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home loans

Last updated: June 16 2010
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  • home loans

    NRI living in US.
    Interest rates on mortgage - will US banks give home loans to buy property in Banglore with US rates of interest?
  • #2

    #2

    Re : home loans

    Originally posted by dssrsd View Post
    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?

    Comment

    • #3

      #3

      Re : home loans

      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

      Comment

      • #4

        #4

        Re : home loans

        Originally posted by rameshyahoo View Post
        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%

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