Yes, if you are:
• An Indian resident or NRI
• Above 21 years of age at the commencement of the loan
• Below 65 when the loan matures
• Either salaried or self employed

Who is a non-resident Indian (NRI)?
An Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs) for the purpose of certain facilities.

Who is a person of Indian Origin?
For the purposes of availing of the facilities of opening and maintenance of bank accounts and investments in shares/securities in India:

A foreign citizen (other than a citizen of Pakistan or Bangladesh) is deemed to be of Indian origin, if,

• he, at any time, held an Indian passport, or
• he or either of his parents or any of his grand parents were citizens of India by virtue of the Constitution of India or   Citizenship Act, 1955   (57 of 1955)

Note: A spouse (not being a citizen of Pakistan or Bangladesh) of an Indian citizen or of a person of Indian origin is also treated as a person of Indian origin for the above purposes provided the bank accounts are opened or investments in shares/securities in India are made by such persons only jointly with their NRI spouses.

For investments in immovable properties:

A foreign citizen (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka, or Nepal), is deemed to be of Indian origin if,

• he held an Indian passport at any time, or
• he or his father or paternal grand-father was a citizen of India by virtue of the (Constitution of India or the Citizenship   Act, 1955 (57 of    1955)