7 REASONS TO BUY A READY TO OCCUPY FLATS IN KOCHI
An apartment or flat is a long-term investment and the decision to invest in them is reached after a long decision-making process which includes a lot of thought, homework, and research.
With quite a number of builders operating in the real estate industry and offering varied housing options to choose from, finding the right home for yourself is a time-consuming job. But ready-to-occupy flats in Kochi from a reputed builder can make things a lot easier for the home-buyers; especially the new ones.
Let’s check out the 7 reasons why you need to buy a ready-to-occupy flat in Kochi
1. Ready-to-occupy flats
The most important and attractive reason or advantage to buying a ready-to-occupy flat in Kochi is the title itself; it’s available for quick possession without any waiting periods or unwanted delays. In the case of under-construction apartments, the waiting period might not be convenient for every homebuyer; especially the ones who will be moving into a new city.
Once you are done with the payment and related documentation procedures, the apartment is all yours and saves a lot of money, time, and effort that would have been wasted the other way around.
2. Pay for what you see
Another most crucial attraction of ready-to-occupy flats in Kochi is the transparency they provide to the home-buyers. Buyers are able to see in reality what they are paying for and they can check and analyze each and every amenities, features, and facility in person and reduce the chances of being cheated.
The first-person experience of the quality of construction and home design can be beneficial in the decision-making process and regarding the things and aspects that aren’t immediately visible from the home, buyers can talk with the neighbors.
3. Buy within your budget
With quite a number of builders operating in the real estate industry, there are many apartments and flats in Kerala that set a delivery date and are unable to deliver the apartments within the stipulated time. With the token amount already paid under such circumstances, a delay can create serious conflicts in our plan, budget, and time.
In case you happened to learn about a much better property or builder, or the building has some construction issues, or the unexpected rise in price are all circumstances of the huge risk that can be reduced or even avoided by purchasing ready-to-occupy flat in Kochi that is available on paying the required amount. And unlike the properties under construction, there is no chance of increasing the price of the property, which allows you to plan according to your budget.
4. Tax benefits
Compared to under-construction apartments or recently launched projects, a ready-to-occupy flat in Kerala can help you in gaining certain tax benefits.
According to the Income-tax Act, 1961, a homebuyer can only start claiming tax benefits once the construction of the property is complete and is possessed. Homebuyers are allowed to claim the interest paid on a home loan during the construction phase in five equal installments post possession, however, in case of a delay, the maximum deduction allowed on interest payment gets reduced considerably. Moreover, the principal amount repaid during the construction phase is not eligible for any deduction at all.
Additionally, the Goods and services tax (GST) of 12% is applicable on under-construction property. Currently, no GST is applicable for ready-to-occupy apartments further increasing its demand.
5. Save on rent
Buying a ready-to-occupy flat in Kochi can either save you some money or earn you some rent. If you are currently living on rent paying a huge amount, moving to a ready-to-occupy apartment could give you instant financial relief.
People with an immediate housing requirement who are unable to afford both rent and EMIS can also consider ready-to-occupy homes. In case you don’t have any plans to move in after the purchase, you can consider renting it out and earn an income or pay your loan EMI.
6. Easy loan approval
Ready-to-occupy flats are also an instant relief to the home buyers who needs to apply for a loan in order to buy their home as the loan approval rate for a fully constructed apartment is high due to its low level of risk. You can also get the loan at a lower interest rate, provided you have the eligibility and credentials.
Under-construction apartments require home buyers to pay a large sum in many installments, even if the apartment is not ready for possession within the stipulated time period. Whereas, ready-to-occupy apartments ease this process as you will be in possession of the home and can pay the loan as you pay rent.
With the uncertainty over possession in an under-construction apartment, it can take months and even years for your home to be delivered if the builder isn’t reliable. Under such circumstances, it is impossible for the homebuyer to sell the house to someone else. This is another situation, where a ready-to-occupy apartment can be of advantage.
Ready-to-occupy apartments being fully ‘ready to occupy’ after the purchase, helps you to earn an instant revenue in the form of rent or lease and enable you to quickly settle off the loan or have an extra income.
Introducing the true implementation of construction quality and luxury beyond words, into its flats and apartments in Kochi, Veegaland Homes has proven competence in on-time delivery of dream apartments in Kerala, built with state-of-the-art design and world-class amenities.
Equipped with the latest technology to realize exemplary modern living, Veegaland Homes promises its inhabitants a life of quality and standards and is functioning as one of the most trusted and reputed builders in Kerala.
RERA (Real Estate Regulation Authority) registered Veegaland Homes apartments in Kochi are ready with sample homes capable of offering the first-hand experience to the interested buyers.
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