Payment plan schedule is provided by the builder mentioning detail of how the buyer needs to pay for the property and at what stages the other charges are pay by the buyer the different types of payment schedule are:-
Time link payment plan
this payment plan which is normally scattered over a period of three years. the buyer of the property needs to pay for the property according to the schedule provided by the builder the buyer of the property has to pay irrespective of the fact that the construction of the property is happening or not.
Construction link plan (CLP)
This payment plan is also scattered over a period of three years but it is linked with construction.it stretches till the time of construction of the property till it is not completed. the buyer of the property has to pay accordance with the construction of the property how ever the first 20% to 30% payment in the most of is the times linked which is an industry slandered this is the most used payment plan by the buyer as it involve least risk centric buyer doesn’t need to pay if construction is not happening.
Down payment plan
in this payment plan 95% of the cost of property is payed within 30 to 45 days of the booking of the project and remaining 5% is paid at the time of possession.
This payment plan which is between Clp and DP normally this plan is scattered over a period of 3 years but it is also linked with the construction it stretches till the time of construction of the property is not completed in the payment plan around 60% of the cost of property is paid within 30 to 45 days of the booking of the property and the remaining 40% is scattered according to construction
This is more of sales techniques used by the builder to increase sale. it is on the line of down payment plan or flexi plan where 95% or 60% of payment has to be made within 3o to 45 days of booking of the property.Builder doesn’t provide any down payment rebate the price of property is according to clp plan.instead of down payment rebate builder gives assured return to buyer for a particular period. for example if the cost of the property is 10 laks and the assured return is 20% PA for two years ie 1% per month the the buyer of the property will get 10000 per month for upcoming two years.