Ready to move in or under construction--What should you
invest in? This is one of the most common questions that
cross every prospective home buyer's mind. Thus, here
we try to delve into each aspect to wherein why are ready
to move in properties more preferable in today's scenario:
Ready To Move In
BUY WHAT YOU SEE!
In ready-to-move-in property you will get what you see and chances of
getting duped by the developer is almost nil. You can see every aspects of
the property, including its maintenance and interiors. One can easily
judge whether the project specifications match the standards promised.
Since the housing complex is ready you can visualize everything you have
Since the property is already completed, checking the legal status
becomes relatively easy. One can check documents such as completion
certificate, occupancy certificate and list of titles etc.
KNOW LEGAL STATUS OF THE PROPERTY
In case of ready to move in property, you can immediately move into your
new house. You will immediately get the product, what you have paid for
whereas for an under-property you have to wait for 3-5 years for the
product to be delivered.
Once you move into your new house, you will not have to pay any rent. All
you have to pay is the EMI or due loan. While in an under-construction
property, you will have to bear both EMILoan and Rent for a good
number of years.
SAVE ON RENTED ACCOMMODATION!
In a ready to move in property you can claim Tax Exemption on Home
Loan on both principal and interest repayment immediately. The buyers
will only be considered eligible if and only if the project is completed
within the span of 3 years, which not the case usually. If the project is not
completed in within 3 years, as per the law any such delay will result in loss
of enchanted interest deductions.
There is no service tax or VAT in case of a ready to move in properties.
TAX BENEFITS START IMMEDIATELY