Have you seen a beautiful resort in India or another place that you’d love to have as a dream vacation place to stay? Maybe you’d love to travel there every so often, or have it prepared for a special occasion like a honeymoon. Buying or renting a vacation property in India can take a few steps to complete, including making sure you’ve got your insurance and legal fees covered. But there are a few tips that can help you out.
Make Sure You’re Eligible To Purchase Or Lease Property In India
Buying or renting a vacation property in India is not like buying or renting in other countries. The Indian government as well as the Reserve Bank of India (RBI) has set some tight rules on who can own property in India, and even on Indian citizens owning property abroad. To own any immovable property in India, you have to be either a natural born citizen of India residing in the country, be a non-citizen living abroad whose parents or grandparents hold Indian citizenship. Now you can be a foreigner and rent property in India if your lease doesn’t exceed five years, and you meet certain extended residency requirements. In very limited circumstances, a foreign national residing in India can buy a property. But the bottom line is you will need to make sure you have the proper legal qualifications to get in on India’s real estate market.
Work With A Reputable Real Estate Agency To Find Your Property
If you’re not too familiar with India’s vacation real estate market, a reputable local real estate agency can help you find good properties for sale, or rental housing that fits your expectations. The good news is many real estate agencies in India also have an international presence, and you can check reviews on them to see how their service has been graded. You also might be able to find a multilingual agent who can communicate with you better if you’re not a native Indian language speaker.
See What Kind Of Tours Are Offered At The Property
It used to be considered unthinkable that you would purchase or rent a property without visiting it. And it’s still a good idea to travel to see it first if possible. But some property management companies have started using virtual reality systems that offer live tours of properties that don’t require you to be there. Going this route may be preferred during the current pandemic, or to save you traveling costs.
Complete The Paperwork Filing And Financial Transaction
Once you’ve found the property you want, you need to gather up all required documents and make sure you check all the legal boxes. But you’ll also want a reliable way to send money to India in order to complete the financial transaction. Wiring the money directly into the seller or landlord’s bank account may be the best way to do it if you can afford it. But if you can’t, you may find it less expensive to use a money remittance service to send the money. Just be aware of exchange rates, local remittance taxes and limits when transferring money.
In conclusion, there are a lot more complex steps to buying or renting vacation properties in India. But these are the key things to know, and you may even want to establish some contacts with locals in the area of your intended vacation property since they may have some additional information for you.