August 2021

 

Investing in a home is a huge decision that involves significant funds and planning. Thankfully, gone are the days when you had no option but to construct your own home. These days, you are spoil for choice with scores of ready-to-move-in properties to choose from.

Whether you dream of owning a luxury home or a compact one, builders offer ready-to-move-in properties to suit your needs with enough room for customisation.

For instance, if you are looking for flats for sale in Thane, you may consider buying a ready-to-move-in flat.

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Pros of buying a ready-to-move-in flat

You can save time and energy

Building a home requires a lot of dedication and effort from your side. Even though you will not do most of the work yourself and will hire a contractor to execute the project on your behalf, you can’t rely on them blindly.

Your finances and the construction are your responsibility. So, from making regular site visits and checking payment registers for the labourers to taking stock of raw materials and the budget, you will always have to be involved with the construction process.

This will eat up a lot of your time and mental bandwidth, and is something you don’t have to worry about at all when you buy a ready-to-move-in property.

You don’t have to put up with unexpected or extra expenses

Apart from giving you the freedom to design your home exactly as per your tastes, constructing a home also results in additional, unexpected expenses cropping up every now and then.

The initial budget is typically a conservative estimate and you are likely to end up spending more as time goes owing to lost shipments, mismatched tiles or incorrect thickness of plywood.

Also, living in a standalone property calls for maintenance expenses that are otherwise divided among all the residents in a society.

You get to buy a property that you see

On completion, your constructed property may look different from what you expected. However, in the case of a ready-to-move-in home, this will never happen as you don’t have to visualise; you can see exactly what you will get.

You can move in or earn rental income immediately

If you buy a ready-to-move-in flat, you can take immediate possession of your property. This way, you can save on rental expenses and start repaying your home loan instantly after taking possession.

This is not the case if you are constructing a home. Moreover, if you take a home loan for construction then repaying that via regular EMIs along with the rent will certainly put pressure on your finances.

You can start claiming tax benefits instantly

According to the Income Tax Act, you can claim a deduction basis home loan interest repayment of up to Rs. 2 lakh under Section 24(b) and basis principal repayment for up to Rs. 1.5 lakh under Section 80C.

However, you can claim this deduction only for ready-to-move-in properties. In case of a property under construction, the preconstruction interest can only be claimed as a tax deduction when the construction is completed.

You can claim the deduction in five equal installments subject to the condition that the construction is completed within 5 years of availing the home loan. In case of delays, you can only claim up to Rs. 30,000. On the principal front, you can only claim the deduction on the completion of the construction.

In case you sell the property within 5 years of possession, the deduction amount will get reversed and taxed according to your tax slab.

These are reasons enough to start looking for a ready-to-move-in flat in Thane now!

Also read: 5 reasons why online home booking is here to stay

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Source: bajajfinserv-homes-and-loans.in