Buying a house is a much exhilarating task that requires lots of attention as an individual’s lifetime savings are involved. So, when it comes to property booking, a realtor offers different kinds of schemes depending on which a home buyer can disburse the hard-earned money in various stages.
Considering all these things, developers have divided the real estate purchase into 4 different types of modes- Construction-Linked Plans (CLP), Down Payment Plan (DPP), Flexible Payment Plan and Subvention Schemes. Out of the four, a flexi-payment plan is one of the most popular payment options. So let’s understand in detail about this plan:
What is Flexi-Payment Plan?
A flexi-payment plan incorporates the features of both the down payment and construction-linked plan. In a down payment plan, which is also a traditional method of payment, a buyer has to pay 10-15 percent of the total cost of the property at the time of booking and the remaining 80 percent of the amount within 30 days of booking. The outstanding five percent is given at the time of possession.
On the other hand, in a construction-linked payment plan, a property buyer whether residential or commercial has to pay 10 percent of the cost of the property at the time of booking. Another 10-15 percent is paid within 30 days from the date of booking. While the outstanding amount is to be paid by an individual at each stage of construction work such as the foundation of the house, the basement slab, and walls. However, it is not advisable to go for this plan individually as it costs more to a home buyer.
Combining the feature of both down payment and construction-linked plan, in a flexi- payment plan, a home buyer has to pay 10% at the time of booking, 30% to 40% within a month, the rest is slab-wise. And the final 10% is paid at the time of possession.
Such types of payment modes are suitable for those who can afford to pay a decent down payment and are ensured that the key of their dream home will be handed over to them on time.
Advantages of Flexi-Payment Plan
- As a Flexi-payment plan is the combination of both down-payment plan and construction-linked scheme, so a home buyer can enjoy the benefit of both. The initial down payment discount, coupled with payment of EMI after getting the possession of the property, makes the flexi-payment plan one of the most preferred payment options among homebuyers.
- As a home buyer pays 5-6 percent of the total amount of the property in the beginning, so it helps them in saving a handsome amount of money.
- A money-sensitive homebuyer prefers the flexi-payment mode over other available payment plans as it relieves them from the stress of allocating money.
But it is always advisable to go for a payment plan which suits you the best after all it’s all about your own dream home.