In the past few years, there’s been an uptick in demand for ready-to-move flats. In 2020, 40% of homebuyers preferred ready-to-move-in houses, revealed a survey.
Wondering why fully completed house projects have become a top choice for homebuyers? Take a look at these ready to move in apartment benefits.
One of the primary reasons why buyers prefer a ready-to-move-in house is that they get what they see. Before purchasing a property, you can do a proper inspection of the house.
Since the house is ready for possession, there is no change as seen in pictures to reality. You get to examine and verify factors like the size of the rooms, view from the apartment, connectivity, available amenities, and the neighbourhood. This helps you make a well-informed purchasing decision.
No worry of project delay
The biggest risk you avoid with ready-to-move-in apartments is the postponement of the project. In the case of housing projects, builders often give a deadline for the completion of the project. But project delays can slow down the process of moving into the house, and you may incur financial losses due to cost overrun.
Ready to move in flats allow immediate occupancy. There is no waiting period for the possession of your property. Once you make the payment and sign the required documents, you can immediately move in.
Additional Read: What Are the Things Home Buyers Should Expect from Budget 2021?
Return on investment
If you aren’t prepared to move in immediately, you can put the flat on rent. It is one of the several advantages of ready to move in houses, that you can use this rental income to manage extra expenses. If you’ve taken a housing loan, you can pay off EMIs with the rent money.
There is no GST applicable on ready-to-move-in properties. This allows for a cost advantage on the purchased property. Besides, the GST applicable on under-construction houses that don’t have a completion certificate issued is 5% without Input Tax Credit (ITC) and 12% with ITC.
Tax benefits on loan
If you have taken a home loan to finance your purchase, you become eligible for tax benefits against loan repayment in the year you take possession. Under Section 80 C, you can claim a tax deduction of up to Rs. 1.5 lakhs against principal repayment and under Section 24 (b) up to Rs. 2 lakhs on interest payment.
However, these tax benefits are applicable after the construction is complete and you own the property. Also, no service tax is imposed on ready-to-move-in apartments.
Additional Read: Common Challenges Faced by First-time Homebuyers
Over to you
Found the perfect ready-to-move-in apartment but looking for the best home finance provider? Apply for a quick housing loan at Tata Capital to get one step closer to your dream house! We offer a swift application process with minimal documentation and maximum home loan eligibility.
With us, you can access funds of up to Rs. 5 crores. On top of that, our tailored housing loans are available at affordable interest rates of just 6.70%. Choose the loan tenure, amount, and EMI period as per your convenience.
Don’t wait up! Visit our website today to know more.