Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Loans for buying property in a foreign country
Old 01-07-2012, 08:01 AM   #1
Recycles dryer sheets
 
Join Date: Aug 2009
Posts: 141
Loans for buying property in a foreign country

Hello folks,

One of my retirement goals is to buy a house in India. I have been in the US since Oct 2009 and have had only one loan ($8K car loan) which I paid without any problems. I have a secured credit card ($2K limit) which I use about 30-50% every month and pay the bills in full. So I think my credit history is clean, its just not that old enough so I don't know where I stand with respect to the credit score.

I would like to take advantage of lower interest rates here in the US (If I get loan in India, I may end up paying 15% and up due to my non resident status). I am just not too sure how do I go about with the loan that I would like to use in India. Almost everywhere I read, the author suggests to shop around for loan. At the same time, I have heard that if you make a lot of loan applications, it may lower your credit score. In such case, how do I really 'shop around'?

Any pointers are welcome.
noelm is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-07-2012, 08:43 AM   #2
Thinks s/he gets paid by the post
NYEXPAT's Avatar
 
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,992
You can get a free credit score at www.quizzle.com to get you started. US Banks will not give you a mortgage for overseas property, so you will be looking for an unsecured loan with the higher rates they entail. Some overseas banks will give you a mortgage based on your income (in the US) and credit score. This generally how foreigners (in the US) are able to buy in their home country. Typically, countries with a more mature mortgage industry, will give you a mortgage if you make payments for 6 mos-1 year (= to the proposed mortgage payment) then that money is used as the down payment and you are granted the mortgage. Also, look into builders loans in your home country. Builders of new properties will typically finance you with 40% down and 5 year duration.
NYEXPAT is offline   Reply With Quote
Reply

Tags
loans


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
RE in a cheaper country, problem in returning back to mother country landover Life after FIRE 33 08-26-2011 11:14 PM

» Quick Links

 
All times are GMT -6. The time now is 02:01 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.