We know that the real estate business is booming in Nepal and it is one of the most promising fields. The real estate business offers excellent profit for a small risk. In a democratic country like Nepal, the real estate price is always rising. The statistics also show that such prices will continue to rise in the future. Nepal is heaven for those who understand this real estate business in one way or the other. Nepal is a land of immense opportunities for those willing to dwell in the field of land and house buy and sell.
Here are some of the highlights on the real estate business of Nepal:
Apartment for sale in Kathmandu
The government has started preparation for amending the Civil Code 2021 BS. This document will introduce a provision that allows foreigners to buy apartments in Nepal. The previous civil code had mentioned that property in Nepal cannot be sold or gifted to any foreigner or foreign country. Real estate entrepreneurs have been claiming that the business will boost if foreigners are allowed to buy apartments. The sale of apartments is mostly available in urban areas like Kathmandu. The boom in the real estate business also means a collection of tax revenue for the Nepal government. You are allowed to sell and buy apartments only after some contracts.
Kathmandu house price
The earthquake of 2072 B.S. had a devastating impact on the real estate business in Kathmandu. The popular places for buying houses in Kathmandu are Budhanilkantha, Tarkeshwor, Chandragiri, Tokha, Sitapaila, etc. The price of a house in Kathmandu ranges from minimum to maximum. The price of houses in Kathmandu differs as per their construction quality, storey, and location. The house prices in Kathmandu are expensive also because the land prices are expensive. On average, the metropolis has set the price of the cheapest land at Rs. O.4 million per aana. You can buy a house in Kathmandu if you are thinking to settle down here. On the other hand, individuals may also buy a house for commercial purposes.
The cost of the house depends upon the type of the house and the materials used for construction. Moreover, the geographic region is another factor that decides the cost of the house. The cost of construction materials and manpower charges also differ from place to place. House price In Nepal, therefore, ranges from place to place. Besides, house price is not the only thing to consider while buying a house in Nepal. You need to analyze from different perspectives.
For many individuals, there is a question on how to reduce construction costs. The reduction of construction costs is the most stressful job.
Here are some of the ways:
What to do if you are thinking of buying a house in Kathmandu?
Home financing is the most relevant topic these days. It is not that easy to invest in a house without a proper financial plan. If you purchase a low-quality house at a high price, your decision will be bad. Banks and financial institutions currently provide loans for individuals. They offer single-point interest. You may have to make an initial down payment before taking loans for buying a house in Kathmandu. According to the Nepal Rastra Bank directive, banks and financial institutions are not allowed to invest 100% in buying houses or land.
Some of the additional home loan charges include:
Not only this, you may require documents for home loan approval. They include:
What are the types of home loan that bank provides in Nepal?
It may take years for individuals if they are planning to build a home from earnings. However, several banks are available in Nepal to fulfill your wish of buying a house in Nepal.
The types include:
We hope that the information on the real estate business in Nepal was useful. If you are thinking to sell, buy or rent land and a house in Nepal, you may contact us.