r2i forum

Hi,

I am thinking of Purchasing residential land (assume it is not approved and it is not agricultural land) in Chennai ( outside Municipal limit). I have checked with ICICI and was told that "no personal loan for NRI and no loan outside municipal limit".

I am looking for other alternatives to get a loan. Can I get a loan anywhere based on my salary.

Please guide me.

With regards,

The best way to raise money if you live in the US or UK is to raise it locally rather than India and transfer the funds .
Although, i haven't tried this route,but i would assume the loan rates are much cheaper in the west and easier to get in comparison to India.
If you have a home you could release some equity from it or remortgage it works out even more cheaper as it adds to your exsisting mortgage,but then it becomes a secured debt.
Unsecured debt can be more expensive and can be got if you have a stable job and 3 months wage slips.

Try for personal loan in Pentagon Federal Credit Union. Interest rate is pretty reasonable and chances of approval is also good if your credit score is decent.

Hi,

I would like to thank everybody for your answers. I live in USA. But I don't have my own home yet. So I will try schinnaraj's suggestion "i.e Try for personal loan in Pentagon Federal Credit Union"

With regards,

I was also in same situation (no house here, no green card etc) but got the loan within 3 days. Interest is also very reasonable, if you have any personal questions, please send me a private message.

-Saran

Hi,
What is the interest rate Pentagon Federal Credit Union offers? My credit score is around 680
Thank you

Interest rate is 8.99% and they don't change rate as per your credit score, either you get it or not. Wondering why you didn't go to their web site to gather required information, I guess you don't have internet connection :emwink:.