September - 2014 - Special issue > Home Buyer's Guide

Guiding Light for NRI Property Buyers

Sukanya Kumar

Founder & Director-RetailLending.com

Sunday, September 21, 2014

Forward

Optimism is the biggest trend today in real estate. There is a positive feeling and environment amongst developers and homebuyers. Having been cautious for some time now, homebuyers and investors are keenly looking at real estate as a lucrative investment option. Moreover, there is an anticipation that the interest rates would drop near the end of the current financial year, which will add further impetus to the sector.

Hurdles in the Path

In the era of new hopes and abundance of opportunities, India is the new focus for the investment opportunities in every pitch. Being one of the promising emerging countries of the world, Indian real estate sector certainly is to be a chosen destination among global investors. There are a number of Indians who have settled abroad for a better career opportunity and growth. Despite the luxuries that life provided there, they tend to miss the land they have grown-up. A place in the homeland usually gives a sentimental support and sense of security, which is a prime reason of investment in real estate by NRIs.

While, processes and procedures have been designed to favour NRIs, there is a lack of awareness amongst NRIs that has led to misconceptions. These misconceptions are the biggest roadblocks for NRI property buyers. Following are a few common misconceptions that NRI property buyers have when obtaining home loans.

Myth #1 General Power of Attorney can be given only to blood relatives