Q.1. How can an NRI / PIO make payment for purchase of residential / commercial property in India?
A.1. Payment can be made by NRI / PIO out of
(a) funds remitted to India through normal banking channel or
(b) funds held in NRE / FCNR (B) / NRO account maintained in India

No payment can be made either by traveler's cheque or by foreign currency notes.
No payment can be made outside India.


Q.2. Can NRI / PIO, avail of housing loan in rupees from an authorized dealer or housing finance institution in India approved by the National Housing Bank for purchase of residential accommodation or for the purpose of repairs / renovation / improvement of residential accommodation ? How can such loan be repaid?
A.2. Yes, NRI/PIO can avail of housing loan in rupees from an Authorized Dealer or housing finance institution subject to certain terms and conditions. Such a loan can be repaid
a. by way of inward remittance through normal banking channel or
b. by debit to his NRE / FCNR (B) / NRO account or
c. out of rental income from such property.
d. by the borrower's close relatives, as defined in section 6 of the Companies Act, 1956, through their account in India by crediting the borrower's loan account.