There are plenty of builders offering various payment plans. As a property is a huge investment, so investors also look for the most suited payment plan. Understanding these plans is a wise option for investors and end users, therefore, here are some of the payment plans offered by builders:
- Down payment plan (DPP): Under DPP, the investor gives 10% of the total payment as the booking amount. After this payment, the investor needs to pay 80%-85% of the total payment within 30 days of booking. The final payment of 5%-10% is paid by the investor at the time of ownership. This final payment includes all the charges and expenses of the property, like taxes, other charges, registration fee, stamp duty, etc.
- Construction linked payment plan (CLPP): Under CLPP, the investor needs to pay 10%-12% of the property’s price as the booking amount. In this plan, the builder obliges that the investor will pay the rest of the amount in the form of installments with the progress of the construction.
- Time linked plan (TLP): In TLP, investors are supposed to pay 10% of the booking amount and rest in the form of EMIs. These EMIs are paid as per the predefined timelines and are not in sync with the development and construction stage.
- Flexi payment plans (FPP): FPP is the combination of DPP and CLPP. Under this plan, the investor is supposed to pay one-third of the price at the time of booking. Another one-third portion of the price is paid by the investor as the construction progresses. The remaining sum of money is paid at the time of ownership/possession.
- Subvention plan (SP): SP is a new form of bank financing for home loans. As per this plan, if the investor applies for a loan for the under-construction property then the complete amount is financed by the bank and the investor is not required to pay any pre-EMIs till a specified time period or the possession. All the interest till the fixed period or possession date will be paid by the developer.
DPP, TLP, and FPP are a few plans that may offer discounted rates to the investors while CLPP and SP hardly offer any discounts. However, they have other benefits attached to them, which may be on-the-spot gifts, cash vouchers or a consumer durable to be given at the time of delivery. Discount and gift schemes are customized so as to convince an individual client and encourage him to buy the property, these are not always generalized for all prospects.
But apart from the above payment plans, Wave Infratech, which has major realty projects in Noida, Ghaziabad and Mohali, has something to offer different and attractive. Wave offers Special payment plans which shall encourage the prospective buyer, for its properties like Wave City, Wave City Center and Wave Estate. These are product mix realty projects, include residential, commercial, shops, office spaces and Studio apartments for both residential and business purposes.
So, if one is willing to bet on a realty project and wish to find out the right payment plan then we are here to help. Just ask us any query about real estate!
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