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RBI DIRECTIVES

NRIs and Persons of Indian Origin (POI) can acquire immovable property in India other than agricultural property, plantation or a farmhouse. The Reserve Bank of India (RBI) states NRIs and PIO purchasing immovable property in India, can pay for the acquisition by funds received in India through normal banking channels by way of inward remittance from outside the country.

The guidelines provided are:
  • The home loan amount should not exceed 85% of the cost of the dwelling unit, as the remaining amount that is 15% needs to be provided an own contribution towards the cost of unit financed
  • The cost of the dwelling unit which is own contribution financed less the loan amount, can be met from direct remittances from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India
  • However, repayment of the loan, comprising of the principal and interest including all the charges are to be remitted to the HFC from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India.

The repayment option for NRIs is they can pay through the funds held in any non-resident account maintained in accordance with the provisions of the Foreign Exchange Management Act, 1999, and the regulations made by the RBI from time to time.

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