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NRI loan - help

Discussion in 'General Discussions - USA & Canada' started by rosegirl, Jul 19, 2010.

  1. rosegirl

    rosegirl Bronze IL'ite

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    Hi
    We are looking to buy a property and want to take a NRI loan for 20 lakhs.Which banks offer that, do we need a mortgage ? Anybody know the procedure ?
     
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  2. sree3

    sree3 Bronze IL'ite

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    Hi Rosegirl. I dont know about buying a property in the US, but if you were planning to buy a property in India, you have the following options,

    1. Selling agent(cy) would be happy to arrange for the loan - They would be having ties with banks i understand.

    2. Approach yourself banks like SBI, ICICI with sale agrrement details and docs. Please know that govt banks like SBI and such would require more andmore andm ore documentation and your loan application processing could drag for months, where as the same does not happenw ith private banks they are more eager to get things done than you are :rotfl

    I recently made a purchase of property in India and went ahead by the housing loan arrangemt that the seller party made. Please let me know if you need to know more on the documentation part.
     

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