Many Indians shift abroad for study and work. When they come back home or as they work abroad they intend to purchase good property in Chennai, Mumbai, Bangalore and other such metro cities in India. Property in Chennai is appreciating at its best. This is why it's very important for NRIS to know about the property investment details in India.
NRIs play a major role in the real estate market. A non-resident Indian is an Indian citizen who studies or works abroad.
● Tax benefits
Remember that investment brings benefits when you do it for the right time period. This is an important point to remember when you purchase property for any kind of investment reasons. As per the IT Rules and regulations when you buy apartment in Chennai and you want to reap the tax benefits from this real estate investment what is most important is that you maintain this investment for a period of at least 3 years.
● Good offers
NRIs who don't have ready funds are also given a lot of wonderful and effective provisions by the RBI for home loans. So, whether you are planning to purchase villas in Chennai or apartments or a plot you can get a home loan and a good return on investment too.
● EMI and forex
There are certain FEMA (Foreign Exchange Management Act) rules by RBI that should be kept in mind before starting with the home investment process. When you opt for home loans as an NRI, it is very crucial that you read the fine print very well. One of the most significant things to remember when you buy apartments in Chennai on loan is that it cannot be directly credited to the NRI Bank account. It is usually sent only to the sellers or developers account. The funds can be repaid by using the NRE or NRI account that is it should be a foreign currency account. This is applicable for all kinds of property whether you are planning to purchase villas in Chennai or plots too.
● Consider removing the middlemen
There are many good plots for sale in Chennai. However, when an NRI will try to purchase it there are a lot of middlemen that can try to ruin the scenario for them. They try to increase the price extravagantly and the person might undergo an unnecessary loss in this process. This is why it is wise to purchase the flats or Plots for sale in Chennai directly from the seller.
Property in Chennai like every other metro city is becoming more and more valuable by the day. This is why it is very important that NRIs must invest in real estate in the right manner by keeping these tips in their mind.
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