Housing loan in rupees to non-residents allowed with parity, security, and prescribed repayment channels. Authorised dealers and approved housing finance institutions may provide rupee housing loans to Non-Resident Indians and persons of Indian origin for residential acquisition in India, provided loan quantum, margin and repayment terms are at par with resident finance, loans are not credited to specified non-repatriable accounts, are fully secured by equitable mortgage (and lien if necessary), repayments are by remittance or from specified accounts or rental income (including via a relative's account), and interest rates conform to regulatory directives.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Housing loan in rupees to non-residents allowed with parity, security, and prescribed repayment channels.
Authorised dealers and approved housing finance institutions may provide rupee housing loans to Non-Resident Indians and persons of Indian origin for residential acquisition in India, provided loan quantum, margin and repayment terms are at par with resident finance, loans are not credited to specified non-repatriable accounts, are fully secured by equitable mortgage (and lien if necessary), repayments are by remittance or from specified accounts or rental income (including via a relative's account), and interest rates conform to regulatory directives.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
