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In the real estate sector, it is quite common for developers to come up with various attractive schemes & offers. After all, every builder tries to boost their sales and get ahead of their competitors. Among the recent schemes, the 10:90 payment plan has gained popularity among homebuyers. This payment plan requires the buyer to pay only 10% at the time of booking the property and the remaining 90% after possession.
The main reason behind the popularity of this payment plan is that it is much easier for the buyer to make the purchase. As the buyer has to pay only 10% at the beginning, he wouldn’t have to bear the burden of EMIs immediately. Moreover, in case the developer fails to deliver the property on time, the risk is much lower for the buyers as they pay only a small amount upfront.
While opting for a 10:90 plan, a buyer generally doesn’t have to undertake a loan liability from day one itself. They can just pay the 10% price up front and then arrange for the remaining money while the property gets built. This flexibility is one of the main reasons behind the popularity of the scheme. Moreover, homebuyers who do not trust developers about timely delivery find this scheme convenient as they don’t end up getting a large sum of invested money stuck due to delays.
A number of developers have already adopted this scheme. These include Nahar Group in Mumbai and Embassy Group in Bangalore, both of which are quite reputable. Ajnara India Ltd., a developer based in NCR offers this payment plan on their project Ajnara Daffodils as well. Hiranandani Group, another esteemed developer, has come up with a similar flexi-plan. Under this scheme, the buyer has to pay only 5% upfront while booking and doesn’t have to pay any EMI for the next 12 months.
At Esquire, a project in Goregaon East, the homebuyers are allowed to move in by paying only 25% of the price. They can then pay the remaining amount over the next five years, in equal instalments of 15% each without having to pay any interest. Another reputable builder, Oberoi Realty has launched a scheme which allows buyers to pay only 15% while booking and the remaining 85% upon possession. With various such attractive schemes coming up, the real estate sector is expected to witness a major boost in sales this festive season.
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