Indian tourists can shop using cards, but not buy property

THEY NEED TO BE EXTRA CAREFUL WHEN INVESTING IN OVERSEAS PROPERTY

- BY MANOJ NAIR

Visitors from India to the UAE can use their credit cards to make payments for shopping, hotel stays and any other spending they have in mind.

But if they are planning to make a down payment on a property in Dubai or elsewhere in the UAE, don’t reach out for the credit card.

Even with increased awareness on how to spend when travelling abroad, many Indian visitors to the UAE still instinctively are using their credit cards to make a down payment on an offplan property buy.

Especially, when developers are offering just 1 per cent-2 per cent down payment schemes.

But doing that comes with a sting. “(International) credit cards are meant for personal spends, travel, shopping, any medical expenses — but not capital investments like property,” said Gaurav Keswani, CEO of Dubai-based consultancy JSB Incorporation.