12Sep

NRI property investment – Know the Dos and Don’ts

The real estate market is considered to be a fine investment, and hence you will find Non-Resident Indians or NRIs investing in the same. No matter what the market rate is, real estate is considered to be a lucrative option. Well, apart from exercising essential due diligence, it is of paramount importance for the NRIs to adhere to the laws and regulations related to NRI property investment, no matter whether you are selling, buying or renting a property. The realty market in India has always been a perfect investment spot. Well, an NRI can choose from a large range of options in both commercial and residential segments.

Here is how an NRI planning property investment in India can benefit:

Tax exemption

Not many know, but Non-Resident Indians (NRIs) can easily invest in India and yet manage to save tax just like a resident of India. An NRI can claim a tax deduction on principle repayment and interest component on the home loans. Besides, the property sold after two years from the date of purchase, profit earned on the capital gain is excused from the income tax.

Property Prices Are at the Lowest

As an NRI you are advised to make the most of the slow real estate market. It is not that the real estate market is bound to be steady all the time. While the prices are down, make the most of it by investing in the right property. A lot of investors tend to wait for the prices to go down, which happens rarely. However, you can definitely benefit from the same.

Rental income

An NRI can invest and also earn rental income without any hassle. Though 30 percent of Tax Deducted at Source or TDS has to be deducted by the tenant, the outstanding sum can be repatriated under the Foreign Exchange Management Act (FEMA) rules.

Retirement Benefits

Well, though the concept of a reverse mortgage is popular in the US, India is still gearing up for the same. NRIs planning their retirement can easily invest in India and procure benefit of the reverse mortgage. The sum acquired from the bank for this mortgage type is not considered in the taxable income of an NRI. In this way, a retired NRI can enjoy the benefits of the NRI investment in real estate. Apart from this, an NRI can even take money from the banks as a part of the reverse mortgage of the property.

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13Aug

Checklist for Safe NRI Property Investment in India

A Non-Resident Indian or NRI planning to invest in the Indian real estate should be aware of a number of factors. A lot of research and careful planning is involved to ensure your investment does not go to waste. Indian real estate is quite popular among the NRIs as it is a great investment option. However, as they live abroad, it becomes important for them to do proper due diligence before investing in any property. NRI property investment is all about taking right measures and precautions.

Some Mandatory Checks

You will find a lot of real estate developers conduct roadshows abroad. However, as a potential investor, you are advised to not entirely rely on and be convinced with the glossy brochures and presentations. After all, it is a huge one-time investment and should be done keeping all the facts in place. To ensure the property they are investing is reliable, an NRI can ask someone check the ground realities and visit the property’s site. Like all the real estate investments, the location of any project plays a prominent role, and hence it should be attractive with better connectivity solutions.

Another vital issue is pricing, which cannot be neglected. Not many notices, but a lot of time, the prices quoted by the developers to the buyers abroad are higher as compared to the one’s quotes to domestic buyers. You are advised to be aware of the same. You can cross-check the prices with an Indian. Apart from this, not all the builders tend to offer discounts when selling a property abroad. Be aware of these aspects as you do not want your investment to go waste. Considering this aspect, the buyer should be aware of the rates at which the project is sold in India. Apart from this, an NRI should also avoid paying a large part of the cost upfront. To be on the safe side, investors should opt for ready-to-move or finished apartments.

An NRI is advised to take a small bank loan, even if not needed. One of the major reason is that when an NRI takes a loan, the bank does the due diligence on their behalf. The bank will check whether the developer or builder owns the land and whether he has the requisite licences.

Understand the Law

An NRI investing in India should be aware of the law that governs the real estate transactions. Besides, an NRI should also know, whether the profits are subject to double taxation.

ROI Expectations

An NRI investing in the Indian real estate market should have reasonable return expectations over a longer period.

Now that you are aware of all the aspects of a safe investment do make a wise one. Go through the NRI corner for more details.

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24Jul

Vital Things to Know About NRI Property Investment

For many, investing in real estate is considered to be a lucrative investment option. A Non-Resident Indian or NRI too consider this option to be a lucrative one and invest in various properties of India. An NRI can invest in any property, both commercial as well as residential. Besides, there is no restriction on the number of properties an NRI can invest in. One can invest in an agricultural land, a farmhouse or even plantations. However, the ownership of the agricultural land should be inherited.

Here are some things you should know about NRI investment in real estate:

No RBI Approval Required

One of the greatest aspects an NRI should know about property investment back home is that there is no approval required from Reserve Bank of India or RBI. In order ease the process of NRI investment, RBI has taken down the norms for the same. An NRI can directly invest in Indian real estate without any hassle. All thanks to the automatic route for NRI investment in India. Besides, this handling has gained immense popularity overseas, thus making India a great and lucrative investment destination. An NRI can own a property back in India by way of:

•    Gift from a person who is a resident of India
•    Inheritance from the person resident outside India who has acquired such a property in agreement with the foreign exchange law in force.

