There are several reasons why an NRI might want to buy a home in India. Can be an NRI real estate investment plan for themselves. But why? Perhaps a place they want to retire at in a town they love, in a place where they grew up and are the most comfortable staying in, or they have their families here in the country and want to be closer to them. Whatever the reason maybe, the Indian government and the state government have made suitable measurable measures for them to do so.
Remember! It is as important to know all the rules and guidelines for NRIs to buy homes online from a trusted brand. NRIs are seeking companies that have world class amenities, something like their relish and have been utilizing in their current hometown.
Here, what may interest your reading further for those who wish to invest in the Indian sub-continent, for those who are looking at a long term investment in real estate
Guide To NRI buying or investing in a property in India
Where to start - how to start!
The first initial steps is to find the right property with a reputable real estate company that specializes in helping NRIs buy property in India. This may involve scouting online, in newspapers or even driving around different neighborhoods.
Once you have an idea of what you are looking for, you need to figure out your budget. Upon finding a company you can trust, you shall have to gather the right set of documents together for your investment plan. Heads up dear NRIs! These set of documents usually include your passport, proof of residence outside of India, proof of income, and a bank statement.
Once you have all of your documents in place, the next step is to find a property that meets your needs, requirements, and the budget (in short is NRI investment worthy).
Ramky as a real estate company can help you with these procedures, and they will also be able to assist you with the purchasing processes.
Transparency in processes with you is highly valuable for you, and we know how to cater it just right. Dear NRIs, we at Ramky Estates and Farms, make sure to get all of the details in writing, including the purchase price, the completion date, and any other pertinent information that may be discussed and needed further until registration of the property in your name.
Taxation and the formal approach for NRI real estate purchase
Its also important to be aware of the different taxes that apply to Indian property purchases by NRIs. There are mandatory stamp duty charges and registration fees to be considered, as well as capital gains tax. The real estate company an NRI deals with can help you understand these taxes and how they will apply to your purchase of your investment.
By following these guidelines, NRIs can confidently purchase a home in India online from a trusted brand like Ramky estates and Farms.
When a non-resident Indian wishes to make an investment in India in Hyderabad or in Bangalore, you know who to connect with. Our details are given below where you can connect to us via mobile or mail us your requirements. Contact us at +91 9859292292 or email us at firstname.lastname@example.org
Could be for personal use or for generating an income by renting it out - that’s your call. Whatever the reason maybe, the process of buying a property can be daunting, with so many things to be consider. This guide will help you understand the process and make it as smooth as possible.
Lenders for home loans
There are a number of lenders who offer home loans to NRIs, including various banks and Housing finance companies. It is important to compare interest rates and other terms and conditions before choosing a lender for the same.
Pro tip to keep in mind! In addition to the interest rate, you will also need to factor in other costs such as processing fees, prepayment penalties and stamp duty, etc.
It is also important to keep in mind that the property you purchase will need to be mortgageable. This means that the lender will need to be able to take a security interest in the property.
The actual process
Once you have found the right property meeting all your needs and requirements, have negotiated a price and secured a loan, its time to start the process of purchasing the property. This usually involves signing a sales agreement and making a booking amount. The sales agreement is a legal document that sets out the terms and conditions of the sale. It is important to read it carefully and seek legal advice if you have any questions and queries to clarify.
Token advance! The booking amount is usually a percentage of the purchase price and is non- refundable. It is used to secure the property and is usually paid to the seller’s lawyer that grants the buyer a period of exclusivity, during which the buyer can conduct due diligence on the property. This includes inspecting the property, getting a valuation and checking the title deed.
Once the buyer is satisfied that the property is as described in the sales agreement, they will need to pay the balance of the purchase price and the seller’s lawyer will transfer the title deed to buyer.
The article emphasised on how NRIs can buy homes online or NRIs can make investments in India with confidence, by following