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)