NRI and PIO (Person of Indian Origin) can now buy property in India. Being an NRI or PIO, you can easily buy commercial or residential property in India. Moreover, you don’t need to grab permission from reserve bank of India for buying property in India for sale. Apart from that with the introduction of GST and RERA, it has become a secured option to buy property in India.
When NRIs decide to buy property in India, they have lots of cities to go with, but Bangalore is certainly the best one. Whether you are looking for real estate investment option or property for use in India, Bangalore is the best place to go with. This is surely the main reason why NRI buying property in Bangalore.
You aren’t supposed to be an exception. When it comes to buying property in India as an NRI, you may get confused about how to do it. Thus, you need to go through stated below guide on how NRIs can buy property in Bangalore, India.
Being an NRI, you would always like to buy legitimate property in Bangalore so that you can get good returns on the same. Thus, you need to take a few important points into consideration. This guide is devoted to NRIs who want to buy property in India.
When you being an NRI decide to buy property in Bangalore, you can easily find lots of real estate projects to go with. But you need to buy a right option. Hence, you need to take stated below points into consideration before making a final deal.
If you don’t want to get involved with buying a wrong property in India, you first need to know about a right real estate project. Of course, when it comes to choosing a right real estate project in Bangalore, you first need to know about a right builder or real estate company in Bangalore.
There is no doubt that you would like to choose a real estate company that can help you buying residential or commercial property in Bangalore for sale according to your budget and requirements.
Are you still confused? If so, then you need to seek help from a property consultant in Bangalore. Vasu Jain, owner of Subh Homes, is known for helping NRIs buying property in Bangalore.
If you are assuming that by merely talking to a property consultant in Bangalore, you should make a deal, you need to get rid of this confusion. Actually, you should avoid making a deal without visiting the actual site. So, you first need to visit at the site of real estate project in Bangalore.
There could be various reasons behind visiting at a site, but one benefit is sure that you can know about the location. You can have an insight about reality of the project. Obviously, when you visit at the actual real estate site, you can be able to know its pros and cons. If you aren’t capable of visiting at the site, you need to send your relative or someone who trust at the site to have insight about the actual real estate project.
Being an NRI doesn’t mean that you won’t need housing loan. Of course, you would like to grab benefits of housing loan. Thus, you need to choose a real estate project in Bangalore that should be approved by one of the national banks in India.
You are advised to go with a RERA approved property to buy in Bangalore. In case of ignoring this point, you won’t be able to get your home loan approved by bank. So, you need to keep this point in mind while buying property in Bangalore as an NRI.
It’s another important point that you need to keep in mind while looking for a property to buy in Bangalore. It’s seen that many individuals avoid taking maintenance of the property into consideration. Thus, they have to regret on their decision at later stage.
So, being an NRI, you need to choose a residential or commercial project in Bangalore that comes with the benefit of maintenance.
When you decide to buy property in Bangalore for sale, you first need to evaluate the built-up area of the same. You need to choose a real estate project in Bangalore that should come with adequate built-up area.
Moreover, you should also take green area of the project into consideration. Taking this point into consideration can help you choosing a real estate project that would come with swimming pool, greenery area, playing area, and many more.
If you don’t want to end up with a wrong property in Bangalore for sale, you need to check for statutory approvals for the same. You need to go through the statutory approvals such as airport, fire, water supply, town planning, sewage disposal, safety approval, and other necessary approvals from government departments.
So, these are a few statutory approvals that you need to take into consideration when it comes to NRI buying property in Bangalore. In case of ignoring this point, you will have to regret on your decision.
It’s seen that most of the NRIs simply make quick decision when it comes to buying property in India. Actually, they don’t have time to stay in India for longer time. So, they decide to make buying decision instantly. Obviously, it’s a wrong practice that should be stopped as soon as possible.
If you want to end up with a right buying deal, you need to take adequate time before making a decision. If you don’t have time to stay longer in India, you can give power of attorney to someone who will search for a right property for you in India.
Also know Procedure for NRI Selling Property in Bangalore
So, these are a few tips for NRI buying property in Bangalore. If you still need help for buying property in Bangalore as an NRI, you need to avail services of Vasu Jain, a property consultant in Bangalore.