Tag: Real Estate Developers

Home Loans for NRI’s

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Real estate developers have always considered NRI’s as an important part of their target audience and the NRI crowd also prefers investing in India because when a comparison is made with the foreign real-estate, India offers much better properties at a much reasonable price making it an ideal choice for NRI’s.

NRI’s Investment Market in India

NRI’s have always played a crucial role in the Indian real estate market. The main reason for their investment is generally either sentimental value to their origin or as a backup plan just in case they ever plan on moving back to India. Generally, they just buy and put up properties for rents assuring a steady sum of the amount coming to them with definite safety and increment in their investment. The currency advantage due to the depreciating rupee plays into their favor, raising their purchasing power. To smoothen the pot, NRI’s can also apply for home loans and they get similar tax benefits like the Residential Indians with respect to repayment and interest rate if they meet a few criteria. Foreign Exchange Management Act 1999, defines an NRI as someone who resides outside India for, “employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period”. It also says that an individual will also be considered NRI if his/her stay in India has been less than 182 days during the preceding financial year and anyone meeting these criteria can apply for home loans in India. 

Benefits for NRI’s Investing in India

NRIs can be benefitted from the tax deductions only if they have an income that is taxable in India. If they have taxable income in India, they are eligible to claim deductions on the repayment of interest and the principal amount from the taxable income as per Section 24, 80C and 80EE of the Income Tax Act.

Here’s a list of all the benefits NRI’s can get while investing in real-estate in India if they are defined under FEMA:

  1. An NRI home loan can be availed to meet all of the property-related requirements, including purchasing a house, constructing a house and renovating an existing property in the country.
  2. The difference between the value of foreign currencies like dollar or euro in comparison to rupee give a great advantage and raises purchasing power.
  3. The application process is hassle-free and barely takes up any time.
  4. With most banks, a candidate can apply for an NRI home loan online. The process is easy and transparent. The tracking of the application is also very easy, from anywhere in the world.
  5. Almost all banks provide a prepayment facility for either none or very little extra fees.
  6. There is no restriction on the number of properties NRI’s can purchase in India. However, agricultural land, plantation land, or a farmhouse cannot be purchased, only residential and commercial properties.

Home Loan Interest Rates for NRI’s

Most banks offer NRI home loans that have attractive interest rates on a monthly reducing basis. The candidates also have the option to choose between fixed or a floating interest rate but the candidates must be under the following regulations:

  • Age: 18-70 years
  • Nationality: Indian, Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are all eligible. Overseas Citizens of India (OCIs) are also eligible except citizens of Afghanistan, Bangladesh, Bhutan, China, Iran, Nepal, Pakistan and Sri Lanka.
  • Work Experience: At least two years of experience in the company he/she currently works for
  • Loan Amount: The amount depends on an individual borrower’s profile and differs from person to person
  • Loan Tenure: Most banks allow a loan tenure of up to 30 years
  • Prepayment Charges: The prepayment charges for most lenders are 0%-2%
  • Late Payment Charges:For most lenders, late payment charges are 1%-3%
  • Other Prerequisites: NRIs require an Indian resident to be a co-applicant, co-borrower or co-owner of the respective house or property
  • Interest Rates: Interest rates vary for different banks, like SBI and HDFC offer 6.70%-7.00%pa, ICICI offers 6.70%-7.95%pa, LIC Housing Finance offers 6.90%-7.30%. The overall range of the interest rates is 6.70%-8.90% in 2021.

TMR Group believes that every NRI is still as much Indian as the rest of us. Therefore, all our projects offer the best deals on home loans for NRIs. They have excelled in their field and are making India proud overseas. It is our humble way to say – thank you and offer them NA plots in Hyderabad with the best returns.

Plus side of customization – Buyer’s Perspective

Plus side of customization – Buyer’s Perspective

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The ever-rising demand for homes has given real estate an unprecedented boom. Every day new developers are joining the highly competitive arena and the buyer is being offered a plethora of options for home buying. Where ready to shift homes range from 1 RK to 5 BHK’s and more, plots are making their own space in minds of people with the freedom of customization it offers. Here we are going to look at the plus side of customization for a buyer.

From the scratch

Homebuilding is an experience – an experience which is truly enticing in unique ways and also stands as a once in a lifetime event. Ready to move homes fail to offer this experience, process and hence buying a plot and building your dream holds special importance. It all starts with a piece of land. Buying a plot is the first step that a buyer aims for. However, before buying land, its location and geography must be taken into consideration. Your dream is to shape your creation the way you wish. One can plan for a big bungalow which utilizes the entire plot or one can opt for building an adequate sized house with an open area for lawn and more. As said, customization in its truest essence is a form of creation hence one can be as imaginative as possible. You get to witness the magic unfold from day one to the day of your housewarming and each day is going to bring you more joy as you see your dream being built gradually.

Customization – The structured plan

Have you been imagining your house with a swimming pool or a perfect sized play area/lawn? It’s all possible for you and your family. The very next task is finding the right architect for your dream home and placing your needs for what kind of home you imagine. A duplex, bungalow, or a specific type of architecture, details it to your architect who would help you with a plan for your home. Building a home also gives you a freehand to think till the last moment and changes can be made till the last moment which helps in keep making the place better and better. You get to choose the quality of material to be used for your home and a variety of such things. Right from what lights will embellish your home to what kind of gate will open the doors to your dreams, from choosing your favourite colour combinations to choosing your favourite pattern of roof, each and everything is decided by you which helps in uber-customization.

There are several materials which go in for constructing a home. Here are some items that require attention when building a home from scratch:

–  One has to select good quality of steel for building the framework and for building a strong foundation.

–   A buyer has to shortlist what kind of cement will be used for the construction and also will be used in the concrete. Concrete is a composite building material made from the combination of aggregate (composite) and a binder like cement.

–   Another element that goes into construction is – sand. Sand is essential for construction and having good sand helps to build a robust structure.

–   There several types of bricks used in construction in India. Some of them are – Burnt clay bricks, sand-lime bricks, concrete bricks, fly ash bricks, and firebricks.

–  When the structure is ready, one has to pay attention to what kind of wood will be used for doors, what kind of furniture will complement the theme of the house, and more.

Homebuilding is truly an alluring experience. As it is a cascade of your aspirations, keeping this checklist in mind will help in constructing a structure of stature and significance.

At TMR Group, we understand the significance of building a home and hence we strive to offer you the best always. We strategically lock prime destinations for you to not only build a home but also ensure that the value of your home sees increment with each passing year. We ensure that plots are in perfect sizes that suit your needs at the most efficient prices. Here, we just don’t sell plots, we help people with their dreams and that’s what makes us feel content with each plot that we sell. This inspiration keeps our heads high and drives us to do more with each passing day. Your dream property awaits you at a prime location in Hyderabad. Come, experience, and live the dream of building your dream home with TMR Group.