Are you an NRI looking to invest in property or borrow against real estate in Vijayawada or Andhra Pradesh? You’ve made a smart choice! Real estate in this region offers excellent opportunities for growth and returns. To make your property journey smooth and profitable, we’ve simplified five essential steps specifically tailored for NRIs.
Step 1: Financial Planning Tailored for NRIs
As an NRI, precise financial planning is crucial. Evaluate your overseas income, existing financial commitments, savings, and the applicable tax regulations in India. Factor in future expenses such as property taxes, insurance, and ongoing maintenance costs.
Lendly specializes in assisting NRIs to clearly understand borrowing capacity and navigate Indian banking procedures smoothly.
Step 2: Property Search and Selection in Vijayawada
Choosing the right property type (apartment, house, or land) depends on your budget, lifestyle preferences, and future investment goals. Vijayawada is rapidly developing, offering excellent proximity to essential amenities, good educational institutions, healthcare facilities, and strong appreciation potential.
At Lendly, we help you conduct thorough market research to identify ideal properties aligning perfectly with your investment and lifestyle needs.
Step 3: Title Verification and Documentation Specific to Andhra Pradesh
Ensure the property you’re interested in has a clear title and is free of legal disputes. Important documents to review include title deeds, previous ownership history (link documents), property tax receipts, approved building plans, and utility bills.
Engaging an experienced local advocate or loan consultant is crucial. They perform detailed due diligence to confirm legal compliance and secure your investment.
Draft and execute a comprehensive Sale Agreement outlining precise terms, including price, payment schedules, and possession dates.
Step 4: Securing Finance for NRIs
Post Sale Agreement execution, gather necessary documents from the seller: title deeds, link documents, tax receipts, approved plans, and utility bills. Provide your personal financial documents such as KYC, overseas payslips, foreign bank statements, NRE/NRO account statements, IT returns, and employment/business proofs.
Lendly’s specialized loan consultants will guide you step-by-step, ensuring smooth loan approvals from banks or NBFCs tailored specifically for NRI clients.
Upon loan approval, your bank issues a Demand Draft (DD) payable directly to the seller, finalizing the transaction.
Step 5: Registration Process Simplified for NRIs
Finalize your property purchase by booking your slot at the local Registrar’s office in Vijayawada, paying applicable stamp duty and registration fees. During registration, the bank will deliver the DD to the seller upon completion.
Post-registration, the bank will securely store original property documents. Nationalised banks typically provide immediate acknowledgment receipts. Private banks and NBFCs require you to apply separately for a List of Documents (LOD), possibly with minimal fees.
Lendly – Your Trusted Partner for NRI Property Investments
Investing or borrowing against property as an NRI doesn’t have to be complicated. Lendly specializes in providing seamless, transparent, and tailored financial solutions for NRIs investing in Vijayawada and Andhra Pradesh.
Need personalized assistance?
Contact Lendly today and experience hassle-free property investment tailored for NRIs!