Ready to move-in apartments have always been the preferred choice of home buyers. Especially in thriving metropolitan cities like Chennai the inclination of home seekers are homes that are ready for occupancy. There are numerous reasons that make the Ready to move-in apartments in Chennai the favourite of buyers, here are the Top 5 Advantages –
No Waiting Period, No Hidden Risks –
Ready to move-in apartments offer the big advantage of immediate occupancy with no waiting period involved. Under construction properties come with certain risks involved such as delay in handover, financial crisis or insolvency declared by the builder, and all this leads to immense mental and financial stress on the buyer. When one invests in ready to Move-in Apartment in Chennai from established builder (link to AGR) these risks are completely eliminated.
Immediate freedom from Rent – Home buying generally involves procuring home loan from bank or financial institution, and buyer pays an EMI on the loan. During the construction phase of the property home buyer has to pay a pre-EMI for the loan amount disbursed. While awaiting the possession of the house one has to incur the double burden of the rent for the current accommodation and also the pre-EMI on the loan. This scenario is generally faced by buyers who invest in under construction properties, however buyers who choose Ready to Move-in apartments completely do away with the rent component of their expense for their dream home is available for immediate occupancy.
No Speculation – No Disappointment –
When one buys a Ready to occupy apartment in Chennai the buyer is sure of every detail of their house, for what they see is what they get. Right from the design, the layout of the house, the neighborhood, the amenities, and every other aspect of the apartment is there for the buyer to see, analyse, enquire with the neighbours in the community and make a decision. However while investing in an under-construction property one has to go by what is available in the paper, right from the details of the house to the facilities mentioned in the brochure. When there arises discrepancies in what is promised and what is finally delivered it leads to disappointment.
Financial Benefits –
Banks and financial institutions approve loan for a completed project quickly and at a lower interest rate when compared to one for an under-construction one which usually involves a process to verify the authenticity of the builder, the project details and other relevant documents. Service tax on under-construction property is 12% charged above the property value while for ready-to-move-in property it is not applicable. Similarly there is no GST for a ready to move-in property. Investing in a Ready to Move-in Apartment in Chennai also brings in Tax benefits as one can claim a tax deduction of up to Rs. 1.5 lakhs against principal repayment under Section 80 C and under Section 24 (b) can claim tax deduction of up to Rs. 2 lakhs on interest payment.
Resale of the Property –
Resale of a Ready to occupy apartment is easy and simple as the owner holds the possession and also all the necessary documents for the process. In the case of an under-construction property resale is cumbersome as the builder has to provide the transfer of the property which is difficult and it also involves a heavy transfer charge.
Going by the numerous benefits it offers home buyers prefer Ready to occupy apartments in Chennai for they guarantee tension-free possession and the desired comfortable living.