Tips for NRI investing in Kochi Real Estate

For every NRI from Kerala, buying a property in Kochi is a dream. In spite of housing sales slowing down in the state in the recent past, there has been no dearth of NRIs wanting to invest in real estate at Kochi, the commercial capital of Kerala.

The Kochi real estate opened up itself after the new millennium and is still growing the most preferred locations in Kerala for NRIs for real estate investments are Kochi and Trivandrum. The demand for apartments in Kochi is increasing because of the metropolis feel that the city lends to the residents and also the conveniences in terms of education and healthcare that are present here. Given below are a few points that NRIs should keep in mind when investing in real estate in Kochi.

Type of property

NRIs can own immovable properties such as houses, apartments, or commercial properties. However, they are not allowed to buy agricultural land or farms. Therefore, they can show a purchase interest in apartments for sale in Kochi.

Tax benefits

Just like any Indian citizen, an NRI is also eligible for all tax benefits. The NRI can claim a tax deduction on the processing fees, stamp duty and registration charges.

SelI / Rent a property

An NRI can sell the property that they own at any time that they want. They can also rent/lease the property according to their wishes. NRIs are commonly seen buying luxury apartments. Hebron Properties, Kochi, is a reputed builder that has completed many premium projects including luxury flats near Maradu in Kochi.

Home Loan

Another interesting point about NRIs wanting to invest in Kochi is that they are allowed to apply for home loans. They can apply for home loans in any of the nationalized banks of our country or any financial services company registered with the National Housing Bank. The one mandatory requirement is that the NRI should have an account in the nationalized bank. The transactions that have taken place should have been done only using Indian currency. The repayment of the home loan can be done through NRE or NRO accounts or Foreign Currency Non Resident deposits. NRIs can get up to 80% of the cost of the investment from the banks as loan amount. The NRI should possess 20% of the value of the intended property which is ready to be invested.

The NRI investments in Kochi fetch them a good deal in rental income especially because there are a lot of moneyed employed youngsters that are looking to rent such properties.