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:
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 wished for.
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.
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 EMI\Loan and Rent for a good number of years.
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.