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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.

8 comments:

  1. Thanks for your information. Even One of my friend also need some advice about to renting its property in India. I am sure this information will help me a lot.





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  3. Wow! great information, it helps a lot especially to those who wants to invest real estate,

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