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I plan to take a mortgage loan on my apartment in Chennai from SBI and then transfer that money to the USA in dollars.

Will I lose any money in the transaction like taxes, etc. ?

  • We know Chennai is in India but you should really add the country tag to your question – GµårÐïåñ May 2 at 20:35
  • In many countries, the proceeds of a mortgage loan are paid not to the borrower but to the seller of the property which is being bought, with the total purchase price being paid (to the seller) partly by the buyer and partly by the lender (SBI) who then holds the mortgage on the property. Thus, there are no loan proceeds that the OP could transfer to the US in many countries. But India is a special case. What might be an issue is that money in an ordinary savings account or NRO account cannot be transferred outside India without CPA certification that all relevant taxes have been paid. – Dilip Sarwate Jun 2 at 18:52
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There are no taxes in India or US for moving your own money.

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