Providing housing loan in rupees to a non-resident

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..... using Bank may provide housing loan to a non-resident Indian or a person of Indian origin resident outside India, for acquisition of a residential accommodation in India, subject to the following conditions, namely: (a) the quantum of loans, margin money and the period of repayment shall be at par with those applicable to housing finance provided to a person resident in India; (b) the loan amount .....

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..... ny relative of the borrower in India by crediting the borrower's loan account through the bank account of such relative. 1 Explanation: The word `relative' means `relative' as defined in Section 6 of the Companies Act, 1956. (e) the rate of interest on the loan shall conform to the directives issued by the Reserve Bank or, as the case may be, by the National Housing Bank. ************* .....

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