Payment plans – DP, Flexi & CLP- which one is better?

By Jay Dee Infra In Home Buying Tips No comments

Payment plans – DP, Flexi & CLP- which one is better?

Finding the home you deserve is a cumbersome process. A home seeker or investor comes across different real estate property options while hunting his favorite one. One has to keep in mind many things such as built-up area, available amenities at the project, surrounding infrastructure, and road and metro connectivity. It is one of the biggest decisions one takes in his lifetime.

If one is looking for Property in Ranchi- he or she will get a lot of property options. This locality has seen a tremendous growth in terms of infrastructure and infrastructural facilities. Most of the reputed builders are offering residential and commercial properties in the locality.

The amount involved in buying an apartment is huge; most of the end users go for home loans. Reputed financial institutions offer home loan assistance to the potential buyers. But, if the repayment is not structured then equated monthly installments- EMIs may eat a large chunk of your monthly salary.

That is the reason one needs to keep the payment options in mind while buying a new home. All the reputed builders offer payment options for the convenience of the investor or end users. Construction-Linked Plan (CLP), Flexi-Payment Plan (Flexi) and Down-Payment Plan (DP) are some of the payment options. An investor or end user often get confused what plan to opt for?

All the payment plans are good but it depends on the requirements of the potential buyer. One needs to keep in mind the plus points of each payment plan. Weighing its pros and cons one should go ahead with the chosen plan. Note*- extra cost may be levied by the builder for not making timely payments.

Construction Linked Plan- As the name indicates that it is Construction linked plan- for every floor one has to pay 10% to 20% of the total amount or it is predetermined by the builder. Buying apartment under this plan easily fits in the buyer’s budget.

land development process

Under construction flats are available at affordable rates when compared to ready-to-move in flats. This plan is easily financed by all the leading financial institutions. The only issue is you have to wait for some years until the construction is completed-Possession date. (In case there is no delay from the developer’s part).

This plan is available only for under construction apartments. You may also opt for Down Payment Plan for under construction apartments. Generally, the developer will pitch for a down payment plan as this plan allows them to get complete payment upfront.

Most of the developers offer huge discounts on the Basic Sale Price –BSP; no doubt Down Payment Plan (DP) looks affordable.  Usually, under Down Payment plan- apartment rates are 5% to 15% less compared to what is offered under Construction Linked Plan.

This plan is available only for ready to move in Apartments. Under DP one has to pay 85-95% amount to the developer within 2-3 months. The day one starts this plan, it will eat a lot of chunk of your salary, and hence one has to have a handsome salary if opting for DP. Flexi Payment Plan is costly than Construction Linked Plan and cheaper than Down Payment Plan.

One has to pay 30% to 35% amount within few days under the plan. If the project is in advance stage than one can opt for this plan. We have put down all the pros and cons of the DP, Flexi & CLP in detail. Weigh the pros and cons of the depicted plans and choose the better plan as per your choice.



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We also provide legal & judicial consultancy support in relation to buying and selling of properties in Ranchi