NRI means non-residential Indian. They are also known as PIO i.e. Person of Indian Origin. There are millions of NRIs around the globe who are deeply connected with their roots in India. Many NRIs think about buying a property in India for various reasons. Whether they will be returning to India or not, NRIs should buy a property in their motherland. There are many benefits attached to that.
We have a small list as to why NRIs should buy a property in India…
Purchase for self use
If you are an NRI and planning to buy a property in India but don’t know why, we suggest you buy it for yourself! Whenever you visit India, you don’t want to spend your money on hotel bills or surely don’t want to be a burden on your relatives. You can easily stay at your home if you own one. So buy a property for yourself in your own country. Or you can buy it for your parents. The parents of many NRIs do not prefer living with them in foreign country. So you can buy a comfortable and luxurious house for your parents in India.
Purchase for investment
Investing your hard earned money in real estate is the best option for long term saving goals. You can later sell the property whenever needed. You can give the property on rent and earn money from that too. So look at purchasing a property from purely investment perspective. You will see many benefits attached to it.
Purchase to get tax benefits
Purchasing a property under a home loan can open you ways for tax savings. You can earn many tax benefits while you repay your NRI home loan in easy EMIs. These tax benefits will be easier on your wallet and will prove good for you to do further investments.
Purchase to use it as reverse mortgage
A reverse mortgage loan in India is a fairly new type of loan compared to other countries. You return to India post retirement and start living in property you purchased. Considering the inflation rate, you can reverse mortgage your property to the bank/NBFC and they will pay you in monthly installments to pay your expenses. This way you can secure your future post retirement by purchasing a property in India today.
So apply for a quick NRI home loan today!