Construction linked payment v/s downpayment plan - Indian Real Estate Forum

ravalndapilot · 12-10-10

HELLO TO ALL FORUM MEMBERS
I AM A DEFENSE EMPLOYEE, AND MY AGE IS 25. HAVING APPROX 2 LAKH AS MY SAVINGS, I AM THINKING ABOUT FINALIZING ON JAYPEE GREEN KOSMOS.
I AM GOING FOR 2 BHK 850 SQ-FT UNIT. THIS WILL BE AS A INVESTMENT OPTION TO ME. I WILL BE TAKING LOAN FOR REST AMOUNT THAT IS 28 LAKH.
I WOULD LIKE TO HAVE ADVICES THAT I SHOULD GO FOR CONSTRUCTION LINKED PLAN OR FOR DOWN PAYMENT OPTION, WHICH ONE WILL BE BENEFICIAL FOR ME IF TAKEN THE VIEW OF NOT HAVING ENORMOUSLY LARGE EMI's RIGHT FROM THE START. THANK YOU

pravinchaudhary · 12-10-10

Quote:

Originally Posted by ravalndapilot

HELLO TO ALL FORUM MEMBERS
I AM A DEFENSE EMPLOYEE, AND MY AGE IS 25. HAVING APPROX 2 LAKH AS MY SAVINGS, I AM THINKING ABOUT FINALIZING ON JAYPEE GREEN KOSMOS.
I AM GOING FOR 2 BHK 850 SQ-FT UNIT. THIS WILL BE AS A INVESTMENT OPTION TO ME. I WILL BE TAKING LOAN FOR REST AMOUNT THAT IS 28 LAKH.
I WOULD LIKE TO HAVE ADVICES THAT I SHOULD GO FOR CONSTRUCTION LINKED PLAN OR FOR DOWN PAYMENT OPTION, WHICH ONE WILL BE BENEFICIAL FOR ME IF TAKEN THE VIEW OF NOT HAVING ENORMOUSLY LARGE EMI's RIGHT FROM THE START. THANK YOU

Writing is all caps is rude!

alokgarg · 12-10-10

please search this forum. there was a similar discussion few days ago.

Munish Malhautra · 12-10-10

Quote:

Originally Posted by ravalndapilot

HELLO TO ALL FORUM MEMBERS
I AM A DEFENSE EMPLOYEE, AND MY AGE IS 25. HAVING APPROX 2 LAKH AS MY SAVINGS, I AM THINKING ABOUT FINALIZING ON JAYPEE GREEN KOSMOS.
I AM GOING FOR 2 BHK 850 SQ-FT UNIT. THIS WILL BE AS A INVESTMENT OPTION TO ME. I WILL BE TAKING LOAN FOR REST AMOUNT THAT IS 28 LAKH.
I WOULD LIKE TO HAVE ADVICES THAT I SHOULD GO FOR CONSTRUCTION LINKED PLAN OR FOR DOWN PAYMENT OPTION, WHICH ONE WILL BE BENEFICIAL FOR ME IF TAKEN THE VIEW OF NOT HAVING ENORMOUSLY LARGE EMI's RIGHT FROM THE START. THANK YOU

How will u pay in down payment? u mentioned that u have 2 lacs in saving

anyway for under construction properties CLP is better unless u are getting 20-25% discount on BSP considering 24-30 months of possession time needed to balance out your cost of money calculation.

pravinchaudhary · 12-10-10

and with 2 lakh, you can't buy a lfat costing 30L. You have to paythe 10% booking amount from your pocket.

amitexpert · 12-10-10

Quote:

Originally Posted by pravinchaudhary

and with 2 lakh, you can't buy a lfat costing 30L. You have to paythe 10% booking amount from your pocket.

