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Thursday 26 September 2013

Factors for NRIs to buy property in India

Here are few things NRIs should consider for investing in properties in India:-

  • To which place NRI will have to return? This depeonds upon family background of husband and wife.

  • Where the children will continue their higher education. Climiate of the place NRI wants to shift and where their family members will be?

  • Duration of stay in foreign country after buying the property. Assume, you buy a flat or villa and you will be able to move only after 5 years. Here you have to weigh the pros and cons of keeping it vacant or letting it for rent.

  • Renting the property out will have its own headaches, like finding a good tenant and / or getting the repairs done. Here, having a trustworthy property manager will be ideal.

  • How the investment will be funded? Loan from Banks / Financial Institutions or own fund? Here proper planning is needed if the property is under construction. Here the financail adviser will be able to suggest suitable options.

  • The property should in single name or in joint name? To decide this, tax liability and liability of monthly instalment are to be considered.

  • Have you considered all the above factors, your financial adviser who understands your needs, will be able to advise when and what rate the property should be bought and when it can be sold.