A Passport is enough...Buy your own house in Dubai..!?

We often see the news of our country's famous businessmen, actors, and big millionaires buying villas and apartments in Dubai. The property registration process in dubai is much simpler than in India. And there are plenty of opportunities for investors in dubai real estate. A 10-year golden visa will be given to indians buying property above Rs 4.5 crore. Due to this, indians are increasingly investing in properties there. Any indian, resident or non-resident of the uae, can purchase real estate in dubai under the provisions of the Foreign Exchange Management Act, 1999.

 Below are some things you must know before buying property in dubai, which areas to buy, bond fees, etc.

1. Freehold Right: There are certain areas in dubai known as Freehold Areas. There you can get real estate as an Indian. Freehold Areas: Arabian Runcis Damak Hills Palm Jumeirah dubai Hills Estate Alburjan Apartments Downtown dubai JVC dubai Marina business Bay

2. application for pre-approval indian investors in dubai real estate must first obtain pre-approval from the dubai Land Department. For this, you need to submit several documents like your passport, identity card, income proofs, financial statements, etc.
3. Notification to government of india All indian investors who have invested in dubai real estate, Foreign Assets (FA) List ITR. And under the Black Money (Undisclosed Foreign Income and Assets) Tax Act (Black Money Act) you have to report the assets you have acquired there to the Central Government. indians buying property in dubai must be aware of this.

4. You can get a loan from a dubai bank. You can apply for a loan or mortgage from a local bank to buy property in Dubai. However, banks will lend you a different amount based on the type of property you are buying. If you are going to buy a flat, you can borrow up to 80 percent of its property value from banks. On the other hand, if you are going to buy a property in a commercial complex, banks will provide a loan of 60 percent of its value. So you need to pay more down payment for commercial property than residential.
5. PROCEDURE OF PROPERTY BUYING In dubai, property can be purchased off-plan from the developer or through resale from a private seller. Foreign investors are obliged to present their passports with a reservation specifying the terms of the transaction when purchasing an off-plan property. A down payment of 10 to 30 percent is required, along with a 4 percent DLD fee, to create purchase and sale agreements.

6. Documents required to buy property Buying property in dubai is easy for foreigners. Just provide your passport as proof of identity. No residence permit is required. However, it must be kept there to live. The buyer will hold a 6-month Property Holders Visa from the uae Government. This allows foreign investors to stay while looking to buy property in Dubai. However, make sure that the property you are buying is worth more than Rs 4.5 crore.

 7. Fees and Taxes Be aware of the costs associated with buying real estate in Dubai. This includes costs associated with mortgages, real estate agents, developers, and more. Due to this, the exact amount of those charges should be calculated and added 5 percent of the total property price.

 Costs related to buying real estate in Dubai:

DLD Fee: 4 percent of the property price.
 Bond Fee: Rs.11,000
Administration Fee: Rs.13,000 (Apartment, Office), Rs.10,000 (Land), Rs.10,000 (Off Plan)
Agent Commission: 2 percent of property price
NOC Fees: Rs.11,000 to Rs.1,10,000.

8. Trustworthy Realtor: Working with a reliable realtor in a place like dubai is crucial. Make sure you do your research and talk to a few real estate agents before you choose the real estate agency that offers you the most options. The credibility of a real estate company can be checked online through their website or on property websites.

 9. Budget-Suitable Properties: You can buy the type of properties that suit your needs and money. Affordable Rs 24 Lakhs to Studio Apartments Residences Rs 30 Lakh to One Bedroom Houses Rs 40 Lakh to Off Plan Projects Mid-Rs Rs 1 Crore to Townhouses Rs 60 Lakh to Villas Rs 50 Lakh to 2 Bedroom Apartments Luxury Villas from Rs 2.25 Crore to Luxury Penthouses in Dubai
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Sowmiya Sriram

08/12/2023 01:27 PM