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NRI: LOANS
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What are the various loan options
available to a NRI?
Loans to NRIs may be:
- Foreign currency loan in India against the
security of funds held in FCNR (B) accounts.
- Rupee Loans against FCNR (B) and NRE fixed
deposit funds.
- Housing loans
- Car Loans
- Loan against the security of shares or
other securities held in the name of the borrower or against the security of
immovable property.
- Rupee Loan against security of assets
'other than shares and immovable property'.
- Rupee loan granted by an Indian body
corporate, to an employee who is a non-resident Indian or a Person of Indian
Origin. The loan may be for personal purposes including purchase of housing
property in India.
- Loan in foreign currency granted by an
Indian company to its employees in branches outside India. The loan must be
granted for personal purposes in accordance with the lender's Staff Welfare
Scheme / Loan Rules and other terms and conditions as applicable to its
staff in India and abroad.
72.Can Rupee loans be taken against NRE/FCNR
deposits in India by the depositor himself?
Yes.
73.For what purpose can these loans be
taken?
- For personal purposes or for carrying on
business activities
- For direct investment in India on non
repatriation basis by way of contribution of the capital of India firms /
companies
- For acquisition of a flat / house in India
for own residential use.
74.How do I avail a Loan agaianst
Deposits?
You can avail a loan in Indian rupees against the
security of NRE TDR / STDR or FCNR deposits.
You need not close the deposit prematurely, and can avail the loan:
- At the branch where you maintain the
deposit.
- As an overdraft or as a demand loan.
- For a maximum of 90% of the face value of
deposit, and including the interest accrued on the deposit.
- At an interest rate linked to SBI Prime
Lending Rate against FCNR deposits.
- At an interest rate linked to interest paid
on the deposit, for a loan against NRE TDR / STDR deposits.
Note:For the current rate of
interest please get in touch with your branch.
75.Can a loan be given to third parties
in India on the security on NRE/FCNR deposits?
Yes.
76.Can loans be taken abroad against
the security of these deposits by the depositor?
Yes.
77.Can the loans be taken abroad by
third parties against the security of these deposits?
Yes.
78.Can foreign currency loans be
availed by third parties in India against the security of NRE/FCNR deposits?
No.
79.On return to India, can the NRI
retain his assets abroad?
Yes, on return to India, NRI need not declare or
surrender their foreign currency assets and the income earned thereon.
80.I want to buy a property in India,
who should I contact for loan?
You may
Contact the Nodal Officer of the Circle in which you wish to buy the
property.
81.How much loan is available against
Fixed Deposit?
Loan / Overdraft facility is available upto 90%
against Fixed Deposit.
82.Are there any prohibitions for the
purpose for which the loan is taken?
The loan cannot be used for the purpose of
relending, carrying on agricultural/plantation activities or for investment in
real estate business .Loans against NRE fixed deposits can, however, be utilised
for investments in India on non-repatriation basis, in certain specified areas
and for acquisition of flats/houses subject to prescribed conditions
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