H-1B Visa Uncertainty Puts Indian Homeowners in US Under Mortgage Pressure

Indian families in the US are facing mounting financial pressure as H-1B job uncertainty leaves some struggling with mortgages, cars and homes they bought while working in America.

Indian Buyers’ Share Falls in Dallas-Fort Worth

The impact is particularly visible in Dallas-Fort Worth, Texas, home to a large community of Indian IT professionals and a major Indian buyer base in the local housing market.

According to a local builder, South Asian buyers, mainly Indians, once accounted for as much as 70% of luxury home sales. Their share has now fallen to less than 30%.

Many Indians bought homes with large mortgages during the Covid period, when property prices were lower. Job losses and uncertainty have since made it harder for some families to meet hefty mortgage payments.

Housing Stress Deepens for Indian Families

For families considering a return to India, managing US assets and financial commitments has become an added challenge. Owning a property does not necessarily make a move back straightforward when substantial liabilities remain attached to it.

Some families are therefore being forced to weigh their employment situation against continuing obligations in the US.

• Mortgage burden: Homeowners must continue servicing their loans even when they are preparing to leave the US.
• Long selling process: Putting a property on the market can take months, extending the period during which owners remain responsible for payments.
• Property losses: A lower selling price can leave homeowners facing a gap between the property's value and their outstanding loan.
• Return to India: Some families are choosing to return despite unresolved property and financial commitments in the US.

Proposed Visa Rule Adds to Uncertainty

The concerns extend beyond H-1B holders to others on employer-linked visas, including L-1 visa holders.

The US Department of Homeland Security has proposed repealing the 60-day discretionary grace period available to H-1B and L-1 visa holders after they leave a job.