The government of India has formulated and specified policies with regards to Non Resident Indian investment in property and repatriation. As a Non Resident Indian if you wish to invest in property in Chennai then you may do so from your own funds or you can also avail of a housing loan. There are several banks that have attractive housing loans for Non Resident Indians.
What kind of property can an NRI invest in? Non Resident Indians can purchase immovable/residential property in Chennai, nonetheless NRI’s cannot invest in agricultural lands, plantations and farm house. The immovable property can be rented out, sold, or even transferred to another individual. Also, the income earned on the property can be taken outside of India depending on the prevailing Foreign exchange rules.
An NRI can transfer his/her funds from overseas to India through Non-Resident External (NRE) or Non-Resident Ordinary (NRO) or Foreign Currency (non-resident) (FCNR) bank accounts. If applying for a housing loan to purchase property in India then there are numerous banks offering such loans although the criteria may vary from bank to bank. It is necessary that the loan applicant holds an account with the lending bank. Loans can/may be sanctioned up to 85% of the value of the property; however this is decided on a case to case basis by banks.
The Government of India has relaxed the property investment rules for Indians living abroad thus opening the doors for NRI’s to buy a property in their home country. With the Indian economy flourishing and the overall property market booming this is the best time to buy your own property in your home country.
Monday, 4 April 2011 at 9 a.m. MARG ProperTies unveils the model luxury villa at project site TAPOVAN. We look forward to seeing you all at the unveiling of MARG ProperTies’s luxury villas at Pavanjur, off east coast road.
Opulence personified is MARG’s TAPOVAN; villas built on ½ acre and ¼ acre with a built up area of 2553 square feet. Spread over 77 acres of lush greenery, and home to many species of trees and birds; soak yourself in nature oblivious to life’s tensions.
90% open space ensuring more than adequate ventilation, covered car parks in front of every villa, and state of the art facilities make these vaastu compliant luxury villas a pleasure to live in. The project includes 124 villas of which 17 are ground level models and the rest are ground plus one level model.
As a Non Resident Indian if you are interested in applying for a housing loan in your home country then there are numerous banks that you can choose from. The eligibility for a Non Resident Indian housing loan is that you must be 21 years of age. Your monthly income must be at least 2000 USD; however this amount varies from bank to bank. Also, every NRI housing loan applicant must have a local co applicant. If the property is being purchased by more than one person then the other applicants also become co applicants and hence should sign all the loan documents.
The minimum loan amount varies between 3,00,000 INR and 5, 00,000 INR and the maximum amount can go upto a crore this also varies depending on the bank and the loan applicant profile. A lot of other factors are taken into consideration while sanctioning an NRI housing loan: income level, age, number of dependants, other assets and liabilities, repayment capacity, and also property cost.
An applicant may be eligible for a maximum of 85% of property cost or construction cost; and 75% of the land cost in case of buying a land; either ways repayment capacity of the borrower is an important determining factor. To obtain a higher loan amount NRI’s can include a co-applicant who can show additional income source.
The equated monthly installments must be remitted through the NRE/NRO account. Payments cannot be made from another account whether it is in India or abroad. The EMI for the loan amount must be disbursed from the NRE/NRO account only.
While housing loans for NRI’s has been made simple it is worthwhile to check and compare interest rates, loan amount, repayment tenure etc between banks and choose a loan that best suits you.
Brindavan is the latest landmark on Chennai’s hottest industrial hub. Strategically located between Sriperumbudur and Oragadam on a 200 ft expressway stands MARG Proper Ties BRINDAVAN. The residential apartment complex is only a 40 minute drive from the airport and is also close to the upcoming telecom and automobile hub.
Home to several global giants, this fast appreciating area is close to good health care centers, educational institutions, and places of worship. Away from the congestion and pollution of the city MARG Proper Ties Brindavan comes at a very affordable price.
Brindavan is fully packed with great features and amenities such as club house, swimming pool, gym, multipurpose hall, tennis court, poolside dining, terrace and any more. You can choose between two and three bedroom apartments which come in sizes ranging between 608 square feet and 1070 square feet.
Spread across 16.44 acres the open area will be around 80 % and the constructed area will be around 20 %. Also, it is being constructed as per Seismic zone -III compliance & Building Standards of India (BSI).
If you want to buy a property in Chennai wherein the property price is fast appreciating, and where the apartments are affordable, compact, and in a great location – BRINDAVAN will be certainly be a great choice.
As a Non Resident Indian working abroad there may be several reasons you want to buy a property in your hometown. Are you thinking of buying a safe and secure home for your aged parents or do you want to invest in real estate wherein the returns on investment is enormously higher when compared to other investment options such as gold, and fixed deposits. Perhaps you are thinking of returning to India for good with your entire family. Whatever may be the reason this is a good time to invest in the Chennai real estate market.
Chennai is home to some of the most respected global companies. Whether you are thinking automobile, mobile phone, IT/ITES, banks, insurance, KPO/BPO, so on and so forth many major international giants have a firm presence in Chennai. As an offshoot there are plenty of well paying jobs across different sectors in the job market. This automatically translates to higher standard of living and better quality of life; and also an increasing demand for housing, good social infrastructure, schools, state of the art healthcare centre, recreation and entertainment; all of which is transforming the landscape of the entire city.
There is growth in every sphere you look at in Chennai be it schools, colleges, retail, fashion, hotels, multiplexes, healthcare, elite shopping. With a booming economy and rising demand for living space plenty of residential properties are mushrooming across Chennai. Most of these apartment complexes are a one stop shop that offers you everything under one roof. Several features such as a club house, children’ play area, health club, landscaped gardens have been included to ensure that living is comfortable, stress free and luxurious.
If you are looking at buying a property in Chennai, whether it is a budget flat, luxury apartment, tech smart flats, compact apartments, beautiful villa, MARG Proper Ties offers you a wide range of properties to choose from. The residential projects are all at several strategic locations in and around Chennai.
