Before booking a flat, know which booking plan is better for you

Photo:India TV Flat booking plan

Flat Booking: If you are going to book a flat in this festive season, then have you understood the booking plan or are you just going to follow the plan given by the developer without thinking. If you are going to do this, then wait a bit. After booking a flat, you may face many problems. Come, let us know which booking plan can be suitable for you.

construction linked plan

This is a very popular plan in booking flats. Most developers offer this plan to home buyers. On booking a flat in this plan, demand is issued as per the construction progress. At the time of booking 5 to 10 per cent of the value of the property has to be paid. Then 5 to 10 percent of the amount has to be paid within three months and 20 percent within six months. The remaining 60 to 70 per cent amount has to be paid at the pace of completion of construction.

better for whom

Real estate experts say that this plan is better for buyers who want to avoid financial burden due to delay in project possession. If the project is getting delayed or the construction is stalled, then the buyers have to pay the money accordingly. In this case, a large amount of block is saved from getting blocked at once.

20:80 plan

This booking plan is another form of construction linked plan. In this plan, the home buyer has to pay 20% at the time of booking. The only difference between this plan and the construction linked plan is that the remaining 80 per cent of the EMI is paid by the builder till possession. The EMI has to be paid by the buyer after possession or after a stipulated time.

better for whom

This booking plan should be taken by the buyer who does not have surplus money. He can arrange some money for the down payment and book the flat. There is also a problem with this plan that if the builder’s construction stops and the developer does not pay the EMI of the loan taken from the bank, then the CIBIL score of the buyer is bad. This is because the loan is taken on the basis of the home buyer.

interest waiver plan

These plans are offered in such projects which are ready to possess or complete. Developers offer interest waiver plans to buyers for a tenure of 1 to 3 years. In this plan, if the current interest rate is 7.5 percent, then interest relief is given for some period.

better for whom

If you book a flat under this scheme, you have to pay less EMI for a fixed period of time. After that the EMI increases. For the time being, the interest rate is expected to be low.

Assured Rental Plan

Some developers offer assured rental plans till the possession of the project. In this plan, the developer takes the full value of the property and pays an assured rental for 2 to 3 years. If, you invest Rs 50 lakhs, the developer gives 36 post dated checks of Rs 50 thousand. This scheme looks very attractive but the annual return is only 12%. Instead, you have to make home loan payments.

better for whom

Before booking in this plan, it is very important to see the track record of the builder. Unless it is known that the builder has a track record of giving possession on time, booking a property in this plan should not be done. If you have surplus money then you can book flat in this plan. It also gives the capital value gain of the property on possession along with the returns.

discount or gift

Developers offer assured gifts or cash discounts to attract home buyers. Which of these is better? Property experts suggest that a home buyer should always take a discount. If a developer is giving you an AC booking, then you will get a profit of 20 to 25 thousand rupees, but if you take a cash discount from the developer, then you may save 1 to 2 lakh rupees. So if any developer is offering cash discount or gift then cash discount should be taken.

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