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27 September 2012

Renting Flats in UK for NRI- Cheaper Option to Buying

While you stay in UK it is easiest to live on rent as the property rates are very high. Being an NRI on working or employment purposes renting a flat has less hassles and is easy on your pocket.
Home loans though available  UK NRIs falls to larger EMI (Equated Monthly Installments)amounts as the total home loan amount is very large. Also there is no point in committing yourself if you are just for work purposes in the UK and may later on think about settling down here. Living and purchasing property in UK is very costly affair and your purse strings have to be pulled too tight. As dollar rate is more in comparison with the Indian Rupee a home in the UK costs a fortune! If you are on a very good salary and highly qualified and do fulfill the criteria for selection and approval of home loans then you may consider many options for buying a home in the UK on loan. Otherwise ,especially in the beginning years of your stay in UK it is best to find a cozy place on rent. rents in the UK depend and vary on the locality and size of the flat available along with the area in which you wish to stay. Some upper end areas have much more higher end than in some budget home areas.
Renting flats in UK is an easy and cheap option and if you narrow down your search on the locality you may find a good place suitable for your needs. If finding the right apartment in UK is a problem with your working hours you can first brush up on the internet and select available options before committing yourself to any agent or housing society.
Colleagues and staff where you work may be able to guide you better in options for flats on rent, availability  of flats for rent, rental charges per month and also deposit amount in the UK. Though it is better to hire a reputed agent or mortgage broker in the UK as NRI rules and regulations would differ for NRIs but it is true they also charge a fee for the same. But another important aspect to consider would be finding availability of flats for NRIs as this would become tiresome if you find out personally enquiring in places known to you and your friends. Time and travelling becomes a hassle and may further increase expenses which leaves you with the option of a guided tour of flats and visiting selected few under guidance of a good reputed broker.

17 September 2012

NRI First Home Loan in UK Simple Advice

Applying for your first home loan in UK being an NRI is a journey in itself. Owning the right home and in your budget is what every NRI who has shifted to the UK or USA wishes. To get the best deal in home buying and home loan at a reasonably lowest rate of interest is what every NRI borrower of home loan dreams of. Here is some simple advice for first time home loan borrowers staying in the UK or USA.
 There are many online home loan calculators and may financial housing companies that have well organised websites for your to brush up. The first take on home loans would be to brush up the internet and see what options you have in terms of lenders and mortgage brokers. You will have to find out which financial loan lending companies are willing to offer home loans to NRIs and what prerequisite is required for the same. As we know that every broker will charge commissions but being an NRI and staying in the UK or USA , you may not be aware of all the rules and terms or home loans and these qualified and reputed individuals from financial agencies and banks can guide you and also help in all the proceedings and approval of your first home loan.
There are plenty of free online calculators that allow you to fill up simple details and get the quotes for free, regarding your EMI amounts, interest rates and home loan tenures. Do use recognised and reputed sites only as you may need to share your details also.You will need guidance in opening your first savers account which is the priority base for any home loan for any NRI in the UK.
How much amount of loan can you borrow will depnd upon your work experience, qualifications and your identity proof as NRI. Your employment contract or job salary slips for past few months and your bank statements for the past six months along with your credit card statements, all will be required to act as proof. Before considering for any home loan you will have to assemble these documents beforehand.
It would also be better if you befriend other NRI friends or colleagues who have already availed a first home loan in the UK or USA and follow their personal advice.
A qualified mortgage broker can also guide you and help to hasten the process of your first home loan.Do remember to make clear the percentage of commissions  and other administrative costs as NRI to your home loan lending company representatives. Also find out and discuss the exact taxes levied and other extra expenses that you as an NRI will have to apply and get approved for a first home loan in UK. You may also notice that respective housing finance companies will lend only for certain properties that are certified  by them so do consider these properties only if you wish to get your home loan approved from these institutions when you as an NRI are selecting your first home in UK or USA.

14 September 2012

UK NRIs Advice for Renting Their Flats in India

UK NRIs staying and working in the UK who wish to keep their property from becoming a liability prefer to give their flats on rental basis. This not only helps them to keep their place in good condition but also generates revenue in terms of rent.
As Mumbai is becoming the most sought after place and flats on rent are available in many areas at rents ranging from few thousands to more there are always people who wish to stay on rent. Staying in the UK and well settled if you wish to offer your house on rental basis the first thing you must consider is to hire a good financial property consultant. Why hiring a consultant is necessary when your relatives or friendly neighbor can guide you to customers who wish to live on rent? you will also save on the commission money and rental documents?
Here is the important financial decision were you pay little and get more. Well by more I mean not more rent but peace of mind. You may get many people who wish to stay on rent but legal documents and papers are very important. Since you stay in the UK and it is not possible for you to come and visit India very often,as also, you cannot be physically present for maintenance of you flat it is very essential to have a reputed and reliable source, a good financial property dealer in India.
The 'moving crowd' as are termed in financial terms for people staying on rent do not have a fixed destination. Some are on temporary jobs, some have shifted new in Mumbai, some are not financially sound whereas some just do not have lum sum amount for down payment to purchase a new flat.When you are trusting the person with your precious property and allowing them to stay in your flat you need to have the proper documents and legal papers clear. usually when relatives , friends and colleagues or neighbors refer a person for staying on rent , it is always the word of mouth. At first they may project that you are not trusting them and the world is not so bad and all are not thiefs! But here as you are staying in the UK and you may not be present always to keep an check on the rental procedures and rent amounts it is better to hire a good reliable property consultant who will not only guide you with all the procedures for offering your flat on rental basis but will also be happy to make all the documents for you.
Cases of theft and taking over of property have been on rise. Since you the owner are staying far off you are unable to keep in touch with your flat in India, mumbai. People staying on rent have started offering their names as owners after few years of staying in your flat.Sometimes they also start purchasing property or new home by taking home loan or by taking money by mortgaging your home!
In the procedures the consultants will find out the past and background of the people who have offered to stay on rent before selecting and finalizing the client for your flat. They will also check on the financial background of the client and also keep some documents or amount as fall back in adverse situations.You may keep in touch with these consultants on phone or email and they will keep you updated. There are many reputed financial agencies and property consultants and even reputed Indian banks who will guide you and make your static property into a money earning asset. All this with assurance of peace of mind.