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Is it posible to get loan for buying a plot or land for NRI.If so please let me know the detailsCommentQuote0Flag
- Hi Gopinath,
If you're a non resident Indian, you can avail of a loan to purchase a plot of land from development authorities.
The security for the loan is generally the property to be financed. This security can be in the form of deposit of title deeds and/or such other collateral security as may be necessary
The borrower shall pay the installment of loan, interest and other charges by remittances from outside India through normal banking channels or out of NRE/NRO/NRSRIFCNR account in India.
The agreement for sale between the seller and the purchaser is required by law to be registered if the concerned property is in Delhi, though it varies from State to State. The same can be registered at the office of the Sub-Registrar appointed by the State government, under the Indian Registration Act, 1908.
Own contribution should be met from direct remittances from abroad through normal banking channels or from the Non-Resident (External) Account/Non-Resident (Ordinary) or the Non-Resident Special Rupee Account in India.
You can go ahead and take your loan!CommentQuote0Flag