Buying a Home in Kerala - Thrissur District (gulp) Soon

Ok, after a quick budget review it's time to ask about financing a home in Kerala.

Do they even do financing or is it all cash at purchase?

I will have approximately $10K (knock wood) or 400000 (that is 4 lakh right?) For a down payment. I'm looking at property that is listed at about 10 times that amount.

What should I do. Forget it? Negotiate?

My mind is in no way made up, but here is the property I'm in contact with the owner on.

http://keralarealestate.com/advtview...title=Thrissur (Scroll Down to 2nd property listed.) It looks like it would be an awesome home, preschool centre, and more.

The owner has sent additional photos. The house has those hard dark wood ceilings I like (keeps the place cooler, a huge kitchen/dining hall. Lots of bedrooms (office, classrooms, staff rooms) and nice furnishing. A lovely garden and is just 3 KM from the river. And so much more. I just really dig it. But can I get it, that is the question.

When my staff in Kunnamkulam gets back to work I'm having a couple of them go check this out. But it "looks" near perfect to meet my longterm meeds in India.

It's getting a bit serious (figuring into my dreams) so, please advise if you can at all. Thank you.

Diana, A Tiny-Bit Antsy Future Home "owner" in Kerala

For Indian residents loans from banks (called home loans) are freely available.

An unrealted comment: People ask for way too much above market value, on indian property sites. I would check up market prices independently before negotiating or finalising.

you would have to negotiate on the price..I would advice give a budget of 25 lacs only..

somehow I beleive prices listed on net tend to be higher...and anyways you never pay what seller asks for...

Home loans depend on a lot of factors, i am not an expert but here are certain points. :

1. Eligibility of the Loan taker.
2. Type of land (Lease hold, freehold, agricultural, I dont know...there are lot of complications)
3. kind of area, banks have internal guidelines..there are some areas they consider as safe bet and some not so safe.
4. Financial background (ability to pay back, source of income etc.)

Do you mean the Double storied Bungalow on 40+ Cents land is for sale at Pazhayannur Town ?

Wow. I'm so envious! What a wonderful-looking place

If you don't get it, let me know what you managed to beat the guy down to!

1940 house... not old enough to be 'antique' which means really you should be paying the value of the land only: the house is fully depreciated to no value. Or that is how it would be in Chennai.

Follow the Capt's advice and check carefuly for local knowledge.

Does Kerala have registered 'guide values'?

First thing... you need an advocate, you need to do all you can to ensure that the title in the property is good, that there is no joint-family ownership in the past, or temple ownership; if it has been properly registered as residential land; never was tribal land... ... ... Oh the possible pitfalls: still feel like buying?

LOL! Yes, more than ever actually as most of the pitfalls mentioned are at least things I've "heard about" so I'm not feeling as clueless as when I began this journey. I'm very lucky in that I have not 1, not 2, but 4 local people nannying me through this process.

My on site director, the property manager for the school, my lead teacher and her husband, and the previous owner of the preschool house are all working together to make sure I don't "mess up" (though they don't exactly put it that way.) I often get the feeling that when I make it mistake it must somehow reflect on my friends and employees in some way I'm not quite clear on ...but I digress.

My point is, I don't think I will be allowed to make any type of big mistake...though I'm sure there is lots of room and time for not so big errors.

But basically, I just sit here in America while "the team" suits up, looks things over, meets to debate things "Madam does not need to know" and will let me know what to ask the seller, say, or do.

I do trust them pretty much completely...but it's still nice for me to get some feedback from the non-Indians here on IM.

Thanks for all the comments. You've given me much to think over and a way to look less clueless.

And yes, it's lovely isn't it! The owner sent photos of the interior and the river and it's all good.

Now to just pull this one off.

So, does anybody know anything at all about Pazhayannur? I've seen it on a satallite map and it looks like...a village with trees in Kerala. Not much help there?