What way non-resident Indian can finance the flat

Question: What way non-resident Indian can finance the flat?

Answer(s)

Raju Kanumuri: The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from the original non-resident account or from Non-resident (External) Accounts. When the flat is under construction, it may be possible to get installment facilities from the builder. The loan may also be available in India for purchase of flats, for example from State Bank of India, Housing Development Finance Corporation, IDBI, Axis bank, etc.

Non-resident Indians who are citizens of India (India Passport holders) are eligible for housing finance for the acquisition of immovable property or construction of a new house or a flat for their occupation or for that of their family in India. But the HDFC also considers granting of loans to non-resident Indians even if they are abroad, provided a family member of his or her in India is made a co-borrower and a power of attorney is given to his representative in India.

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