Construction-linked plan
(CLP):
Under this payment plan, the
buyer has to pay the instalments as per the development of the project. The
amount is paid as per the predetermined construction milestones. There are
hardly any discounts under this plan as comparing to the other down payment and
time-linked plan. The advantage linked to this plan is that the buyer gets the
time to pay the instalment as per the construction stage. This is the most
opted payment plan out of the available options.
Time-linked plan:
This is the plan where the buyers
are aware of the particular time period after which the amount is to be paid.
Under this payment plan, the buyer does not need to face any surprises or
sudden payments. Thus, the buyers can accordingly plan their expenditures. Some
of the builders also offer discounts under this payment plan.
Down Payment Plan:
Under the down payment plan, the
buyer pays 10% as booking amount. Apart from this, he needs to pay 85% of the
total amount within 45-60 days of booking. In such a case, the buyer gets good
discount as a bigger amount is paid to the builder in a short duration. The
rest 5% of the payment is done at the time of possession. This plan also brings
a disadvantage if the completion of the project is delayed. As a bigger payment
is done upfront, the amount is hard to be discovered if the construction doesn't take place on time.
Subvention Plan:
Under this plan, the buyer just
needs to pay the booking amount and does not need to pay EMIs as the bank
finances the property. For say, if the complete construction period is 2 years,
the interest on the total amount is paid by the builder to bank for these 2
years. The per sq. ft. prices are different for the buyers opting for
subvention plan.
Flexi Payment Plan:
The people opting for flexi payment plan need to pay 10% of
the total payment as booking amount. Afterwards, around 30-40% is paid within
30 days, which makes the buyer get better discounts from the buyer’s side. The
rest of the payment in flexi plan is done according to the construction.
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