RBI allows residents to pay housing loans of NRI relatives
(PTI) MUMBAI: The Reserve Bank has allowed resident individuals to repay housing loans in rupee on behalf of their close relatives, who are non-resident Indians (NRIs) or People of Indian origin ( PIO).
"..It has been decided that where an authorized 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," the apex bank said in a notification.
However, this repayment facility is restricted to housing loan only, it noted.
In another circular, the central bank allowed resident individuals to pay for medical expenses of their non-resident close relatives, who are on visit to India. Presently, a resident individual can pay bills of their NRI kins for boarding, lodging, travel to and from and within India.
In another notification, the apex bank allowed resident individuals to gift up to USD 200,000 per fiscal in rupees to their NRI close relatives.
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