Section 10(iii) in Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018
(iii)An Authorized Dealer in India being the Indian correspondent of an overseas lender may, subject to the directions issued by the Reserve Bank in this regard, create a mortgage on an immovable property in India owned by an NRI or an OCI, being a director of a company outside India, for a loan to be availed by the company from the said overseas lender.
