Can NRI/PIO, avail of housing loan in rupees

Property ID- 10378



some very important points to know regarding buying,selling,renting NRI property deals

 Can NRI/PIO, avail of housing loan in rupees from an authorised
dealer or housing finance institution in India approved by the National
Housing Bank for purchase of residential accommodation or for the
purpose of repairs/renovation/improvement of residential accommodation?
How can such loan be repaid?

 Yes, NRI/PIO can avail of housing loan in rupees from an Authorised
Dealer or housing finance institution subject to certain terms and conditions.
(Please refer to Regulation 8 of Notification No. FEMA 4/2000-RB dated 3.5.2000
and AP. (DIR) Series Circular No. 95 dated April 26, 2003).
Such a loan can be repaid 
(a) by way of inward remittance through normal banking channel or
(b) by debit to his NRE / FCNR (B) / NRO account or
(c) out of rental income from such property.
(d) by the borrower's close relatives, as defined in section 6 of the Companies
Act, 1956, through their account in India by crediting the borrower's loan account.

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