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punjabi77 09-21-2008 07:30 PM

How to get loan in US for buying property in Home country
 
I know many people on this forum must have taken loan in US and used that money to buy property in India. I plan on doing the same, but need good advice regarding how to get the loan and from where and if this is legal.
I would appreciate if people can reply to this thread and give valuable information.

edaltsis 09-21-2008 09:36 PM

As far as I know a bank in US wont give you loan for a home in India (or your home country other than US). You can only get a personal loan but the interest rate will be high (11% or so).

saiimmi 09-21-2008 09:45 PM

Not exactly sure. But if you own a house (or two) and have a sizeable equity then you can get a loan on the equity that you can use to buy property in India. But it is a double edged sword. Be careful.

DSLStart 09-21-2008 09:45 PM

use home equity line of credit if you own a home in US.

Quote:

Originally Posted by punjabi77 (Post 291815)
I know many people on this forum must have taken loan in US and used that money to buy property in India. I plan on doing the same, but need good advice regarding how to get the loan and from where and if this is legal.
I would appreciate if people can reply to this thread and give valuable information.


GCWhru 09-21-2008 10:12 PM

Get a personal loan on your vehicle..

gsc999 09-22-2008 09:35 AM

Not bank will do that...especially now
 
Quote:

Originally Posted by albertpinto (Post 291826)
my friend had done this using by taking a loan from citibank..I guess u need to find a bank like the above that has a branch in both countries

---
I had done some research on this few months back. Couldn't find a single bank which does that. Some banks loan for properties in Mexico, probably because of large Latino population etc but not in Asia. But look around, I might have missed something. Given the current sub-prime crisis this sounds more difficult.

The Citibank loan that is mentioned here is at much higher interest rates of around 11% or more and that loan will be owned by the Indian subsidiary of the multi-national bank even though you originate it in US. You might also have to put local co-borrower in local country where you are buying this property. Also the customer service will be spotty even though the bank may have local US office in your area because you will need to deal with the branch in local country.

Hope this helps. Sorry to disappoint you, no loan @ 3% or 4% in US for buying property in Asia and generating higher growth rates.

sriramkalyan 09-22-2008 11:06 AM

Home loan
 
Here is the break down -

if the home costs you 400k ..

You put in minimum 5% down - 20k

Closing costs - 16k

------------------------------
You need 40k ... minimum
------------------------

Right .. in your bank account you should see 50K .. to get a Loan ..

I believe you have it ... So for this advise i charge you

a contribution of $20 to IV ..

Good day

gcbikari 09-22-2008 11:22 AM

You will see the offer in mail when you qualify
 
You will see the offer in mail when you qualify. Look for credit card offers with low APR for cash advance also. I got these offers starting from 2004 till last year and used many of them. Having said that it will be a dream in current market to expect any such offer from banks.

Quote:

Originally Posted by punjabi77 (Post 291815)
I know many people on this forum must have taken loan in US and used that money to buy property in India. I plan on doing the same, but need good advice regarding how to get the loan and from where and if this is legal.
I would appreciate if people can reply to this thread and give valuable information.



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