A lot of people here take 2nd mortgages for buying investment property.

Does buying investment property overseas ( say for eg India) go by the same rules..

A lot of india based banks, like SBI, ICICI , HDFC, Citibank India offer mortgages for properties in India. However the rate of interest is higher as well as the amortization period is maximum 20 years.

If we get an amortization period of 30-40 years as well as a lower rate of interest , it is so much more beneficial.

Can any one please shed light on how to buy investment property (2nd mortgage) in India with funds from a Canadian Bank.

Thanks,
Rajiv

Hi CDs,

I have the same question that rajivjuthani asked. Can anyone on this forum know anything about this?

Thanks

Ecom

If you have much equity in your house, you can do an equity take-out and use the funds for the downpayment of the overseas property or even to purchase it outright.

If the equity in your house is enough to cover the purchase price, you don't need another mortgage in India, just the mortgage here.

If the equity is not enough, you can still use it as a downpayment, and get a new mortgage in India (which has nothing to do with the mortgage here).

Quote:

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Originally posted by mortgageexpert

If you have much equity in your house, you can do an equity take-out and use the funds for the downpayment of the overseas property or even to purchase it outright.

If the equity in your house is enough to cover the purchase price, you don't need another mortgage in India, just the mortgage here.

If the equity is not enough, you can still use it as a downpayment, and get a new mortgage in India (which has nothing to do with the mortgage here).

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