Hi all,

Please suggest .. that if someone has booked a flat In noidaXpressway and chose the flexi-Payment plan option.and applies for loan.
Toh kya usko 20 percent payment pehle karni hogi tabhi bank apni 1st installment builder ko pay karega.. Or is there is a work around for this.
i was told ki 80 percent will be financed.. and i have to pay 10 % at the time of booking and 10 % at the time of possesion. so now bank is asking ki mujko 20 % payment pehle karni hogi tabhi woh payment release karnge.

is there a work around for this ki main 10 % payment kar doon aur baki ke 10 % possestion ke time main karun..
Please suggest kya ho sakta hai..

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  • There can be two solutions:
    1) Pay 20% upfront and the rest 80% gets financed by the bank
    2) Dont pay the 20% upfront - instead, for each demand that you get, pay 20% of that money urself and take the rest 80% as loan....

    Taking an example, lets say your flat costs 60L, and assuming you get a demand of 15L every six months...

    Going by the first solution, you would be required to pay 20% of 60L i.e. 12L upfront and then get a loan of 48L sanctioned...

    The second solution would require you to pay 20% of 15L i.e. 3L yourself in each demand. So after 4 instalments, you would have paid 12L yoourself and rest 48L through loan..

    You may wish to check up with the banks as to which solution they are providing to you.
  • Earlier, banks used to allow 10% initial payment by you, followed by 80% payment by bank as loan and finally remaining 10% by you...

    If you preferred then 80% can be shared between you and bank, including the last 10% in this case.

    However, now banks generally does not allow that. You have to clear your part first, means you have to pay your 20% first and then bank will start disbursement.

    Again, this is not casted in stone, you can negotiate with banks based on your bargaining power.
  • Banks

    Well friend, as far as I know, HDFC and LIC would require you to pay your share first and IDBI gives you the option to pay proportionately after the booking amount.

    Best Regards,