NRIs Planning To Settle Back In India - Remain Aware With These 6 Essentials!

One Should Know This Essential Points While Buying Property

Both for residents as well as Non-Residents, property buying in India is quite a struggling task. But the realty market recently has witnessed price corrections making the investment in propertya lucrative option. If you are planning to capitalize your money time could not be more superior for you. RBI has made favorable changes to make property investment an easy process and attract foreign investments from NRIs.

Godrej Kharghar 

If you are also an NRI and planning to settle back in India by making an investment, the newest property at Kharghar by a renowned developer of the nation Godrej is the best and save option to put in your money.

The project  Kharghar by Godrej stands out in both interior and exterior look, feel and facilities too. The area witnesses great commercial and industrial growth because of incessantly increasing demand for residential spaces. Therefore, the realty sector of the area is continuously booming. Also, with the construction of International Airport in Navi Mumbai, property prices in Kharghar area is further increasing making it a good place to indulge in for investment purpose for a secured future.

Godrej Residential Apartment Kharghar

NRIs have become an important section of investors in realty market they generally commit their capital in India to settle back after retirement. If you are also investing in Godrej Kharghar project, abreast yourself with some indispensable points before making such big purchase.

Buy your luxurious abode Apartment in Kharghar keeping these crucial pointers in mind:

1.  Understand the type of property you can indulge into: There is no restriction on the number of properties the NRI want to buy. You can initiate your investment in both residential and commercial properties but can definitely not go for agricultural lands, plantation properties or farmhouse, unless the same is a gift to you by inheritance to become an owner.
2. Separate Financial account: While buying the property all the financial transaction has to be done in Indian currency. Therefore, it is mandatory for you as NRI to have an NRI account with an authorized bank in India. For any transactions or payments related to property, money is remitted to India through normal banking channel. No foreign currency or traveler’s cheque will be accepted for any payment. Also, any payment from outside India will not be accepted.
3. Funds availability: NRIs are allowed to finance their property by raising loans. Funding is available easily if your paperwork is clean. Various financial Institutions in India offer different schemes for NRI home loans. You have to invest a minimum 20% of the property amount from your own finances for 80% of can only be raised through loans. Before approaching any bank for funds, make sure all your paperwork is verified by the lawyer. There are no dues or pending bills with any authorities. Get the no-dues certificate from the seller, and if the property is jointly held or inherited get the title cleared.
4. Give the Power of Attorney: If you are buying an under-construction property, you have an option to give PoA to any of your trusted associates. This will help you complete the process of property purchase easily. In PoA you can specify or generalize the rights you are giving to your attorney to exercise. Get the document od PoA worded appropriately by your lawyer to avoid any kind of forgery and to secure your investment while the property is being developed.
5. Tax Benefits: All the tax benefits that an Indian resident is entitled to while buying a property, most of it is enjoyed by an NRI as well. The Income Tax Act, 1961, under section 80C, says, an NRI can claim a deduction of 1 Lakh rupees on the purchase of any property. Selling any property within 3 years of its purchase is considered as short-term capital gain and the earning through that property is taxable. Selling the property after 3 years can reduce your tax on long-term capital gain, only if you invest in another property.
6.  Exhibitions for Realty properties: The Confederation of Real Estate Developers Association of India and many other private developers organize various property exhibitions every year. It helps NRI buyers and investors to scan different options and spot loans from top banks. Various other offers like easy investment option, reduction in down payments are also offered. It is important to check on these if you are planning to invest in a property like Kharghar by Godrej in India.

Make the most traumatic task a complete worry-free event. Stop consulting your relatives, friends, and colleagues while house hunting in India. Who themselves do not have much info about the regulations and rules regarding the realty market. Better you take advice from professionals like lawyers and consultants of property. This will help you save your time, effort and hard-earned money and to land up a good decision after due diligence.

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Taking decision that goes into buying a new home?

"Great! After all, buying a home is the biggest purchase of life and everybody wants it to be a blessing for years to come. But, every step in this way must be taken very carefully.

Housing price these days are high up in the sky. Before your heart falls for a lavish mansion or there is any specific area that interests you. It is better to plan before than breaking your heart. All you have to do is to figure out how much can you afford to spend buying this luxury. Prices of Godrej Property Kharghar Residential Apartment are highly affordable for common masses. You can definitely think about it!

Godrej Kharghar Navi Mumbai

Ways to plan your budget when buying a home in Godrej Residential Apartment Kharghar:
Planning budget for your dream home does not require you to hold a degree in rocket science. This post will upskill you on budget planning for your home is such a way that it gives you a feeling of achievement and pride.

Here we go…

1. Sum up your income: budget making won’t be possible if you don’t know how much your pocket allows you to take out. To know the amount you can spend, sit down and sum up all the source of income you receive every month. The sum total should be excluding all the taxes.
2. Jot down your household monthly expenses: write down all the expenses from mole to the hill for which your money goes out each month. This includes your rent, electricity bills, daily travel, food, clothing, medical, savings, utilities and all that you can think of. If you don’t keep a monthly budget list and finds it difficult, look at your bank statements, credit card statements, and checkbooks to track these expenses.
3. Record the expenses you will bear when you become a homeowner: these expenses vary depending on the type of home you want to purchase. In your new home, most likely you will have to pay association fees that include (upkeep of common area, upkeep of recreational areas etc). You will have to pay property taxes, hazard insurance and if by any chance you are moving farther from your workplace then your transportation cost might increase.
4. Expenses that will be slayed: Figure out all the expenses that will go away when you move into your new house. Like, all the expenses that you have as a renter (trash, water and home maintenance) won’t be there in your house. If you are paying renters insurance, you can easily cancel it off after you buy a home. Or if you are moving closer to your office then your gas or oil cost will go down. To maintain a good budget, you can also cut back certain fun activities like going to pubs, bars or restaurants.
5. Determine the amount left after all adjustments: After squeezing out all extra expenses and tightening the pocket. Determine the amount you’ll be left over each month to spend on your house. Make sure that you arrive at this amount after considering the money you take home, the money you spend in a month and a little room for emergencies, retirement etc.
6. How many houses you can buy: Now you can figure out the purchase price of your house that you can afford based on the monthly payments at different interest rates. An easy way to do it yourself is to play with the apps available online for mortgage payments.

Godrej Property Kharghar Amenities

Down the lane… doing your own affordability calculations will save you from false hopes, wakes your way up and also save your time. After you know the budget you can spend on housing, you won’t look for houses out of your sustenance. Rather, you will start from bottom price and that way you will appreciate what an extra lakh can get you.
Have a happy housing at Godrej Apartment Kharghar Mumbai.

Godrej Kharghar Navi Mumbai

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