Who is a NRI under the provisions of Foreign Exchange Management Act?
Generally, an Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad or a person who is not resident in India for a period over 182 days is a non-resident Indian. Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents.
Home Loans FAQs for NRIs:
For what kinds of property is a NRI eligible for Home loans?
A home loan is sanctioned to the NRIs for any of the following housing finance schemes:
a) To purchase a house that is ready-built, under construction or from a second owner.
b) To fund the purchase of a plot of land allotted by a society / development authority.
c) For self-construction of a property on a plot of land.
d) For renovation or improvement of an existing property in India.
Financial facilities from Government as well as private sectors banks are available for all Raj Group projects.