13 October 2015
All-your-money-queries-answered
How to apply for NRI home loans?
My brother is an NRI and wishes to purchase property in India. Can he avail of a home loan? – Deepak Gulati, Chandigarh
There is no restriction on NRIs to purchase real estate in India as long as it is not agricultural land, which also includes farmhouses and plantation property. As he is an NRI, the payment for the purchase of property has to be through funds received in India via Indian banks. NRIs are eligible for loans as long as they satisfy the specific loan prerequisites by the lender.