I have bought a home in India with a home loan that was granted to me by an Indian bank in 2018. Should the home loan be reported as loan received from foreign trust?

[kanapalas]

In the section "Tell Us About Any Foreign Trusts", should the answer to "I received a distribution or a loan from a foreign trust" be 'Yes' in this scenario?

[pk · Accepted solution]

this is not a foreign trust -- it is foreign bank.

Your second home in India , the mortgage interest payment ( EMI ) is eligible for deduction just as if ( or in addition to ) the home was in the USA.  Ditto for any property taxes 

Are you a citizen/resident( Green Card ) / resident for tax purposes?

[kanapalas]

Thank you that clarifies. Am a temporary resident on a work permit visa.

[pk]

A resident for tax purposes is treated the same as a Green Card holder except for a few credits etc. for which one must be a citizen.  Note that if you rent out your home in India, you must declare the income/ expenses on schedule-E and the depreciation is over 39.5 years ( like commercial property in the USA ). Good Luck on your stay
Namaste