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Home financing options for NRI buyers

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Home financing options for NRI buyers

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  1. Home Loan Offers

  2. Home financing options for NRI buyers

  3. When a non-resident Indian (NRI) opts to purchase a property in India, there are several regulations that govern how such a purchase can be financed. • Sources, for financing a real estate investment in India • The money for purchasing a property in India has to come through banking channels only. Consequently, the payment cannot be tendered in the form of traveller’s cheque or foreign currency. • An NRI can also use the money in his/her credit, in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account, maintained in India.

  4. NRIs are allowed to purchase property in India, Home Loan Offers in Indian rupees, from banks or housing finance companies. The home loan can also be granted by the Indian employer of the NRI employee, for the purpose of financing of the property. • Obtaining a home loan As NRI investment in Indian real estate is only allowed in residential or commercial properties, banks too, can finance only these properties. • Almost all banks offer home loans to NRIs for buying a house or constructing one. One can also get a loan, for purchase of land (non-agricultural), for constructing a house in India.

  5. Remittances out of India An NRI is allowed to repatriate some of the funds, in case the property so acquired is sold. • However, the number of properties (whether purchased or inherited), for which s/he can remit or send money to India, is restricted to two. • Moreover, the amount that can be repatriated, cannot exceed the amount (denominated in foreign currency) received as remittances from outside India, either for purchase or servicing of the NRI home loan. • Under normal circumstances, an NRI is allowed to remit an amount of USD 1 million in a year, out of India, from his NRE, NRO, or FCNR accounts, which includes the amount remitted for sale of a house. • [Source: https://housing.com/news/home-financing-options-for-nri-buyers/?fb_comment_id=1385970634762386_1391418270884289#f1c4df5aac9bec]

  6. Click to know more on Home Loan Offers: https://www.hdfc.com/housing-loans/home-loans/for-new-homes-salaried Thank You…

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