Yes. Even if you are in the initial stages of your career and earning 30-40k per month, you can still buy a property. To make the property purchase easier for the buyers, developers have come up with innovative payment plans. Subvention scheme would be the best in this case.
Subvention Scheme is a special payment plan offering the buyer to pay in the ratio of 10:80:10 (the ratio can differ from developer to developer). You will have to pay 10% at the time of booking and 10% at the time of possession. For the rest 80%, there is a three way agreement between the bank, the builder and the buyer. The bank loans the amount and the interest accrued have to be paid by the builder till possession. This way, the buyer will have to pay the EMIs only after getting possession.
This scheme is really beneficial as you can buy the property by paying a small amount upfront. And since the EMIs have to be paid only after possession, you will have enough time to save. Also, the builder won’t delay the construction as he would have to pay the interests for a longer period.
Mr Sunny Katyal- Director, Investors Clinic- suggests NH-24 and Yamuna Expressway as preferred localities for properties ranging between 15-20 lakhs. For this price range, a flat in Aditya World City Township in NH-24 location can be a considered a viable option.