NRI home loan repayment by resident relatives now possible
By Joseph Samson
Sep 20, 2011
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Resident Indianshave now been allowed by Reserve Bank of India to repay home loans on behalf of their NRI relatives.

Close kins of residents who are either non resident Indians (NRI) or people of Indian origin (PIOs) can now get home loan repaid through Indian relatives.

"..It has been decided that where an authorised dealer (bank) in India has granted loan to a non-resident Indian..., such loans may also be repaid by resident close relative of the non-resident Indian by crediting the borrower's loan account through the bank account of such relative," said RBI in a notification.

Repayment however does not apply to all loan products and is restricted to home loans only.


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