If you have been investing for long, chances are you must have heard of the weakening stock market along with the deposit rates falling below 6-7%. Add to this, the rupee has been strengthening against the dollar and is estimated to rise further. Investing in that ready-to-move flat in Electronic City Phase-2, Bangalore would be an excellent choice at this moment. By investing in the realty sector in India, NRI’s can expect higher returns on a lower initial capital investment. The increased interest from NRI’s to invest in Indian real estate has been further propelled with developers offering live chats, virtual tours and 3D walk-through of their projects. Now, you also have ready-to-move flats for sale in Electronic City Phase-2, Bangalore which are smart homes with international appeal.
Additionally, the recent introduction of the RERA Act has proved to be a boon to homebuyers. The RERA Act has been brought in to protect the interests of the buyers and to ensure that there is complete transparency in your homebuying process.
As an NRI, you do not require any special permission to buy that ready-to-move apartment project in Electronic City Phase-2, Bangalore. However, keep in mind that you cannot make the payment in foreign currency. The fund has to be maintained in a non-resident account under the FEM Act. An NRI can hold any number of properties when it comes to residential and commercial properties with the exception being agricultural land.
Immovable properties held for longer than 24 months is considered as a long-term capital asset and you get an indexation benefit with taxation at 20%. Under Section 80C to 80TTA, certain tax deductions are allowed thus reducing your tax burden.
Home Loans
Interest rates for home loans have not been this low since the past decade. It would be a good time to buy that ready-to-move flat in Electronic City Phase-2, Bangalore with a loan if you are intending to. Some banks are even offering credit at 6.5%.You can even avail bank loans of up to 80% of the property cost.
Repatriation Rules
According to FEMA, repatriation of proceeds from the sale of a property cannot exceed 1 million dollars in a financial year. However if your ready-to-move flat in Electronic City Phase-2, Bangalore has been inherited or gifted to you, then you may repatriate more than 1 million dollars per financial year.
Ensure that you have a checklist that includes property verification, list of the required documents, KYC, payment plan and other local formalities. For a smooth process, arrange for a trustworthy aide to accompany you to help facilitate the process. Apart from all these factors, the most important thing to consider is to check the property title and the financial strength of the builder, especially if you are opting for an under-construction project. At Mahendra Homes, nothing matters to us more than our client. We believe in being there with you at every step of your homebuying process. Book a visit today. Call us at +917676764466.
