This will be my first purchase and have lots of questions. I guess some of you must have gone through the process already, so any info might help. I wish to purchase a house based on my savings here + some housing loan. - Best way to transfer huge amount of money to India? I don't have NRE/NRO account yet and planning to open soon. Could transferring 70L to NRE account all at once be a problem. - For getting a housing loan, were you asked to get your salary slips and/or US bank statements certified from Indian Consulate in US? Going to India for 3 weeks in which I have to get my H1b visa stamped, look for houses in 2 different cities and finalize for one, apply for a housing loan and get it approved, so my parents can then buy a house and get the formalities done.
I think you should break this into two parts 1) what are the prerequisites for buying a house in India. Things such as aadhar card are now mandatory for any purchases, so make sure you have one. In addition, if you’re looking for a home loan in India, then they’ll expect inr income. If your income is in the US then you may need to get a NRI loan. Also check the income tax implications of your purchase. 2) what’s the best way to fund the home purchase? Sending a large amount to India shouldn’t be a problem but there are different options to send money and the exchange rates usually vary. For the amount you’re thinking, call up the banks to negotiate a good rate, don’t go by the rate posted on their websites.
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This belongs in an India forum. Not Blind.
You must be new here
Blind is the new Quora.
3 weeks is simply not enough if you want a loan as well.
Don’t buy unless you are going to move in. You can park in fd in your parents name
Please don’t do this. This is not a small amount and your family would bear the brunt if this goes into tax audit.
What is the tax implications ? You can put some part as fd in your parents name. Even putting it your name will get better yield than buying a house
70L is quite an amount and will raise a flag. You should open what they call an nre/nro account first. There are banks which will approve of a loan quickly. You will need your US pay stubs, a voe letter (maybe) from HR.
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Why do you want to buy a house in India anyways?
Parking money in India. Buying assets for family. There are multitude of reasons.