People Living In Flats On Rent Look To Buy Properties For Sale In Chennai

Vinayy Kumarr

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With builders not giving the possession of properties for sale in Chennai on time many people have now found taking a flat on rent makes much more sense. Several migrants who shift to the city over the years look to buy property in Navalur or other property Chennai but high property prices and lack of trust in builders is forcing them to stay in flat for rent.

Many people love to own their own home, they prefer to pay EMIs than to stay in a flat on rent and pay rentals to someone else. Many people who are living in flats for rent simply think to buy a house as soon as down payment amount is ready, thinking that they will pay EMIs to banks instead of paying rent to the owner. However it is not easy as it looks. Firstly properties for sale in Chennai have become quite expensive to purchase. Buying property in Navalur or other property Chennai requires substantial amount of money. Lowering of lending rates has not made much of a difference as the property rates remain high and quiet unaffordable. Secondly, other than buying a property there are several other costs involved such as brokerage, legal costs, maintenance and repairs etc.

Some people who are staying in flat on rent look to buy property in Navalur or other property Chennai under various scheme offered by the builders. Subvention schemes and Possession linked plans are two plans which attract maximum people who taken flat for rent and they don’t want to pay EMI and rentals together. People enjoy the tough of EMI free holiday along with the idea of owning properties for sale in Chennai. However, before buying properties for sale in Chennai under schemes and deals one should always read between the lines.

Buying a property in Navalur or other property Chennai under subvention scheme may make things easier for people staying in flat on rent but it can also put people interests at risk. Some of the risk involved are EMI Default by Builder will impact CIBIL Score of the Buyer, Builder may charge higher amount for properties for sale in Chennai bought under Subvention Scheme, tax issues, delay in project may affect duration of EMIs etc. So all those people who have taken flat for rent and who are looking to buy a house, look around carefully and cautiously and choose wisely before buying a property.


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