The Association of South Asian Real Estate Professionals held a seminar April 18, on financing and legal aspects of home buying for H -1B immigrants and for foreign nationals buying investment properties in the United States.
Held in the headquarters of ASARP in Des Plaines, a suburb of Chicago, Illinois, the seminar was well attended according to a press release from the organization.
Pradeep B Shukla, president of ASARP explained the need to make immigrants and foreign nationals aware of available lending opportunities for home buying. New immigrants can buy their dream home right in the first year of his arrival in this country, but in many cases, they are not aware if this can be done, or sometimes they are scared, Shukla noted. According to Shukla, the basic instinct bred within the South Asian community over centuries, to draw mental and social lines and then never cross them, leads to a sort of inferiority complex that becomes sharper when a person migrates from developing economy to any advanced western state.
This is precisely the action point that triggers the Association like ASARP to provide support and education to the community, Shukla said. The ASARP is conceived based on the needs of theSouth Asian community, for providing resources and leadership in regard to promotion of private property rights, in conformity with the standards set up by the National Association of Realtors.
Apart from educating the South Asian community on these matters, ASARP also provides an effective outreach on the opportunities that lie ahead, from enriching real estate experience to the most optimum level.
Present at the event were senior ASARP directors including Vice President Kantibhai N Patel; Kantibhai S Patel; Al-Haroon Husain, reputed attorney and mortgage banker; Vikram Sarda, finance professional; Raj Patel, realtor; Director, Harsha Shukla; and Lisa Macias, manager.
Invited guests included Bhailal Patel, T. R. Viswanathan, Hemant Patel, Madhu and Divya Dave and Malti Pandhi from PNC Bank.
Shukla’s speech followed detailed presentations by Sarda on financing options for H 1 B immigrants and by Husain, attorney on legal implications of such acquisitions.
Hemant Patel also made a brief presentation on energy saving options for home buyers by harnessing the use of solar energy. Vice Presidet Patel said the Association would soon arrange for another seminar on a larger scale for EB 5 Immigration and 1031 Exchange issues.