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I am intending to buy a flat worth 60 laks rupees in India, I am an Indian Citizen. I have 35 laks rupees in my bank (sale proceeds of a flat) and I want to fund the remaining 25 laks as;

  • 15 laks from bank loan and
  • 10 laks from a NRI friend.

Can this be done. Please advise.

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You can take a loan from NRI. The funds have to come from specified account [NRE or inward remittance]. Maximum rate of interest should be less than RBI rate plus 2%. The loan repayment should be in your friends NRO account. Please see the guidelines here

  • Should "cannot be more than 2% of RBI rate" be "cannot be more than 2% above RBI rate"? – TripeHound Sep 1 '17 at 6:43
  • @TripeHound Thanks. Reworded to bring the clarity. – Dheer Sep 1 '17 at 7:06

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