Choosing the Right Payment Plan with a Trusted Real Estate Company in Delhi NCR

What is the one single dream which every Indian, without exception, shares with one and all? The easy answer is that every Indian wants to own and live in their dream, state-of-the-art homes. But fulfillment of this most cherished dream comes at a massive financial cost. Buying a home is undoubtedly the biggest financial transaction anybody makes in their entire lifetime. Whether you’re looking for Property in Gurgaon or properties in Noida, this significant investment should be done with extra care without overburdening oneself and their finances.

The Real Estate Company players have therefore evolved a plethora of innovative payment options that suit and meet the requirements of more or less every intending buyer. But every plan has its own unique set of pros and cons. Therefore, one should study these plans in great detail and choose the one best suited to them. The most commonly extended Real Estate in Gurgaon payment plans are:

Down Payment Plan: This is the oldest and most widely acceptable payment plan. The name suggests it all. This plan requires the intending buyer to pay a major chunk of the project’s total cost as down payment at the initial stage itself. But as a result of major delays in delivery of projects, buyers are shying away from this plan as this plan ups their risks significantly. Once you pay a major chunk of the price, you are kind of stuck. So in order to lure buyers, developers tend to offer gigantic discounts under this model.

Construction Linked Plan (CLP): Under the CLP payment model, the payments which are to be shelled out by the buyer are directly related to the construction stage and phase of the project. The developer sets certain benchmarks when the customer will pay a predetermined amount from their pocket. For instance, 10% at the time of booking, 15% on completion of the third floor, and so on. But don’t expect massive discounts under this payment model, though it can surely be considered a safer bet than DPP.

Possession Linked Plan (PLP): Under PLP, the intending buyer ends up shelling out anything between 20% to 25% of the total price to the developer. This payment model’s best benefit is that it significantly reduces the risk of project delays. If the developer doesn’t deliver a project on time, they won’t receive payments from the buyers. In this payment scenario, the buyer also garners sufficient time to gather the required funds.

Subvention Plan: Under this highly innovative and comparatively recent payment plan, the buyer usually shells out 10% at the time of booking a property and another 10% when the developer hands over possession. The rest 80% is financed by a commercial bank or an NBFC, while the interest on this loan is serviced by the builder. This is a win-win situation for all involved, as the developers get much-needed finance, and the buyer doesn’t have to pay much from their own pocket.

So if you are planning to buy your dream home, whether it’s Property in Gurgaon or properties in Noida, do a background check of the builder and study the payment model most suited to you. Or just get in touch with a Real Estate Company in Delhi NCR or reliable real estate consultants like Madhyam, who can seamlessly guide you through the entire process.