Calicut attracts maximum NRI investment in Kerala after Kochi owing to its increasing social infrastructural developments, connectivity, thriving IT industry of the city and the perfect ambiance with abundant greenery, not to mention the many popular tourist destinations.
Whether the reason behind the investment is the thought of settling down in future or for reselling, here are 5 guidelines for the NRIs who are planning to buy property in city –
1.Identifying the Property
Identification of a suitable property is the first step to buying and can be done surfing through various builders’ websites and other digital means where in customers can make direct contact with the owners, instead of depending on real estate agents. NRI investors can start searching for properties ideal for their needs by themselves right from when you decide to make an investment. Seeking expert advice from your family and friends in the city is recommended as they would have a closer reality of the segment, compare and weigh among different builders’ and make informed judgements even before you start physically visiting the properties.
2. Funding and Financial Transactions
Most of the banks and Housing Finance Corporations have special NRI home loan schemes to help you easily finance your investments. All the transactions has to be made by Indian banking channels which means all transactions will be made through Indian currency and you will have to use your NRO/NRE accounts for inward remittance. While arranging for the funding make sure that you have 20% of the total value of the property on your own, the rest shall be funded by the lending institutions. Also, make sure that all the documents are clean for easy and quick procedures; you need to obtain a no-due certificate from the seller and get the titles cleared if the property under consideration is jointly held or inherited.
3. Documents Required for Home Loans
To avail home loans through banks and HFCs, NRIs require the following documents to be produced at the lending institution.
- Copies of Passport and Visa
- Latest salary slips
- Proof of income for business men
- Latest work permit
- Copy of employment contract
- NRE/NRO account statement or Bank statement for previous for the previous year (duration depends up on the lender)
- Power of Attorney (for under construction properties)
- Agreement for sale & Copy of approved building plans
- Title deed
4. Power of Attorney
If you are buying an under construction property, you will have to submit a Power of Attorney or PoA to your builder to carry out registration, execution of sale, possession and other processes easily. Seek the help of a lawyer to properly word a document for the same protecting your property from any kind of forgery.
5. CREDAI Property Expo
Confederation of Real Estate Developers’ Associations of India (CREDAI) is an apex body of organized real estate builders across the country and has chapters across India, including various districts in Kerala. CREDAI regularly organises property exhibitions across the country and abroad for NRIs to understand different investment options and home loans from leading banks. Such exhibitions also inform and offer many other benefits to the investors and thus you may stay visit and stay updated about different offers sent out by CREDAI as you plan to buy a property.
If you are planning to buy a property in Calicut, Landmark Builders is the best choice with multiple projects all over the city unbeatable in quality and embracing premium amenities. Landmark World and Landmark Village are two ongoing flagship projects of Landmark Builders offering a range of luxury 1/2/3 and 4 bedroom flats in Calicut with supreme luxuries and world-class amenities.