Anyone took NRI home loan recently?

[bommali]

Please share your experiences, the name of the bank and the approximate interest rate.

Thanks in advance.

[bommali]

Please respond guys.

[Assam_Bhayya]

ICICI Bank, 8.6% plus Insurance kuda must antadu, 1 Cr ki approx 3 lakhs INR insurance premium extra amount added to the loan disbursement amount.

[Skn_benami]

17 minutes ago, Assam_Bhayya said:

ICICI Bank, 8.6% plus Insurance kuda must antadu, 1 Cr ki approx 3 lakhs INR insurance premium extra amount added to the loan disbursement amount.

Monthly emi and term entha? 

[Sunkool]

USA credit score check untada ?

[stag]

On 12/31/2023 at 10:02 AM, bommali said:

Please share your experiences, the name of the bank and the approximate interest rate.

Thanks in advance.

appu US lo cheyyali (for lower interest rates).. investment India lo cheyyali (for higher appreciation)

idhi na concept bro..

instead of applying home loan in India, go for loans here .. depending on how much money you need, you might have to do multiple types of loans here

1. credit card cash advance/balance transfer edho untadi with 1 year 0% interest. deeniki upfront 3% charge chesthadu

2. if you have a home here, try for home equity line of credit

3. personal loans here

4. 401k loans - you will pay interest to your own 401k account

 

India lo loans ki chala paper work untadi and interest rates are higher compared to other loans here, so last 2-3 times nenu paina unna options use chesa when buying assets in India

[bommali]

Just now, stag said:

appu US lo cheyyali (for lower interest rates).. investment India lo cheyyali (for higher appreciation)

idhi na concept bro..

instead of applying home loan in India, go for loans here .. depending on how much money you need, you might have to do multiple types of loans here

1. credit card cash advance/balance transfer edho untadi with 1 year 0% interest. deeniki upfront 3% charge chesthadu

2. if you have a home here, try for home equity line of credit

3. personal loans here

4. 401k loans - you will pay interest to your own 401k account

 

India lo loans ki chala paper work untadi and interest rates are higher compared to other loans here, so last 2-3 times nenu paina unna options use chesa when buying assets in India

Thank you bro🙏

[DallasNagesh]

6 hours ago, Sunkool said:

USA credit score check untada ?

+1

[BReBeL]

16 hours ago, stag said:

appu US lo cheyyali (for lower interest rates).. investment India lo cheyyali (for higher appreciation)

idhi na concept bro..

instead of applying home loan in India, go for loans here .. depending on how much money you need, you might have to do multiple types of loans here

1. credit card cash advance/balance transfer edho untadi with 1 year 0% interest. deeniki upfront 3% charge chesthadu

2. if you have a home here, try for home equity line of credit

3. personal loans here

4. 401k loans - you will pay interest to your own 401k account

 

India lo loans ki chala paper work untadi and interest rates are higher compared to other loans here, so last 2-3 times nenu paina unna options use chesa when buying assets in India

Bro home equity line of credit lo if i have current interest rate of 2% and am willing to take home equity will they do credit check and go for current market rates for interest rates?

[sarvayogi]

On 12/31/2023 at 10:02 AM, bommali said:

Please share your experiences, the name of the bank and the approximate interest rate.

Thanks in advance.

I did buy 3*3 BHK homes in India..Indian home loan is the last and worst option..bekaar galla chuttu you have to roam..and interest rates are very very high

and as you know Indian fraud..manaki cheppe numbers okati..final ga loan la extras they add ...

