Soak basmati rice for one hour in cold water, allowing water to come 3-4cm (or 1-1.5in) above the rice (the rice will expand in water, so you want some extra water in the bowl to prevent the rice from drying out).
After the rice has soaked for one hour, place a large, heavy-bottomed pot (see notes above) on the stove on medium-high heat. When the pot has heated through, add 1L of boiling water.
Discard cold water from the rice and carefully transfer rice to boiling water with a pinch of salt. The rice will gently boil on medium-high heat.
Check rice after 6 minutes; it should break easily between your thumb and forefinger. There will be a bit of starchy liquid in the pot at this point in time; do not discard it.
Add milk, cream, and cardamom pods to the rice and starchy liquid. Stir and partially cover the pot with the lid (you want a little bit of steam to escape as it simmers, otherwise the milk will overflow). Set your timer to 20 minutes.
Stir every 4-5 minutes to ensure that the pudding does not catch at the bottom of the pot. You will see small bubbles while the pudding simmers.
At the 20-minute mark turn your stove off, remove the pudding from the burner and stir in the condensed milk (I added 200ml, but you may want to add 250ml). The pudding may look a bit thin, but don't worry, it will thicken as it cools.
Set aside and allow to come to room temperature before transferring it to a container.
Place in the fridge for 4-6 hours minimum, or overnight.