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  • A Guide for NRIs Investing in Real Estate in India

    After the various regulations that have been passed in the last few years like RERA, etc., there have been more NRIs (Non-Resident Indians) investing in real estate in the nation. These regulations that have been passed have made it easier and safer for investors in the real estate market. However, there are some tips that NRIs can follow before investing in real estate to make sure that the road to making the right investment has no bumps en route. Mentioned below are some tips that can benefit NRIs that are looking to invest in real estate.

    • Do Your Research - It is important to do through research before applying for a home loan. One must take into consideration the location of the property, age of the property, pricing of competitive properties, etc., before finally investing in realty in India.
    • Choose the Property Wisely – Commercial properties are more expensive than residential properties. Generally, it is less expensive to invest in a residential property when compared to a commercial property. However, if you intend to run a business, you may be better off buying a commercial property depending on the charges for converting a property from residential to commercial. One must also take into consideration the tedious process behind converting their property before deciding on the type of property he/she chooses to invest in.
    • Plan Your Finances – Planning his/her finances is one of the most important aspects that a NRI can do before investing in a property. Apart from estimating the EMI payable if a home loan is availed, the NRI also should ensure to have a NRE/NRO account that is authorised by the government of India as all transactions would have to be made in Indian currency.
    • Tax Benefits – A NRI can enjoy all the tax benefits that an Indian attains from purchasing a house. Deduction of up to Rs.1 lakh can be obtained as per Section 80C under the Income tax Act, 1961.
    • Adhere to the Rules and Regulations – Not adhering to the rules and regulations set by the government of a particular state can land you in trouble. Moreover, it can become costly if you have to resolve a lawsuit for example. Most importantly, it could be a risky investment if the rules and regulations are not adhered to. Therefore, it is important to stick to the rules and regulations before investing in real estate in India.
      

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