HDFC | India-Real-Estate.org

Question: Can NRIs obtain loans for acquisition of a house/flat for residential purpose from authorised dealers/financial institutions providing housing finance in India?

Answer: The Reserve Bank of India (RBI) has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing loans to NRIs for acquisition of a NRI house/flat for self-occupation subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts. Continue reading Can NRIs Get Housing Finance in India? →

India’s largest housing finance company HDFC has reduced home loan rates by as much as 150 basis points (ie 1.5%).

So now, the floating rate for home loans has come down from 11.25% to 9.75%, which is the same level as in 2006.

Real estate advisers say the maximum benefit from this rate cut will be for those people looking for home loans between Rs 20 to Rs 30 lakh.

For home loans below Rs 20 lakh, the reduction is 50 basis points as the earlier rate was 10.25%.

This home loan rate cut by HDFC comes on the back of two successive 50 basis point cuts in deposit rates in recent weeks.

This development is also likely to help the troubled real estate sector by getting them some much needed liquidity.

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Can NRIs Get Housing Finance in India?

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