Is it possible to get a mortgage in Ireland to buy a property in India?

Steve D said:
If his name is anything to go by, then probably an Irish pub!
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Probably make a good investment! Not so sure about residential investment. The legal ownership side of things aint good and who knows what the long term political situation will be. Too much risk.
 
in the pub said:
Is it possible to get a mortgage in Ireland to buy a property in India? Does anyone have any details of such lenders?
Also heard that getting money out of india is difficult/not possible? ie selling up and bringing the money back to Ireland?

Thanks
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may i ask which agency you are thinking of buying through
 
in the pub said:
Is it possible to get a mortgage in Ireland to buy a property in India? Does anyone have any details of such lenders?
Also heard that getting money out of india is difficult/not possible? ie selling up and bringing the money back to Ireland?

Thanks
Click to expand...

The banks in Ireland will laugh at you at the moment if you go to them and tell them you want to buy a property anywhere, this may well turn into an uncontrollable fit once they find out that India is your proposed destination. While, in theory, you can raise finance from the value of Irish assets, this avenue has, in reality, disappeared almost completely. One bank manager claimed recently that the only way anyone would get money out of his bank was if they had lodged it there to begin with. It doesn't sound like a great way to do business but the reality of the current economic climate is that the banks in Ireland are lending very little at the moment and even where they are, they are charging astronomical rates, despite dropping base rates. New trackers simply don't exist anymore so you're working at rates that are at the discretion of the bank.

Money can be repatriated from India but you'll need to be careful who you deal with. My understanding of it, which is not an expert opinion I have to confess, is that if the company (agent) from whom you buy is incorporated in India it can organise for you to purchase through an Indian incorporated company which can be liquidated to release the funds at a later stage. It's pretty messy, but it can be done. The problem is that many agents selling Indian property here are not Indian companies. Hence the huge problem with repatriation of funds and the reason one Irish agent returned deposits to all its Indian buyers recently.

To be completely happy with a purchase in India I'd want to have solid advice from a reputable account with significant experience in both the Irish and Indian markets. It'll cost money but will be well worth the investment.
 
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