
principal
and interest
including
all expenses
must be paid
to housing
finance company
from abroad
through normal
banking, non-resident
external account
or non-resident
ordinary account
in India.
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