Owning a home is a dream for all. For which, ongoing projects associated with a ‘rental assurance’ scheme pave the way.
There are so many perks in choosing properties with rental assurance, like rental transfers, affordable investment, and so on.
We’ve compiled all the perks you can enjoy from ongoing rental assurance properties in this post, give it a read.
- 1 Benefits of Ongoing Apartment with Rental Assurance
- 2 Bonus Point – What Factors to Consider while Buying an Ongoing Apartment?
- 3 Ready to Invest in an Ongoing Flat/Apartment with Rental Assurance?
Benefits of Ongoing Apartment with Rental Assurance
When you buy a ready-to-occupy flat, you’ll be pushed to pay both the EMI and rent as well. It’s so hectic. Understanding your pain-point, builders have introduced the concept of buying ongoing properties. Benefits of buying ongoing flats,
- Buying cost is lower compared to ready-to-occupy apartments
- No maintenance fee
- Pay only your EMI
- No electricity bills, water bills, etc.
- Rental assurance from builders
Rental assurance is the interest amount you receive for the money you’ve invested in a property. Builders will determine the rate of assured returns in advance, depending on capital appreciation.
Provided with a monthly income, buyers from all age groups, like to invest in rental-assured projects. Let’s dive into the many benefits of investing in ongoing projects registered under rental assurance.
1. Transfer of Rental Payments
As you sign-up for the rental assurance scheme just while you buy an ongoing flat, you’ll be paid a fixed amount monthly without fail. Using your bank account details and property info, builders will open a new account. Once the sign-up process is over, your first rental payment will be transferred to your nominated bank account immediately.
No matter whether your property is vacant or not rented or your tenants not paying rent properly. Builders become your immediate tenants and pay rentals during the contract due period.
2. No Hidden Charges
When you choose an ongoing apartment, you need to pay the due amount. Along with it, you’ve to pay the registration fees. With that, the property becomes yours. Apart from these, you’ll not be asked to pay any other additional charges for maintenance and others.
Otherwise, there is nothing like you’ll need to deposit a specific amount or pay fees for rental guarantee contract approvals or tenant placements. Builders will rent your property to tenants and pay the assured rental payments to you.
3. Eliminate the Risks of Dealing with Tenants
As you buy an ongoing/under-construction flat, you need not go in search of tenants, work on paper documents, etc. The builders will take up the responsibility and deal with customers. Few builders will go a step further and will guarantee the rent even before the tenant occupies.
Also, you’ll not go and stand before the tenants every month asking them about the rental amount. Builders will take care.
4. Frequent Inspection of Properties
When you buy under-construction flats from reputable builders, you’ll never have to worry about safety & security. Builders will inspect your properties regularly no matter whether the tenants are occupied or not.
Incase of interior damages, pipe leakages, or anything, builders will fix or replace. Also, advise tenants to keep property & interiors safe. So, you can rest assured that you & your property are in safer hands.
5. Flexible Contract Durations
The duration to tie up with the rental contract depends on your convenience. You can either sign-up for a six-months commitment or less than that or 2-years or beyond.
Builders have a list of durations, you can either choose from them or you can let them know your preferences and builders will customize for you for a hassle-free experience.
6. No Worries about Utility Costs & Taxes
The utility bills like EB, water, etc. & property taxes will be indulged to a property. Your builders will take care of it right from the moment you register.
And moreover, if you invest in properties from experienced builders, they will ensure that respective payments are made properly without delays.
Bonus Point – What Factors to Consider while Buying an Ongoing Apartment?
There are a few points you should remember while buying an ongoing apartment from builders below,
- The builder & properties should be registered under RERA Regulation Act
- Real estate agents should abide by SEBI regulations
- Read through the builder’s terms & conditions for ongoing projects with the rental assurance scheme prior before registration
- Confirm with the builders the right mode they’re going to pay you. If it’s virtual transfers, confirm the bank-related details like IFSC code, UPIs, and others
Ready to Invest in an Ongoing Flat/Apartment with Rental Assurance?
Since you pay the whole amount for the property even when it’s in the ongoing phase upfront, builders offer you these many benefits. Of course, risks are not an exception to ongoing projects or rental assurance schemes.
Choosing a trustworthy real estate builder can eliminate the risks and grab the benefits. Research & analyze builders, the ongoing projects they’re currently operating, the rental assurance schemes they offer, and so on.
Then, choose the builder that you ensure is the right one to take care of your properties as their own. At Lancor, we offer rental assurance schemes for ongoing/under-construction apartments. Interested to buy? Feel free to contact us at +918144787405 anytime. We’ll help you get the best property for you.