Q: Can authorised dealer
grant loans to NRIs for acquisition of a flat/house for residential
purposes?
A: Authorised dealers have been granted permission
to grant loans 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 investors' NRE/FCNR/NRO
accounts.
Q: Can authorized dealer
grant housing loan to non-residents of Indian originality where
he is a principle borrower with his resident close relative as a
co-obligent / guarantor or where the land is owned jointly by such
NRI borrower with his resident close relative?
A: Yes. However, in such cases, the payment
of margin money and repayment of the loan installments should
be made by the NRI borrower.
Q: What are the guidelines for acquisition of agricultural land / plantation property / farmhouse by NRIs and foreign citizens of Indian origin?
A: All requests for acquisition of agricultural
land / plantation property / farm house by any person resident
outside India may be made to The Chief General Manager, Reserve
Bank of India, Central Office, Exchange Control Department, Foreign
Investment Division (III), Mumbai 400 001.
NRI Housing Loan Details
Institution Max Loan
Amt .(Rs) Ceiling Max.Term ROI EMI PER LAC Basis of Calculation
ANZ 1 Crore 85% 7 Years 14.25% 1930 Monthly Reducing
CITIBANK 50 lacs 80% 7 Years 13.75% 1860 Daily Reducing
HDFC 50 lacs 85% 7 Years 5 Years-11.5% FIX
11%Variable
7 Years -12% FIX
11.5% Variable 2284
2255
1826
1798 Annual Reducing
HUDCO 50 lacs 85% 10 Years 13% 1494 Monthly Reducing
ICICI 1 Crore 85% 5 Years 11.25% 2269 Annual Reducing
LIC 50 lacs 75% 10 Years 13% 1536 Annual Reducing
Citibank Loans are available only for NRI's in the Middle East.
LIC will extend the term of the loan to 10 years for professionals.
Ceiling refers to the maximum percentage of the property value which
will be funded by the Institution and the balance has to be funded
by the customer.
EMI per lac figures shown above on the monthly Payments that the customer will have to make spread over the maximum term that the institution is willing to provide.
DISCLAMER
The above details are subject to change