My opinions on above options

1)with credit card you can take cash but max have to pay back in 1 year...so 24000 teeskunna for example...720 dollars fee and have to pay 2000 per month for 1 year

2)LIne of credit or home equity only if you have atleast 30% equity in home...anything less than 25 is of no use . This is the worst option as you have 2 people to take away your home if you dont pay on time

3)Personal loans I took is max 70k but again period is limited

4)401k loan can take but if you leave employer you have to pay upfront remaining cost + loosing on future 401k investment unless you pay back the amount in full

Honest suggestion is to save as much as you can and above options are only add on but not primary source of funds. If you are just taking 100 pc others money then thats a big big red flag

[stag]

4 hours ago, BReBeL said:

Bro home equity line of credit lo if i have current interest rate of 2% and am willing to take home equity will they do credit check and go for current market rates for interest rates?

yes. but your current loan stays at the same interest rate.

 

only the amount you are borrowing against your equity is charged current interest rates.. also these are a little higher than mortgage rates.

 

For Ex: I have a home worth 500k. dani paina inka 200k loan undhi.. so the equity I have on this home is 300k

my interest rate for that 200k is still 1.99% or whatever I have locked it at, in the past.

 

300k equity lo upto 80% daka HELOC istharu.. that will be charged today's HELOC interest rates

[sarvayogi]

4 minutes ago, stag said:

yes. but your current loan stays at the same interest rate.

 

only the amount you are borrowing against your equity is charged current interest rates.. also these are a little higher than mortgage rates.

 

For Ex: I have a home worth 500k. dani paina inka 200k loan undhi.. so the equity I have on this home is 300k

my interest rate for that 200k is still 1.99% or whatever I have locked it at, in the past.

 

300k equity lo upto 80% daka HELOC istharu.. that will be charged today's HELOC interest rates

but here 200k loan and again 240k laon with higher rates...so unless the investment you make gets you more than the principal and interest you pay to these loans there is no use with HELOC

And now 2 lenders have a say on your home...

[stag]

19 hours ago, sarvayogi said:

but here 200k loan and again 240k laon with higher rates...so unless the investment you make gets you more than the principal and interest you pay to these loans there is no use with HELOC

And now 2 lenders have a say on your home...

yeah bro.. I am making minimum payments on the 200k home mortgage and attacking the HELOC with venegance.

240k anedhi just example. I didn't borrow that much.. I borrowed a figure between 120k-180k and I am planning to pay it off in 24 months.

 

Both wife and I work so oka salary motham HELOC ki pay chesthunnam.. 

 

The interest rates on HELOC are variable but from the date I initiated it, they've been going up from 6% to about 8.5% now. In another 10 months I will pay it off.

 

Nenu initial ga average ga 8% interest for 2 years pay chestha ani calculate cheskunna.. and my investment in India is already worth more than that interest I end up paying for this HELOC.

 

BUT....

If you plan to sell that investment in India and bring the $ back here, adhi pedda pain.. which I already know and still decided to buy this because this will be for my retirement/vacation farm house in India

[sarvayogi]

38 minutes ago, stag said:

yeah bro.. I am making minimum payments on the 200k home mortgage and attacking the HELOC with venegance.

240k anedhi just example. I didn't borrow that much.. I borrowed a figure between 120k-180k and I am planning to pay it off in 24 months.

 

Both wife and I work so oka salary motham HELOC ki pay chesthunnam.. 

 

The interest rates on HELOC are variable but from the date I initiated it, they've been going up from 6% to about 8.5% now. In another 10 months I will pay it off.

 

Nenu initial ga average ga 8% interest for 2 years pay chestha ani calculate cheskunna.. and my investment in India is already worth more than that interest I end up paying for this HELOC.

 

BUT....

If you plan to sell that investment in India and bring the $ back here, adhi pedda pain.. which I already know and still decided to buy this because this will be for my retirement/vacation farm house in India

Think on getting money back from India..I know a handful of people stuck getting 1-6 crores from India as you know not all is white there

@stag can you send me Heloc lender as I am also looking for one

[stag]

1 minute ago, sarvayogi said:

Think on getting money back from India..I know a handful of people stuck getting 1-6 crores from India as you know not all is white there

@stag can you send me Heloc lender as I am also looking for one

yeah adhe bro.. I made this investment with that risk assumed. as of today no plans to sell it and bring $ here.

HELOC lender BOFA