The recent wave of job losses among H1B visa holders has created severe hardships, especially for those who purchased homes in the USA.
Once they lose their jobs, they must leave the country with their families, but many are still tied to heavy EMIs on houses they bought.
Since they can no longer pay these EMIs and also lose their legal right to stay in the US, they are left with no choice but to sell their homes urgently.
Buyers, aware of the sellers’ helpless situation, are quoting prices far below the market rate. A person who bought a house for Rs 2.1 million had to sell it for Rs 1.7 million, facing a huge loss of Rs 400,000.
As this situation becomes more common, negotiations are becoming even more difficult for affected families.
The challenges continue even after returning to India. In the US, as many aware, hiring is based on a single specialized skill since resumes have to typically built around one core expertise, but Indian companies expect multi-skilled, multitasking tech professionals.
Unless these returning techies prove broader capabilities, finding a new job becomes tough.
For an H1B family, losing a job and failing to find another can be devastating, as it affects every aspect of life; financial, social, professional, personal and emotional.
