Hello all,

I am presently on a Work & Residence Permit in Germany. After my Masters in Germany i started working from Nov'06, and I have arbeiterlaubnis till nov'09.
I am planning to take part of the amount (30000 Euros) that is needed to buy house in INDIA.
Yesterday i went to citibank and asked about loan availability. They agreed to give me the loan of 30000 Euros.

they gave me 2 offers.

1. for 5 yrs 5.99% (nominal interest rate) and 7.43% (effective int. rate..this includes death insurence(around 700 euros for 5 yrs) and administration fee(900 euros..3%))

2. for 4 yrs 5.49% (nominal interest rate) and 7.38%(effective int. rate..this includes death insurence(around 700 euros for 5 yrs) and administration fee(900 e..3%))

i read in previous posts that some are getting loans here for around 4% (those who are buying house in Germany)

my question is :
1. (i like to go for 5 yrs) Is it advisable to go for 5 yrs for 30000 euros?

2. Are the interest rates that are offered for me reasonable ? or can i get for even less int.rate (pls suggest me the bank name)?

please give some suggations.
Thank you
srinivas

Hello,
Please give me some suggations for my topic (above).
thank you

Hi srinivas,

Has it worked out for you?

Which loan did you get at the end?

Please send me any recommendations on the mortgage choice and bank that you have!

Good luck and Many thanks in advance!

Ana

i took loan in India. i tried here but finally not workedout.

I think right now in India housing loans went up to 13%
The advantage of taking loan in India is that you can pay early and avoid the interest for the paid amount whereas here many banks like you to pay all the interest and service charges with insurance to secure the loans.

On the other hand the interest rates are low here which is like a personal loan off 4 to 7% depends on the conditions of pay, living costs etc.
Try this link and it shows some top 20 offers for the inputs:
http://ratenkredit.focus.de/focus/loan_public
The banks often advertise cheap interest rates but when you apply and review it would not be true. Its the cheapest rate they offer and not necessarily for any amount and to everyone
hope this helps
cheers