Nri

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2014 whether an nri having foreign passport can give guarantee to a bank for obtaining loan by resident relative in india and also whether he can hypothecate his property in india to Indian bank for obtaining loan by his resident relative

Amol S Joglekar

Amol S Joglekar (Expert)
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03 January 2015 Yes, Bankers do accept such a guarantee. Bank normally insists that such a guarantee be executed and registered with that FOREIGN country.
The NRI having foreign passport can very well MORTGAGE/ hypothecate (as the case may be)
Again the banks may insist that such a deed be executed by the NRI in his country before appropriate authority of REGISTRATION