Buying luxury flats in Hyderabad is much affordable when you contact a reputed and longtime experienced real estate company. A passion that reverberates with many NRI (non-resident Indians) which is why it is no doubt that there has been a gigantic flow in the number of NRI looking to buy a luxury flat or apartment in their homeland.
The Hyderabad based real estate companies often get several queries regarding the procedure, rules & regulations, etc., that’s why you will have multiple options to select one right property out of them. It’s your complete responsibility to collect whole information on the property, locality, and surrounding to avoid any future issues. Moving for apartments for sale in Banjara hills is not a bad idea as per affordable budget.
Research on the property buying procedure in India
Buying luxury flats in Hyderabad can seem like an onerous progression and absolute scary to get into, but if you’ve determined to go in for a new dwelling and you’re fiscally geared up, there’s no better opportunity than to read up on the usual timeline and enlist the assistance of a property agent in Hyderabad who can correspond to your benefit in a transaction.
Beginning with fixing up your needs and saving up currency for the buying purpose, you can get a consultation from prospective agents, and appoint one who is both experienced and professional.
Start with tightening down the flats you like, and set up bespoke appointments with your property agent to see these apartments for sale in Hyderabad on a weekend or holiday. When you’ve obtained a few you like, set up meetings with the respective seller/ developer and get your property agent’s assistance in negotiating for a fair deal. At a final point, on registration day, you can make the payment of the brokerage fee and take over the keys to your new flat or apartment. Knowing this entire workflow from the beginning makes getting into this interesting and optimistic journey far smoother.
You will also have to get documentation and legal procedure finished at this time.
Necessary Documents to purchase a home in Hyderabad:
Usually, there isn’t too much documentation required to buy luxury flats in Hyderabad or any kind of apartment.
Indian Seller’s documents
From the sellers, you need to ask for the following documents.
- Title deed property
- Tax receipts for the last 3 months
- Plan of Govt. granted project
- Notice of initiation
- Nuisance certificate
You need to choose that real estate agent which makes a tremendously transparent deal with all govt. documentation of the property.
A reputed real estate company could only commit of 100% trustworthy deal and no hidden charges.
NRI Buyer’s documents to buy home in India
Apart from the seller’s documents, the NRI buyers need to submit the following documents.
- A copy of their passport
- Current address proof both in India and abroad
- A PAN card for identity and address verification.
Financial arrangements to buy luxury flats in Hyderabad
Never worry about financial arrangements. Make a note for your flat or apartment or any other property requirement that the payment has to be made only through banking systems like DD, Cheque, NEFT, or Net Banking transfer method. No foreign currency or traveler’s cheques are accepted as per the rule of Indian Govt. You have the facility of making payment either through the payment from your foreign accounts or through your NRO / NRE or FCNR account.
The reputed real estate companies also help in getting a home loan for your property deal and gives a guaranty for quicker home loan approval. As per the RBI rule, a buyer can have a home loan of 60% to 80% of the total property value. Also, the bank or finance company will pay directly to the seller’s or developer’s account to make it 100% secure. If you don’t want any loan, you can pay directly from your NRO/NRE or FCNR account. Your purpose of procuring apartments for sale in Hyderabad could be accomplished.
Citizenship rule for Joint ownership
An Indian or an individual from Pakistan, Sri Lanka, Bangladesh, Iran, China, Afghanistan, Bhutan, and Nepal is not allowed to make joint ownership with an NRI, even if he/she is not spending any money towards the property investment. Only one NRI person can make this deal or 2 NRI persons can make this deal through joint ownership.
Know the Taxes to buy luxury flats in Hyderabad
As per the taxation rule of India, you are bound to deduct TDS of 1% if you’re buying properties having value more than 50,00,000 from Indian residents.
In case, you are making purchase deal of 50,00,000 or lesser amount with a non-resident, you have to deduct tax at a rate of 20% of capital gains along with cess and surcharge applicable for the long-term capital amount provided to the seller and 30% for short term capital gains with cess and surcharge.
When you need a Power of Attorney (POA)?
Since it can be durable and expensive for you to physically appear during each transaction, you can hire a legal person or real estate agent on your behalf for which you need to visit the Indian Embassy.
In the end, you must have a solid idea about your mission of buying the luxury flats in Hyderabad or apartments for sale in Banjara hills will have a successful enclosure.