NRIs not eligible for interest sops on home loans: RBI

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Mumbai: Housing loans extended to NRIs for construction of farm houses, and to staff members of the banks are not eligible for subsidy, RBI stated.

The Reserve Bank on February 8 said Non-Resident Indians would not be eligible for incentives on interest on home loans of up to Rs. 10 lakh.

Banks provide one percent interest subsidy for home loans of up to Rs. 10 lakh.

“Housing loans extended to NRIs for construction of farm houses, and to staff members of the banks are not eligible for subsidy under the scheme,” it said in a notification.

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