NRI living in US.
Interest rates on mortgage - will US banks give home loans to buy property in Banglore with US rates of interest?
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  • Originally Posted by dssrsd
    NRI living in US.
    Interest rates on mortgage - will US banks give home loans to buy property in Banglore with US rates of interest?


    This is strange!! Never heard of it!! I fail to understand y u want to go for home loans from US banks and pay in dollars rather than INR from Indian Banks?? Any specific reason?
    CommentQuote
  • Because interest rates in US are half that of India.

    No foreign bank will provide you a housing loan however you can go for personal loan

    if you're credit score is good you might qualify for 8-9% personal loan.

    Other option is to take up the offers on 0% APR for 6-12 months on credit cards. Most now have a 4% transaction fee so your actual interest in that period is 4%.

    You can then transfer the outstanding amount to another card at 0% (assuming that offer is present) when the 6-12 months is over.

    One thing to watch for if you do this is that you dont want to charge this card for any other purchases.

    Higher APR purchases are paid off by your monthly payment before the lower ones.

    With a bit of due diligence it is possible to leverage this option for amounts upto $ 20k USD
    CommentQuote
  • Originally Posted by rameshyahoo
    Because interest rates in US are half that of India.

    No foreign bank will provide you a housing loan however you can go for personal loan

    if you're credit score is good you might qualify for 8-9% personal loan.

    Other option is to take up the offers on 0% APR for 6-12 months on credit cards. Most now have a 4% transaction fee so your actual interest in that period is 4%.

    You can then transfer the outstanding amount to another card at 0% (assuming that offer is present) when the 6-12 months is over.

    One thing to watch for if you do this is that you dont want to charge this card for any other purchases.

    Higher APR purchases are paid off by your monthly payment before the lower ones.

    With a bit of due diligence it is possible to leverage this option for amounts upto $ 20k USD


    Another option is to take a HELOC (Line of Credit) and use it to pay off the property. HELOC interest are very low right now - about 2.5%
    CommentQuote