Planning to buy a ready-to-move-in apartment?
Here's what you need to know
It is a no-brainer that ready-to-move-in houses are the best bet, especially for homebuyers who are averse to taking risks considering the scores of projects that are currently under litigation. Also, in the present economic scenario, the market is favorable and there are abundant options available across cities. The COVID-19 pandemic has made one realize the value of real estate as an asset class, which is more reliable, as compared to the volatile and risky stock market. Moreover, interest rates have reduced, making it favorable for people who are looking to take home loans .Besides this, many developers are offering discounts and this lures the potential home buyer as he can strike a better deal. Below are few key reasons to opt for Ready to Move apartments
No risk of delay
When you buy a ready-to-move-in house, the biggest risk that you eliminate is project delay. You are not required to wait for the completion of the apartment and other amenities in the project.
Uncertainty about space, size of rooms, view from the apartment, quality of construction, available amenities and fixtures can be eliminated when you buy a ready-to-move-in apartment. For the end-user, this makes the buying process simpler. The buyer would be more assured of what he or she is buying.
Rent or EMI
You can start living in a ready-to-move-in house as soon as you buy it. If you are someone who would find paying both the rent and the home loan equated monthly instalments (EMIs) difficult, a ready-to-move-in home works well for you.
According to the Income-tax Act, 1961, if a homebuyer takes a loan to buy a house, she can claim deductions under Section 80C against the principal repayment of the home loan. There are additional deductions only for first time and affordable segment homebuyers.
GST is applicable only on under-construction properties or on projects for which Occupational certificate is still to be received and if you buy a ready-to-move-in house, you can save the GST cost.