The motherland is a place where everyone wishes to be, in many cases, NRIs try many ways to stay connected to their roots. But in other cases, people sell their ancestral property and all possessions just to settle down abroad, which is not exactly fair. Anyway, one tends to feel nostalgic and the attachment increases giving one the idea to purchase a property in India. Not only will they feel connected to their motherland but will also have possession so in case they come back to the home nation, they will have a home to stay. NRIs (Non-resident Indians)s look forward to investing in Indian properties as an investment but very few of them have ample amount of money to buy right away. Well, they can consider getting a low-interest home loan for NRIs and even professional property management solutions to have someone take care of the property while they are living in the foreign land. Now before we go any further, let’s understand why exactly an NRI should consider investing in property in India.
Well, having a lush lifestyle overseas entices many to become an NRI and there is a missing connection with the homeland that makes one wish to stay connected in such ways. Besides that, there are many other reasons why NRI prefers investing in Indian property. with proper research and assistance, one can find lower-cost homes in comparison to the property in the country they might be living in. NRIs prefer having a home in the motherland to secure their life after retirement. Well, whatever your reason might be, below listed are the steps of buying a property in India that you should know for a smooth course…
1) Budget: It is important for one to have a planned budget to have an estimate about how much money will be left in the pocket to take care of your expenses. You must know that your first property will be your final one, so look for a property with a long-term vision. It is important to make sure that the kind of property you are seeking will not disrupt your current need and will meet your budget. Property buyers should under their family and their major needs while making such decisions. Hence, set a budget.
2) Location: This is another essential factor for you to take care of, you must get a good look over the location in order to understand the situation of the house and its resale value. You must prefer getting a property that falls neighboring to a prime location of the city, so it will be posh yet affordable. Location plays an important role in influencing the resale value of the home, in case you ever decide to sell it. You must choose the home wisely considering every single step.
3) Good Resale Value: Those who are planning in investing in a property for rental purposes, it is advised to look for homes in highly populated areas or with high-rent areas. Knowing the rental rate usually helps one later having a secondary source for money. As we already mentioned a little about this earlier, resale value plays an important role when buying a property. You must consider the resale value when buying the property hence, focus well on the prime location and the budget to make the right choice.
4) Loan Eligibility: When buying a home via a home loan, you must consider the eligibility that is solely based on one’s repayment score or capacity, income, debts, existing loans, and more. the bank that is providing you home loan often offers online eligibility calculators that help one understand where they stand or whether or not they meet the eligibility criteria. Since this criterion varies, you must understand everything properly.
Additional expenses: Now, there could be a chance that it isn’t your first home buying experience, well, you still should seek help or assistance from professionals. They have experience and can help you understand the fees or charges from real estate agents, home inspectors, home loans, mortgage structures, and other things. They help you with everything from managing the additional expenses, getting a home loan for NRI in India to ensuring whether or not there will be any car parking available or the layout and environment of the society.
Now that you know and understand all the things you have to take care of when considering buying a property in India, you must look for the best company that can be of huge help in taking care of each step and managing with the bank.
At Connecting NRIs, we being a team of professionals understand the importance of staying connected to roots. Hence, we help make your life easier in terms of properties and banking.
Just fill in your details and we will help you in managing your property.
Just fill your details and trust us in turning your dream into a reality today
Just give us the details about you and join the biggest NRI network today
Just fill in your details and we will help you get loan with minimum paperwork