A home built with own money that too in your native place is always a dream for everyone. Always people living outside India have a dream of having their own home. Kerala, being one among the growing metro state in our country, is the destination choice for all NRIs. According to the recent reports from the sources, the most preferred locations in Kerala are Kochi and Trivandrum. There are many builders in Kerala who focuses on building flats in tripunithura.
The rising demand for flats in Cochin is ever increasing and hence this shows the favorable conditions in the real estate market for the NRIs to invest in Kerala for their home’s. The builders in Kerala are aiming the recent developments in the main cities so as to grab more attention from the investors. The rising developments help in best selling of the flats.
Most of the people living outside India prefer to have a location for their home in Kerala that too in Kochi because of the high-end amenities and the access of the daily requirements.
What all should a person investing in Real Estate should be aware of?? Have a look at the important things an NRI buyer should keep in mind. The list below talks about some of the points one should check for.
Property Type
The NRI people can own any of the immovable properties. These mainly include the residential as well as the commercial or business properties. The residential properties include the flats, land and house plots. They are never allowed to buy the new farm and agricultural lands instead of inheriting their properties is never turned down.
Power of Attorney (POA)
It is never a necessity for an NRI to be physically present for carrying out a property related transaction back home. One can carry out the official procedures and steps like the registration of property, steps, and procedures of loan aspects, buying property etc through the power of Attorney. The Power of Attorney allows someone who is closely related to the buyer to have power. The person is allowed to sign for the buyer.
There are many builders in Cochin who provides with the investment for the NRI with the help of their related person.
Home Loan
Another requirement for the NRIs to go for an investment in their home town is the home loan. They can apply for a home loan for buying a property. An NRI can avail home loan from any of the banks or financial company registered with National Housing Bank. The mandatory requirement is that one needs to have an account in an authorised Nationalised bank. The transactions an NRI makes should be of Indian currency only. The repayment of loan can be done with NRO/NRE account or FCNR (Foreign Currency Non-Resident) deposits.
The builders in ernakulam who have flats in tripunithura makes it a point to let the NRI investors have a smooth home loan process.
Tax benefits
Viewing the tax benefits of any other Indian citizen even an NRI is eligible to get the tax benefits. They can claim their tax benefits according to the laws and sections termed by the Indian Government. The charges for the processing fee, stamp duty, registration, and municipal tax are applicable for the tax deduction.
Sell or Rent –an NRI property
The NRI person is allowed to sell their properties without any additional requirements. They can either sell or they can also give away their property for rent. But they can only sell the land to an Indian resident. Many builders also allow the NRI for just investing in the property and allowing someone else to have the house in their name.
The main attraction of the builders in tripunithura is that they give the most for the foreign NRI investors and allows most of the benefits. Keep in mind the above guidelines if investing for your home in your favorite place of your hometown. Happy Investment!!