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 spoilt 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 Pune, you may consider buying a ready-to-move-in flat at Shapoorji Pallonji Joyville, Hinjewadi. The project is a world in itself with fitness facilities like a yoga room, skating rink and multipurpose sports court, entertainment facilities like an amphitheatre, gazebo and party lawn, and utilities like an ATM, 24/7 security, medical centre, daycare, and more.
So, if you want to know whether it will be more appropriate for you to invest in a ready-to-move-in flat like Shapoorji Pallonji Joyville in comparison to constructing a home, take a look at the advantages of the former.
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 in 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 deal 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 on, due to things like 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. So, whether you are looking to buy a flat in Pune or in any other Indian city, you will always save more money when you buy a ready-to-move-in home.
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 against home loan interest repayment up to Rs.2 lakh under Section 24(b) and against principal repayment 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 paid can only be claimed as a tax deduction when the construction is completed. You can claim the deduction in five equal instalments 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 after 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 now! Avail an affordable home loan from top lenders like Bajaj Housing Finance Limited to avail a significant amount of up to Rs.3.5 crore at nominal interest rates. Apart from accessing the right amount of finance, you can also avail services like in-person search assistance to help you find the right flat and a property dossier to know the legal and technical aspects of buying a home. To view your customised deal, check your pre-approved offer from Bajaj Housing Finance Limited and apply now!