If the rupee loan was taken by the NRI from an authorized dealer for the purchase of a residential property can an NRI repatriate the sale proceeds of

Question: If the rupee loan was taken by the NRI from an authorized dealer for the purchase of a residential property can an NRI repatriate the sale proceeds of such property?

Answer(s)

Raju Kanumuri: Yes, Authorised Dealers have been authorised to allow repatriation of sale proceeds of residential accommodation purchased by NRIs/ PIOs out of funds raised by them by way of loans from the authorised dealers/ housing finance institutions to the extent such loan/s repaid by them are out of the foreign inward remittances received through normal banking channel or by debit to their NRE/FCNR accounts. The balance amount, if any, can be credited to their NRO account and the NRI/PIO may repatriate up to USD one million per financial year (April-March) subject to payment of applicable taxes from their NRO account balances which would also include the sale proceeds of the immovable property.

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