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NRI/PIO/OCI Home Loans
ARE NRI/PIO/OCI ELIGIBLE FOR HOUSING LOANS TO BUY PROPERTY FROM ANY INDIAN BANK?
An authorised dealer or a housing finance institution in India approved by the National Housing Bank may provide housing loan to a non-resident Indian or a person of Indian origin residing outside India. for acquisition of a residential accommodation in India, subject to the following conditions, namely:
- the quantum of loans, margin money and the period of repayment shall be at par with those applicable to housing finance provided to a person residing in India.
- the loan amount shall not be credited to Non-resident External (NRE)/Foreign Currency Non-resident (FCNR)/Non-resident non-repatriable (NRNR) account of the borrower.
- the loan shall be fully secured by equitable mortgage by deposit of title deal of the property proposed to be acquired, and if necessary, also be lien on the borrower’s other assets in India.