Flat in India - Can I use father\'s funds

[Tandoori]

I have paid the initial installment for my flat in India through my NRE account.

1. Given the exchange rate at the moment is low andI have some money in my father's account in India. Can my father make payments towards my flat using that money?


2. My father is also the joint account holder on the NRE account. He signed the cheque for the first installment from the NRE account, does that still make that payment eligible for repatriation?

[Tandoori]

Can someone help on this pls.

[gwldaddu]

I have paid the initial installment for my flat in India through my NRE account.

1. Given the exchange rate at the moment is low andI have some money in my father's account in India. Can my father make payments towards my flat using that money?


2. My father is also the joint account holder on the NRE account. He signed the cheque for the first installment from the NRE account, does that still make that payment eligible for repatriation?

I have no idea about how loans work in India. But my intuition says, why will bank have a problem with your father paying EMI?

Regarding your comment on exchange rate being low at present.. Can you really make predictions? Can you tell me how much will the rate be one year down the line?

From the fact that your father is a joint holder in your account, it seems you have an NRO account and not NRE account. NRO account by definition is non repatriable. But with new changes in laws, you can repatriate it after paying appropriate taxes. So, the point is it does not matter if the money is being paid from your NRO account or your father's account. Both are same from repatriation point of view.

[Tandoori]

Actually this is not a loan but I have some of my indian salary in my Dad's account that I wanted to use rather than transfer now.

I know that exchange rate prediction is beyond my understanding but atm its at historical lows. Yes father is not joint account holder but mandate holder in NRE. Thanks for your help.

[gwldaddu]

Actually this is not a loan but I have some of my indian salary in my Dad's account that I wanted to use rather than transfer now.

I know that exchange rate prediction is beyond my understanding but atm its at historical lows. Yes father is not joint account holder but mandate holder in NRE. Thanks for your help.

I hope more posters will put insights into your loan/transfer query.

However, I am still unable to understand what you mean by historically low? Around January 2008, the rate was close to 39 Rs to a dollar. Currently it is close to 44 Rs.