An NRI can Buy, Sell and Rent Properties

Apart from buying, an NRI can even sell or even rent an apartment. However, it is important to know that the rent proceeds should be credited to Non-Residential Ordinary Rupee (NRO) or Non-Resident Rupee (NRE) account only. Furthermore, all the rents received in these accounts can be freely and easily repatriated. In case, you do not have an NRE or NRO account; then the proceeds should be done directly abroad. However, for the same, an NRI should have an appropriate certificate from a chartered accountant that certifies al the taxes have been paid on time.

Tax and Registration

Now that you have decided to make NRI property investment ensure you know the charges incurred by an investor. It majorly includes stamp duty, property tax, and registration fees. In order to ensure all the paperwork is carried out smoothly, it is vital to hire an accountant. The expert will take care of all the paperwork and property tax.

These are some of the aspects every NRI planning to invest back in India should know. You can go through the NRI corner for more details.

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2Feb

Planning for NRI Home Loan? Keep in Mind These Points

Every individual dream of owning a house and so does NRIs or Non-Resident Indian. They are basically Indians who have been staying abroad for better prospects. When taking about NRI investment in real estate, if becomes important to know the home loan eligibility too. Having all the information on the same makes the whole process easy and hassle free.

Type of Loans NRIs Can Opt

If you are looking for property investment, then you might want to consider applying for home loans for these kinds of homes such as:

•    Property under construction
•    Ready to move in property
•    Construction of property on the land already owned
•    Upgrading an existing property

Home Loan Tenure and Rate of Interest

It is of paramount importance to know that an NRI can avail home loan for a restricted period of time only i.e. 5-15 years. The extension of the home loan for NRI property investment is completely dependent on the bank discretion. Other than this, you should also know that the rate of interest on NRI home loan is high.

Loan Amount Can Be Availed

The loan amount is decided based on some factors like the income of the NRI that should be steady. Gross monthly income is also taken into consideration for the same. This helps in deciding on the Equated Monthly Income (EMI). In this, the NRI has to pay on a monthly basis with certain interest charges. Certain banks and financial institutions also tend to have other criteria for NRI home loan.

What Are The Documents Needed

When it comes to applying for the NRI home loan, it is important to have all the required documents ready. Furthermore, the documentation for NRI is somewhat different than for Indians. Some of the vital document required include:
•    Employment contract
•    Passport copies
•    Valid work visa and permit.
•    Salary slips
•    Bank statements if NRO and NRE accounts

Repayment of The Loan

It is wise to know that when you apply for a home loan as an NRI, the repayment of the loan amount should be done through Non-Resident Ordinary (NRO) or Non-Resident External (NRE) accounts. All the loan repayment should be done in Indian currency only.

These are some of the aspects an NRI need to keep in mind when planning to apply for home loans. Browse through NRI corner for more details.

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24Dec

Home Financing Options for the NRIs Buying a Property in India

Every Non-Resident Indian (NRI) wishes to own a house back home. Buying a house for an NRI is not easy, and that difficult to. If you are not buying a house due to lack of finances, then you should know there are various home financing options available. It is one of the best ways to fulfil your dream of owning a house back in India. You should also know various regulations revolve around the purchase and how it can be financed.

A number of banking channels work towards helping your NRI investment in real estate a profitable one. These channels offer different home financing options that work in your favour. As far as pay for the property is concerned, it should come from the banking channels alone. Apart from this, the payment cannot be made through foreign currency or traveller’s cheque. If you do not have Indian currency, you can consider using the money to the debit or credit, in non-resident external (NRE) rupee, foreign currency non-resident (FCNR) or even non-resident ordinary (NRO). It is of paramount importance for an NRI planning to make a real estate investment in India to know that only Indian currency is to be used for the purchase.

However, it is of paramount importance for the NRIs to fulfil the conditions put forth by the Income Tax Act. In order for you to be eligible for the home loans, it is vital for an NRI to have stayed in India for 182 days or more. Apart from this, they should have stayed India for more than a year or so. Various banks offer some amazing and interesting NRI housing schemes that easily accommodate your housing needs. The eligibility criteria for applying housing finance remains the same. It majorly includes, the applicant to be 21 years of age, should be a graduate, and more. An NRI can easily get loan amount ranging from Rs 5 lacs to Rs 1 crore. But then, it completely depends upon the repayment capability of the individual too.

An NRI can easily avail the home loan in Indian rupees through various banking channels. For the purpose of financing a property, the home loan can be approved by the Indian Employer of the NRI employee. Getting a home loan as NRI investment in real estate is allowed for both commercial as well as residential properties. You will find a number of banks offering home loans for NRI. However, it is wise to consult the agent before applying for the same. Apart from investment purpose, NRI home loans can also be availed for buying flats for sale in Thane and around, construction, buying of the old house, renovation purpose, alteration to an existing house and so on.