Bank won't finance 90% of the cost...

sandyhood · 12-10-10

dear member,
well i have also invested in noida xpressway(not jaypee) and noida extn and I am quite active in real estate in delhi ncr. As per my experience and study i found CLP much better than DP. If we take loan at present interest rate for the time period of 3-5 years (say completion time of the project), we pay much more in loan than CLP. Secondly irrespective of construction status we have to pay EMI every MONTH, however in CLP if there is delay in project there is delay in payment too. Also at any stage of CLP if there is difficulty paying, we can take loan for a limited amount. Hope this will help you in deciding. best wishes

pravinchaudhary · 12-10-10

Quote:

Originally Posted by amitexpert

Bank won't finance 90% of the cost...

bank givs 85%. 5% is to be paid at possession. with only interest being paid till possession, 5% can be saved easily in 3 years. 10% needed while booking.

bhuwanb · 12-10-10

JP projects are expected to get delayed and hence it not wise to buy in DP in project like this...if you want to invest it better to opt for CLP or Flexi(PDP). By doing this you will mitigate your risk for delays.
If you are interested in DP only its better to buy a property which is at good stage of construction and expected to deliver within a year.
Few such properties are availiable in noida like GAUR Granduer, Amrapali platinum etc.

arienfrenzy · 13-10-10

Though i m not an expert, there is a catch in CLP too.... builders digest most amount before final finishings etc... I dont think it takes much time to reach basement to 6th to 9th floors...Nowadays there are equipments that can do it in a week!!!! believe me...what takes time is finishing etc...though carefully studying the CLP, u have submitted 95% amount before final finishings, thats the case with DP too.... I personally feel Flexi is best plan out... pocket the discounts awa the benefit of CLP too..Jaypee gives 11 percent discount on PDP

12-10-10	#1
ravalndapilot New Member Join Date: Oct 2010 Posts: 3 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	Construction linked payment v/s downpayment plan HELLO TO ALL FORUM MEMBERS I AM A DEFENSE EMPLOYEE, AND MY AGE IS 25. HAVING APPROX 2 LAKH AS MY SAVINGS, I AM THINKING ABOUT FINALIZING ON JAYPEE GREEN KOSMOS. I AM GOING FOR 2 BHK 850 SQ-FT UNIT. THIS WILL BE AS A INVESTMENT OPTION TO ME. I WILL BE TAKING LOAN FOR REST AMOUNT THAT IS 28 LAKH. I WOULD LIKE TO HAVE ADVICES THAT I SHOULD GO FOR CONSTRUCTION LINKED PLAN OR FOR DOWN PAYMENT OPTION, WHICH ONE WILL BE BENEFICIAL FOR ME IF TAKEN THE VIEW OF NOT HAVING ENORMOUSLY LARGE EMI's RIGHT FROM THE START. THANK YOU

12-10-10	#5
pravinchaudhary Senior Member Join Date: Jul 2010 Posts: 892 Thanks: 0 Thanked 2 Times in 2 Posts	need 3 lakh and with 2 lakh, you can't buy a lfat costing 30L. You have to paythe 10% booking amount from your pocket.

12-10-10	#7
sandyhood New Member Join Date: Oct 2010 Posts: 30 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	CLP vs DP dear member, well i have also invested in noida xpressway(not jaypee) and noida extn and I am quite active in real estate in delhi ncr. As per my experience and study i found CLP much better than DP. If we take loan at present interest rate for the time period of 3-5 years (say completion time of the project), we pay much more in loan than CLP. Secondly irrespective of construction status we have to pay EMI every MONTH, however in CLP if there is delay in project there is delay in payment too. Also at any stage of CLP if there is difficulty paying, we can take loan for a limited amount. Hope this will help you in deciding. best wishes

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12-10-10	#3
alokgarg BANNED Join Date: Aug 2010 Posts: 1,451 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	please search this forum. there was a similar discussion few days ago.

12-10-10	#9
bhuwanb Member Join Date: Sep 2009 Posts: 180 My Mood: Thanks: 0 Thanked 4 Times in 4 Posts	JP projects are expected to get delayed and hence it not wise to buy in DP in project like this...if you want to invest it better to opt for CLP or Flexi(PDP). By doing this you will mitigate your risk for delays. If you are interested in DP only its better to buy a property which is at good stage of construction and expected to deliver within a year. Few such properties are availiable in noida like GAUR Granduer, Amrapali platinum etc.

13-10-10	#10
arienfrenzy New Member Join Date: Oct 2010 Posts: 20 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	Though i m not an expert, there is a catch in CLP too.... builders digest most amount before final finishings etc... I dont think it takes much time to reach basement to 6th to 9th floors...Nowadays there are equipments that can do it in a week!!!! believe me...what takes time is finishing etc...though carefully studying the CLP, u have submitted 95% amount before final finishings, thats the case with DP too.... I personally feel Flexi is best plan out... pocket the discounts awa the benefit of CLP too..Jaypee gives 11 percent discount on PDP