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Can we avail loan for property purchase in abroad?- Property Hotline
Posted
July 15, 2016
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729
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July 15, 2016
729
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3:36Now PlayingBe Un Confused
Expert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor
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Question: I plan to buy an apartment in Abu Dhabi. Will I get a loan to purchase property abroad?
Answer: You cannot get a regular loan from an Indian lender to buy a property overseas. But you can take a personal unsecured loan in India or a loan against the security of an existing property in India though this is more expensive than a regular home loan. The interest cost for a loan against property is likely to be around 10.50% and for an unsecured personal loan is likely to be anywhere from 12% - 21% p.a. This loan money can be remitted overseas (up to USD 2,50,000 per person approx. Rs1.70 crores per person) for purchase of property overseas.
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