Buy house for my parents

Asha123,

I am not going to tell how to get a loan.But here are my other thoughts on your post?
Does your parents had any other kids?I would advise,buy appartment on your name and let your parents stay in that appartment.
Second thought,instead of you putting 20laks on that appartment,you can easily efford there rent right.I don't know how much rent there paying though.You can put some amount in the bank and the interest you get on the money,they can pay there rent.
If your husband is not interest to buying an appartment for your parents,then you need slow down and come to some common ground.
If you went ahead and make your own arrangements then there will long time smoke in your marriage.So take it slow.

 

dear,
i can Here i am not going to say how to take loan, jus 2 cents

if u want to buy a house for your parents, buy it in your name and let them stay there. its an investment for you and your hubby MAY NOT stop you from helping them. if ur parents and ur DH share a good realtionship u can goahead. think before u take a loan:idea.

We females have to think 1000 times before we offer a helping hand for our parents after marriage. V.Sad.

 

Asha ,your credit history is bad in US, you need house in India. Why dont you apply home loan there instead in banks? 20 lakhs is big amount as down payment. Agreed these days prices of good apartments in good area is really high , but try to be reasonable. Its understandable that you want to have them live in good place but typically in India girls do not support their parents to buy houses after their marriages. So to expect your husband to go out of the way to accept such things is not easy.. The question is not of right or wrong. There can be too many issues now and later due to this factor....I dont know what else to say but see if your husband can agree for you to take home loan in India and you can see how reaonable your parents can be to live in not so expensive place. I would still feel rental apartments are much cheaper considering the sky rocket prices that apartments are selling at...But you will have to do your homework taking all factors

 

This might not be popular advice, but here is what I think.

You have no right to go behind your husband's back to buy your parents a house. That is so decepive and sets a bad standard for what behavior is allowed in your marriage. If you deceive him today, watch out, because he may assume it's ok to do the same to you tomorrow.

Sorry to say, but if your parents want a house in Hyderbad, then they should sell the one they've got in their home town and use the proceeds to buy a new place in Hyderbad.

And obviously you are clueless when it comes to how financial burden works. Just because you don't take money from your "joint" account, doesn't mean you aren't taking money away from the household. When you spend money, especially for some huge item like a house, it decreases the amount you and your dh have for YOUR and HIS future. Unless you are Oprah Winfrey, you should not so casually be buying other people houses.

If they can't afford the rent for their apartment, they should find a cheaper apartment (like the rest of the world does when they can't afford the place they're living). And if they still can't afford any rent in a decent place, then I think it's acceptable to step in and help them with the rent and their necessary expenses. But to buy a house behind your husband's back when there are other alternatives is really asking for trouble.

And for the record, my answer would be the same even if you were a guy. It's not a question about 'what girls can do for their parents', it's a matter of it being wrong to deceive your spouse and take on a financial burden which is detrimental to you and your spouses future.

 

Asha

Do you know how much longer your parents are going to stay in Hyderabad? If they are going to be there just temporarily, renting would probably be a better option unless it is an investment you wish to make, to have a property back in India for when you move back! If that is the case, your husband should be totally be on board too, since the properties will be registered in both your names and it would not really be fair to expect your dad to pay the EMIs for your house.

Now if they have permanently shifted base to Hyderabad, would it be possible to sell the house back in your hometown and that money be utilized towards the down payment for the one you want to buy? That way, you dad will also not feel obligated and you need put up with the husband's long face! Even if the house you own back in your hometown does not cover the entire 20L, you can cover the rest of the amount with probably a smaller loan from India or a little explanation to your husband on how you need some money from your savings to help parents in India. He probably won't refuse if it is not such a huge amount.

 

[JUSTIFY]Hii..even I don't know about loan and all. but just a suggestion....which area is this in Hyderabad ?? 20 lakhs down payment is too much. My locality has very good apartments with down payment of 10 lakhs or so....a bit less than that too... you can pay down payment easily and remaining apply for home loan....

Sorry for diverting the thread.[/JUSTIFY]

 

OP,

If you pitch this as an investment you can probably get an enthusiastic buy in from your hubby. Many NRIs want to invest in real estate in India and often have no one reliable to take care of it.

I, for one, would love to buy a house for all relatives that I trust so they can live there and pay me rent that they can afford (below market, even zero, is fine!) while I participate in the appreciation of price.

If you pitch it that way, your hubby will go for it as who is a better risk to invest with than your parents?

 

I feel the only convincing thing to do is to buy the house in your name and your husband's name and give it to your parents to live for free.
If not, this whole incident will come back and bite your a$$ bigtime.