Providing housing loan in rupees to a non-resident

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..... al Housing Bank may provide housing loan to a non-resident Indian or a person of Indian origin resident outside India, for acquisition of a residential accommodation in India, subject to the following conditions, namely: (a) the quantum of loans, margin money and the period of repayment shall be at par with those applicable to housing finance provided to a person resident in India; .....

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..... ired by utilisation of the loan 1 or by any relative of the borrower in India by crediting the borrower's loan account through the bank account of such relative. 1 Explanation: The word `relative' means `relative' as defined in Section 6 of the Companies Act, 1956. (e) the rate of interest on the loan shall conform to the directives issued by the Reserve Ban .....

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