Benefits of Ready to move in property

Buying a property is a big task and then choosing between a ready-to-move-in and under-construction house is another dilemma for home buyers. If the buyer is looking for immediate accommodation, then a ready-to-move house makes more sense. The buyer gets what he sees in a ready-to-move-in house and also there is no risk of potential changes in the future.

Today ready-to-move-in homes are in demand as they help the buyer to avoid costs associated with living in rental accommodation and the long wait in big cities, for an under-construction project to be completed. Also, it’s a safe mode of investment, has a cost advantage due to no goods and service tax (GST).

Here in this blog, we will talk about the perks of choosing ready to move in property.

Avoid unnecessary delay: Cutting down the long wait, buyers don’t have to wait unnecessarily for their house in the ready-to-move-in property. Due to the increasing delay in project completion, homebuyers started shifting to choose more of ready-to-move-in properties.

No uncertainty: You get what you see. There is no room for uncertainties like space, size of rooms, view from the apartment, quality of construction, available amenities, and fixtures in the ready-to-move-in property. Here buyer is much more assured of what he or she is buying than under-construction property.

Rent or EMI: The best thing about ready-to-move-in property is that you can start living in your house as soon as you buy it. For most of us paying both the rent and the home loan equated monthly installments (EMIs) is difficult so a ready-to-move-in home is a perfect solution.

No GST: GST is only applicable to under-construction properties and not on a ready-to-move-in house. Hence you are free from the burden of paying the GST cost.

Tax deductions: According to the Income-tax Act, 1961, if homebuyer takes a loan to buy a house, she can claim deductions under Section 80C against the principal repayment of the home loan, which has an overall limit of ₹1.5 lakh and up to ₹2 lakh for payment of interest under Section 24(b) for a self-acquired house. There are additional deductions only for the first time and affordable segment homebuyers.

However, you can only start claiming tax benefits once the construction of the property is complete and you get the possession. You are allowed to claim the interest paid on a home loan during the construction phase in five equal installments post possession.

SPN one of the best property consultants in North India helps you choose the best ready-to-move-in properties. They understand your needs and accordingly put forward the best available options to you.