Choosing the right kind of home to live in is one of the biggest and toughest decisions you will have to make. As homes are considered long term investments, you need to be certain that you've picked the home that is best suited for you and can satisfy your family's needs. When it comes to buying an apartment, there are three possible types you can choose from: pre-launch apartments, under-construction apartments and ready-to-occupy apartments. Ready-to-occupy apartments are becoming highly sought-after these days, due to the numerous benefits and features a homeowner can avail. Here are six reasons why ready to occupy apartments are in demand.
Risk factors are no longer a concern
Under-construction and pre-launch properties can be, at times, risky to purchase because of certain factors like:
- Land disputes
- Handover delays
- Poor amenity management
- Non-standardised property values
- Construction quality
A ready-to-occupy apartment ensures that you, as a buyer, do not take on any of these risk factors and can move into your apartments immediately after completing the purchase. One such project to look out for in Banashankari is Brigade Omega which also offers a scenic view of the Turahalli forest.
You get what you pay for
While a property is under construction, the buyer has to make assumptions on how the project will turn out, based on the master plans and floor plans. It can be challenging to visualize the exact unit purchased and the qualities of the amenities. With ready-to-occupy apartments, you can experience your home and see the layout/view from each room. You can also check out the club house and various facilities before making your purchase decisions. The biggest advantage of a ready-to-occupy apartment is that there are no surprises.
Tax benefits are exclusive
Paying tax is a necessity but can also prove to be a hindrance if you’re not smart with your purchase decisions. Whenever you apply for a home loan on under-construction properties, you are required to pay tax on an annual basis. When the keys to the property are handed over to you, you can claim the interest paid to the builder with regards to construction, repairs and purchase of the property (as stated in section 24 b of the Income Tax Act, 1961). Post-completion of the property, interest paid on home loans taken from the bank can be applied for a deduction of at most 2 lakhs, with a further deduction of 1.5 lakhs taken from the principle amount of the loan (as stated in section 80C of the Income Tax Act). You can avoid taxations outright if you opt to purchase a ready-to-occupy apartment, as the soon to be launched Goods and Service Tax laws is slated to exempt completed properties from Service Tax.
No more endless waits
When you purchase an under-construction property, as a buyer, you may have to sit through a long waiting period before the big handover day. This can be specially challenging if the project is delayed due to unforeseen circumstances. The RERA Bill has given some hope to homebuyers by making it compulsory for builders to complete their projects in the promised timeframe, but if you still wish to move in as soon as possible, a ready-to-occupy apartment is your best bet like Brigade Exotica which is an ultra-luxury project in Old Madras Road.
Don’t worry about Pre-EMI payments
Pre-EMI is the payment of interest that applies to your home loan even when your property is under construction. In today’s age of 8-10% annual inflation and ever-increasing costs, the pressure of paying Pre-EMI charges for under-construction properties can be immense. Money management is essential when you are dealing with large investments like real estate. With a ready-to-occupy apartment such as Brigade Caladium in Hebbal, you can avoid such additional payments.
Get rid of rental payments
Under-construction properties can be challenging if you are currently a tenant and need to pay the rent of your existing home. You will end up having to make two monthly payments – the rentals and pre-EMI charges simultaneously. You can avoid this double payment when purchasing a ready-to-occupy apartment.
Are you looking for a beautifully constructed and ready-to-occupy apartment in Bangalore? Look no further than Brigade Millennium & Gardenia, a lush apartment complex in the heart of Bangalore’s beloved J.P. Nagar.