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Best Loan Option for NRIs

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Best Loan Option for NRIs

Last updated: August 31 2007
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  • Best Loan Option for NRIs

    Hello,

    As an NRI residing in USA, I was wondering if someone could offer advice on the best loan option for NRIs? I guess it boils down to 2 options:

    1. Take an unsecured personal loan (currently around 9%), or secured (home equity) loan (currently around 8%) in USA.
    Pros: Lower APR %, interest on home equity loan is tax deductible, can manage the loan payments conveniently.
    Cons: None I can think of.

    2. Take a home mortgage loan in India (currently around 12%).
    Pros: The builder could possibly assist with the loan paperwork.
    Cons: Higher interest rate, several hidden fees (amounting to another 2% or more)

    Please let me know if I'm missing anything.
Tags: loan nris option
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