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Q: Are NRO/NRE account holders eligible for loans against their fixed deposits?
A: Yes, except for the purpose of relending, carrying on agricultural/plantation activities or for investment in real estate business. Loans against NRE fixed deposits can, however, be utilized for...
Q: What is the maximum value of loans that can be taken against NRE/FCNR deposits?
A: The total value of all loans taken against NRE / FCNR accounts should not exceed Rs. 20 lakhs
Q: Can a loan be given to third parties on the security of an NRE/FCNR deposit?
A: Yes, a loan can be given to the third party on the security of an NRE/FCNR deposits.
Q: What are the purposes for which loans are given against NRE/FCNR deposits?
A: Loans can be taken against NRE / FCNR deposits for the following purposes:
*Personal purpose or for carrying on business activities
*Direct investment on non-repatriation basis by way of...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.
Q: What way can the non-resident Indian finance the flat?
A: No, there is no restriction on the number of residential or commercial properties that NRI/PIO can purchase under the general permission available.
Q: Can NRIs give a power of attorney in favor of a person of his choice in India to complete loan formalities on my behalf?
A: Yes, normally it is desirable to appoint a Power of Attorney in India to represent you in dealings in India. The power of Attorney should be executed as per drafts provided by the housing finance...
Q: Can an NRI avail housing loan against security of immovable property?
A: Yes, Authorised dealers and hosing financial institutions in India approved by the National Housing Banks may grant housing loans to NRIs/PIOs for an acquisition of immovable property in India...
Q: Can a resident Indian take loan from NRI?
A: An Indian Company cannot accept loans or deposits from an NRI or a Non-Resident Person as the same is prohibited under Foreign Exchange Management Act, 1999 since 2004. 2. However, an NRI can lend...
Q: Can NRIs avail loans for acquisition of residential properties in India?
A: As per the Reserve Bank Of India guidelines, NRIs can avail bank loans from only certain financial institutions in the country. The regulations/conditions will be at par with those applicable to...
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