Do not delay and apply for right housing loan that best meets your needs and requirements.

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25Nov

Do’s & Don’ts To Keep In Mind While Planning To Rent A Home

Buying a property is considered to be a feasible option and a long-term investment. However, as an NRI have you ever thought of renting a property than buying one? Well, renting a house is an excellent option than the purchase of a house. You should know it comes with a number of benefits. A lot of Non-Resident Indian prefer to have their own share of investment in properties. They also look forward to getting the best deals for a magnificent house. NRI investment in real estate is not only about buying, but also renting. If you happen to rent a right house, you can say lots of money.

You should know renting a house or buy a house has its own share of problems. It is definitely not a small task. If you have decided to rent a house especially if you are here for a short stay, then mentioned below are some dos and don’ts you can follow before signing the papers.

NRI investment in real estate

Understanding the Rent Agreement

Don’ts – A lot of renters including NRIs often neglect the importance of going through and understanding the rent agreement produced by the landlord. In case, you do not understand anything; you can ask your landlord to explain the same.

Dos – You are highly advised to understand every bit of information written on the rent agreement. In case there are any changes, ensure you get them in writing to avoid any problems later on.

Overlooking the Inspection Aspect

Don’ts – Do not ever think that the house you are renting is perfect in every way possible. There is every possibility of finding out the house has leakage issues, roofing problems and more later.

Dos – Do make it a point to inspect the house you are renting thoroughly. If you notice any primary or minor problem, ensure you bring it to the notice of the owner. A lot of landlords tend to allow the renters to take a tour of the property thus helping them to list down the damaged area that needs repairing.

flats for sale in thane

What About Pets?

Don’ts – Do not ever make the mistake of hiding your pet and not discussing the same beforehand. If your landlord gets to know about the same later on, it can land you in soup.

Dos – Before you sign on the dotted lines you are advised to discuss whether pets are allowed in the house.

Make Timely Payment

Don’ts – Though you are an NRI, the payment needs to be done on time. Not paying your rent on time or several late payments can lead to eviction or even costly fees. Do not overlook your due date for rent.

Dos – When you pay your rent on time, you stand to be in the good books. This further leads to increasing your lease agreement to few more months or even years.

These are some of the essential dos and don’ts one has to keep in mind when planning to rent a home. If you still want to purchase a home, then consider looking for flats for sale in Thane as they are the best option.

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16Jul

Relaxation Shortcuts That Don’t Won’t Burn a Hole in Your Pocket

Hectic working schedule often restricts a person to take a break. However, over the time it can take a toll on your health. Hence the importance of relaxation should not be neglected in any way. Too much of work, and not enough time for yourself can lead to a number of problems. Relaxation is needed as it helps in keeping down the stress levels. Relaxation can be done in any way, either by getting a massage or just soaking in a bubble bath. Taking this aspect into consideration potential Non-Resident Indians (NRIs) look for various recreation areas when buying a house. NRI investment in real estate is completely based on profit.

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30Jun

Designs & Utilities That are a Must-Have for Your Dry Area

Having an entire room dedicated only to laundry is not something everyone is accustomed to. But, it actually is a very practical idea. Most of the upcoming and new residential projects in Thane are offering a separate dry area only for your laundry. This new style has attracted many people, especially NRI’s who are looking for an NRI investment in real estate. Managing to fit everything you need in a small dry area is not easy. However, keeping in mind the needs of the people, the new residential projects in Thane offer you a spacious dry area, enough for your laundry storage. Apart from the washing machine and the dryer, there are many other aspects that you need to take into consideration when designing the dry area of the new residential project in Thane.

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21Jun

Fun Facts About Swimming That You Should Definitely Know About

Thane, today has earned its name as one of the best planned real estate sectors, in addition to providing the best of amenities and luxurious services. To investors, this makes for an imperative investment option, especially for an NRI property investment. Some of the services include entertainment facilities, gym facilities, and even swimming pools.

As of today, several constructed and upcoming projects have already incorporated these facilities, with the most popular being the swimming pools. Residents of these real estate projects or even owners of this NRI property investment can take advantage of the lifestyle benefits of this aqua facility, namely, relaxation, entertainment, exercise, aesthetics and even a social hub for kids. But in addition to this, you can enjoy plenty of other benefits, especially through these swimming facts given below.

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6Jun

6 Decor Trends for Your Living Room

Living room décor trends closely resemble any fashion trend, which is in a constant flux. Today’s trend could be yesterday’s past, thus leaving you with an outdated room décor. However, real estate companies have recognized the rising trends of possible living room decors that will transform your stark room into a room of awe and envy amongst your guests. Here are a few décor trends you can incorporate into your living room for this year.

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