By Accommodation Times (www.accommodationtimes.com)
Non Residential Indians can also avail housing finance provisions for buying a residential property. They can buy a home and even can borrow home loan for self construction as well as redevelopment of the existing building in India.
The resident of India can avail home loan up to 80-85% of the total cost of property. Whereas, they can send down payment directly from abroad through any bank channel and also can use the
Non-resident external (NRE) account for make payments. And same procedure is for making EMI payments.
The FDI Policy that permits FDI up to 100% from foreign/NRI investor under the automatic route has boosted NRI confidence. Banks have attractive NRI housing schemes to accommodate the housing needs of NRIs. From the stables of HFCs, NRI housing finance plans with suitable repayment options are available.
However, for availing home loans, NRIs have to fulfill certain conditions according to provisions of the Income Tax Act. They should have stayed in India for a period of 182 days or more within an assessment year or they should have stayed in India for at least a total of one year or more.