Payment for Purchasing Under Construction Properties

There are two types of funding sources that everyone uses when buying a property, Looking for a home loan or buying a house with your own funds. There are various payment options for the purchase of properties under construction. The property under construction has a flexible and adjustable payment system with financial condition.

Buyers of Under Construction Projects Goregaon West must be paid in advance at the time of booking the apartment. This type of payment It is very profitable for the buyer, because for cash advancement the developer usually gives some discount when the property is purchased under construction. Buyers do not need to track their payments. But buyers must provide cash in large quantities in accordance with the price offered.

Payments can also be made in stages within a certain time in accordance with the agreement and schedule. In this case, the purchase price does not need to be paid immediately as a whole. It is spread within a certain period; If the buyer has taken a housing loan, the bank directly pay this installment to the builder. In this case, the buyer is required to pay a few percent of the cost of the property at the time of booking. This property is perfect for beginner buyers who do not have more funds for home. Buyers and investors must make payment at the time of booking the apartment. This will be followed by installment depending on the construction phase. Some developers link payment schedules to project completion rates.

Understand the offer provided by the developer correctly. Look at the master plan property to be built, note also the price provided by the developer. Ensure that the price provided includes other administrative charges such as stamp duty, registration fee and fees for all facilities in the apartment such as club membership fees, maintenance deposit and community parking facilities, etc. Do not make any new deal during the payment process because it will harm the buyer. If you plan on paying in installments make sure your working conditions are safe because the payment procedure must be paid normally until the last installment once the property is ready for habitation. The buyer must be able to ensure able to pay off the installment.

Buyers should be aware of the fact that stamp duty and registration fees must be paid in tandem with the last installment. If the developer asks for the payment up front then it is wrong. In this second option buyers also need to pay higher interest on loans disbursed during the construction period. My advice, if you have fresh funds then better buy this property in cash.