Sunday, May 31, 2015

Living on rent? Subvention schemes are for you

Living on rent
Sometimes, people need to leave and stay away from their home and work hard in order to achieve success and get ahead in life. In order to do so, people go to cities with better opportunities and better lifestyle. There, people have to stay in a rented flat if one does not have a property in the city. In most of the cases, people do not have a property and have to choose to stay in the rented flat. Rented properties are the properties put up by the owners. These properties are not being used by them and they wish to offer the property for someone else usage in exchange of money. It is a very wise step to rent houses as it makes use of it and acts as a stable and regular income source. No wonder why money people have a property put up for rent or lease! People would buy an extra house and put that 1BHK for rent in Chennai and other similar metro cities. There is also something called as subvention schemes in which a person pays 20 % of the property while the rest 80% is paid by bank and the EMI starts after 24 months. It is a very beneficial method for people living on rent as one does not have to pay much in the initial two years and then the EMI starts after those years. This is especially for under construction projects. Here are some benefits of it:-

1. No EMI for two years: - the best part of the subvention scheme is the fact the person needs not to pay any EMI for two years. He or she has to pay 20 % of the payment of the under construction building. After this initial down payment, the bank bears the cost for two years. In the meanwhile, a person has to pay the rent and only focus on daily routine. After two years, the person can live in that house and the rent is substituted by EMI. The planning or the calculation remains the same! The bank pays for your own house while you pay for the 1BHK for rent in Chennai.

2. Quality assurance: - the best part about bank being involved is the fact of genuinely and authenticity. The bank assures that the project is genuine and there is no swindle or fraud in it. If there is something like that in the project, the bank too has to suffer so in case that would happen! One is assured to get the best property at very affordable and reasonable rates.

3. No interest: - there is usually no interest to be paid for this scheme. The interest is borne by the builders. One just has to pay the EMI timely and the house would be ready for your possession in few years! This is very useful as it offers dual benefits and saves money. One has to know and read the conditions in it although.

4. Own house: - the lifelong dream of having a house finally gets over when the EMI period gets over and one has the ultimate possession of the property. This is done after all the payment to bank is cleared. This method is very innovative and not many people know about it! Therefore, make the best use of knowledge and get a subvention scheme now!

Thus, the above are the benefits of the subvention scheme. One gets the ownership of the house after paying interests free EMI and no EMI for the initial two years! Therefore, invest in this and get the best of your money!

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