Q: Can i get loans against my NRE term deposits?
A: Yes, you can get up to 85 % of your Term deposits as loan. The maximum limit as is Rs.20 lakhs as per RBI guidelines. The loan cannot be used for the purpose of re-lending, carrying on...
Q: Can Indian companies grant loans to their NRI staff?
A: RBI permits Indian companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.
Q: What are the options available for obtaining guarantors while applying for loans?
A: One will need a guarantor for a loan mainly for collateral security. The guarantor will have to demonstrate an appropriate net worth to cover for the loan. Usually one can have a guarantor in any...
Q: Can loans be given to third parties against the security of NRI deposits in India?
A: Loans to third parties are allowed against the collateral/ security of NRI deposits subject to fulfillment of certain formalities. Loans/ overdrafts cannot be given for carrying on agricultural/...
Q: Can loans/overdrafts be repaid in Indian rupees?
A: Yes. Commercial rate of interest as applicable is charged if the adjustment is done in Indian Rupees.
Q: What is the interest rate for the home loans for NRI?
A: The interest rate for NRI home loans starts at 9.00%
Q: What is the minimum and maximum time allowed to repay home loans for NRI?
A: The minimum tenure for repaying NRI Home Loan is 1 year and the maximum time given to repay your NRI Home Loan is 15 years.
Q: What are the documents required for NRI to get home loans?
A: The following are the required documents to get home loans for NRI
* Copy of valid passport showing VISA stamps.
* Copy of valid visa/work permit/equivalent document supporting the NRI status of...
Q: What are the Flexi EMI plans available to NRIs?
A: Standard EMI Plan:
Standard EMI Plan allows you to pay the principal amount along with the interest consistently for your defined tenure
1. EMI amount remains the same for the entire home loan...
Q: If an Indian Resident die and his executor in India transfer his money (3 crs) to an NRI who is grandson of deceased, whether RBI permission require for transfer of money from deceased or executor account to NRI (USA) in his NRO account in India. Deceased has made will and WILL is probated in Court.
A: Yes, an NRI/PIO can receive a gift from a resident relative. However, the amount cannot exceed the limit prescribed under LRS, i.e., $250,000 per financial year
The account can be credited with...