While buying a house, an individual goes through a roller coaster ride right from searching to shifting; the other task which too requires a lot of brain-twisting is the way to disburse the hard-earned money in various stages of property booking.
Considering all these aspects, developers have divided the real estate purchase into 4 different types of payment modes- Construction-Linked Plans (CLP), Down Payment Plan (DPP), Flexible Payment Plan and Subvention Schemes. Of the four, a flexi-payment plan is one of the most sought after payment options. So let’s understand about this plan in detail:
Flexi Payment Plan
A flexi payment plan combines the features of both the down payment and construction-linked plan. 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.
On the other hand, 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.
Summing up both, 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 mode are suitable for those who can afford to pay maximum down payment and are also ensured that the key of their dream home will be handed over to them on time.
Benefits of Flexi Payment Plan
In a Flexi-payment plan, a home buyer enjoys the benefit of both down payment and construction –linked plan. 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.
In a Flexi-payment plan, 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 for later stages.
A money-sensitive homebuyer prefers the flexi-payment mode over other available payment plans as it relieves them from the stress of allocating money.
However, it is always advisable to go for a payment plan which suits the best after all it’s all about your own dream home and your own savings.