Taking loan on H1B to buy house in India

robert1991 · Post by **robert1991** » Thu Nov 01, 2012 3:13 pm

Go with government bank, they have less interest rates....

vizagdesi · Post by **vizagdesi** » Thu Nov 01, 2012 4:02 pm

Does US Banks give you personal loan of $50K?

Dreaming · Post by **Dreaming** » Thu Nov 01, 2012 7:14 pm

desiVidesi;437877 ...
I wanted to know whether I should take a home loan from a US bank or from an Indian bank. ...

I may be wrong, but I highly doubt if any US bank will offer you a home loan for a home in India. you will get a personal loan, but not home loan (aka mortgage). Rate of a personal loan is higher than the home loan, but definitely lower than Indian rates.

loan amount will be about $45k to $50k (depending on conversion rate). Depending on your credit score and bank, if you can manage a personal loan it will be great. If you have steady stream of income and decent savings, opt for a credit card with 0% balance transfer every year. Use that money to pay off your personal loan in us. Usually these cards charge 3% balance transfer fee ... 3% < personal loan rate.

Good luck!