There is one property there...which i want to buy...its in 15 lakhs INR...property is in gujrat...its an apartment which is about to get constructed still prebooking going on...(i will be paying 1400 INR per sq ft, and once the construction gets started coming year in 2010 its booking rate are going to be 1900-2000rs/sq ft)
I just have 10K$ here, rest in US bank acct..
1. If i want loan from here to invest in India, do banks or any institution offer that ?
2. If i transfer or take out all 10K$ from canadian bank account and send it with my friend or through anyone without letting govt know.... will there be any pros or cons about that ? i mean to say will there be any problem from canadian govt side that where did i send money and for what purpose ??
3. Should i go for it or not ?
Becoz i just have 12 lakhs in total with me (canadian plus us acct money) and i ll take 3 lakh from someone ...... so its a risky thing...if i will go for it i wont have any single dollar left in my account here...
(i am thinking of taking this risk, becuz currently i dont need money i dont have car...but you never know when you ll need money so thats where i am confused, so need your advice...)
4. i have a contract job till next year...so any how i ll be earning till next year and next year i am going to sell that property...(we are a married couple, but after taking out all expenses we save 800$ per month)...?? we have credit limit on our credit cards of 10K$ per month including both our cards ...
Any inputs will be greatly appreciated.
Thanks
Have a nice day.
Quote:I know that HSBC does do that if you have/had an account with them in India and also have an account here.
Originally posted by newbieca
1. If i want loan from here to invest in India, do banks or any institution offer that ?
However, NRI oriented banks like Citibank provide loans to NRIs for buying property in India.
Contact Citibank Canada or Citibank US.
Other than these two options, I don't believe the regular Canadian banks will give you this type of loan.
They don't even give loan easily for buying a property in the US.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Thanks for yur reply .. i ll go ahead and ask them..
Couple of things to remember.
India is a lawless country. Contracts have a little sanctity in law (Ref Ambani brothers dispute on Gas deal). If you buy a property on India and somebody occupies illegaly , you will not be able to get back posssession. In India, justice system is dysfunctional and it takes decades to resolve any dispute. Further Indian rupee depreciates every year which will reduce value of your investment.
Further very soon Indian Govt will be entering in information exchange treaty with foreign Govt including Canada and you might find yourself in trpuble with incomeax dept in Canada.
Thanks Nightmare for your valuable reply...
Yes i am not going for it...had decided before two days...
Thanks again...
Location: carl sagan's universe
Posted on: 27-12-09 19:33:48
Quote:
Originally posted by Nightmare
Couple of things to remember.
India is a lawless country. Contracts have a little sanctity in law (Ref Ambani brothers dispute on Gas deal). If you buy a property on India and somebody occupies illegaly , you will not be able to get back posssession. In India, justice system is dysfunctional and it takes decades to resolve any dispute. Further Indian rupee depreciates every year which will reduce value of your investment.
Further very soon Indian Govt will be entering in information exchange treaty with foreign Govt including Canada and you might find yourself in trpuble with incomeax dept in Canada.
India is lawless?
If so if somebody occupies illegally you retake illegally.
Aur kya?
Location: carl sagan's universe
Posted on: 27-12-09 19:38:08
Quote:
Originally posted by pratickm
Quote:
Originally posted by newbieca
They don't even give loan easily for buying a property in the US.
Is that now or before?
I bought a property in the US just last year with a loan from a Canadian bank.
Also I am looking to buy a property in one of the islands where Canadians go to visit, and the banks have said OK. Whether I buy or not is another matter.
But then the island does not belong to the US.
So is this like a recent development?
