what are Payment Plan and their types ?

Payment plan shedule is provoided by the builder mentioning detail of how the buyer needs to pay for the property and at what stagees 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 provoided 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 streaches till the time of construction of the property till it is not completed. the buyer of the property has to pay accrordance 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 standered thids is the most used payment plan by the buyer as it involver least risk scince buyer doesnt 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 posession.

Flexi plan

This payment plan which is between Clp and DP normally this plan is scattered over a period of 3years but it is also linked with the construction it streaches 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 propertyand the remaining 40% is scattered according to construction

Assured return

This is more of sales techqniques 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 doesnt provoide any downpayment rebate the price of property is according to clp plan.instead of downpayment 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 upcomming two years.

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