India Likely To Receive Real Estate Investment Worth $2.5 Billion Across Borders
The latest report from Knight Frank, a global property consultancy firm, revealed that India’s cross-over property investment projections for 2022 would reach $2.5 billion, according to NDTV Profit. Knight Frank’s managing director in India, Shishir Baijal, said, “The series of structural reforms in the last few years has put the country’s property market on a high trajectory. As a result, they are attracting attention from global investors.”
Baijal adds that the quick improvements of the health crisis and policies to support growth in the realty sector will ensure that investors worldwide will find it ideal to invest in India’s real estate market. If you’re an aspiring property investor, you know real estate investment is a sure way to create wealth. But how can you succeed in such a competitive market? Below are a few tips to invest in real estate.
Investing in real estate property is one of the most significant financial decisions you’ll ever make. So, before you can invest your money on the first property you see, ask yourself if you can afford it. As a golden rule, evaluate your income and decide how much you can pay for a property. For instance, let’s say your income is about Rs.100,000 and have five lakhs in your savings account. You can afford a property worth 35lakhs. Besides assessing your monthly income, check your credit score to ensure you can obtain a loan.
Plan For A Home Loan
After evaluating your finances, you may want to apply for a home loan. According to https://thehomeloanexpert.
com/, the mortgage sector had the lowest rates in history in 2020 throughout 2021. This means that now would be a good time to buy property since mortgage rates are really low. Nonetheless, you should prepare your finances and documentation before applying for a home loan. This step entails reviewing your credit score to ensure it meets the set standards. If not, take time to improve your scores. It’s also wise to arrange your pay slips, bank statements for the last six months, income tax returns, and a list of assets.
Understand Criteria For Selecting Property
Choosing the right investment property is critical if you want to enjoy a high return on investment. Therefore, learn the criteria for selecting property beforehand. Note that a good property is affordable and guarantees high value. It should also be located in an accessible area, have the right amenities, security, and sufficient space.
Investing in real estate is an excellent way to build wealth. However, you need to implement the right investment tactics. As a general rule of thumb, start by determining whether you can afford a property. Then, obtain financing by taking a home loan from banks or private lenders. Most importantly, follow the proper criteria for choosing a property.