Hi Guys,
What do you think about the no EMI till Possesion option offered by Divine Meadows. Is it a risky preposition?
If any one has details about project or builder plz share.
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  • dear friend,
    what rate are they offering you?
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  • No EMI till possession is a gimmick. How?? Let me tell you...

    You take loan for 20 years .
    The Builder pays your Pre-EMIs .
    Your loan amount and interest works out to be almost 70% of your loan.
    If you take a loan of 30 lacs, you end up paying 22.5 lacs as interest.
    The total cost of your flat ;Rs 52.5 lacs....plus opportunity cost of investing elsewhere..
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  • I have booked flat last week at BSP of 3125
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  • Just to clarify, they are paying actual EMI not just pre - EMI

    Originally Posted by Nisardel
    No EMI till possession is a gimmick. How?? Let me tell you...

    You take loan for 20 years .
    The Builder pays your Pre-EMIs .
    Your loan amount and interest works out to be almost 70% of your loan.
    If you take a loan of 30 lacs, you end up paying 22.5 lacs as interest.
    The total cost of your flat ;Rs 52.5 lacs....plus opportunity cost of investing elsewhere..
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  • Originally Posted by vijayraj123
    I have booked flat last week at BSP of 3125

    Hi
    I have also booked flat and also pay all downpayment ammount before few months but not recieved any latest update from Divine India.
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  • divine

    Originally Posted by vijayraj123
    I have booked flat last week at BSP of 3125



    Hi

    Any latest update from Divine India. I have also booked flat before few months on no EMI link and pay all downpayment . But not recieved any update from last few months. I have no idea when will they processing for loan.
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  • Hi,

    I am planning to book in Divine Medows, can you share on what price you bought it.
    One review which I heard is that Builder is troubling the customers because
    builder has delayed the project and project completion is under clouds.
    I am looking forward for some genine feedback so that someone can
    guide me whether or not I should go forward for this project. Great if you can also share
    the proce for which you booked Divine
    Thanks
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  • NO EMI till Possession from Divine India (Truth)

    Dear Friends,

    For getting NO EMI till posession, you need to get down payment (Full cost) finance of the appartment, you have booked.

    I have booked a flat in Divine Meadows and tried with all banks including the IDBI, Canara and SBI (Devine India claims, they are financing the project) but none of them have agreed to finance this project even though I have a pre approved loan of more than my requirement.

    So I have already applied for cancellation of the flat but Divine now is showing me a clause that in fact requires me to pay an additional amount apart from the registration money of Rs 225000.00 as the cancellation charge is 15 % of BSP.

    I am even thinking of forgoing this amount as its better to loose Rs. 225000.00 than loosing the whole investment.

    I suggest every one who has booked to keep track of the progress and other who are planning to buy take in writing about the finance and cancellation clause in case the project fails to take off to avoid any trouble. When I was booking they told me SBI, IDBI have approved the project which is fraud.
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  • Originally Posted by Bharat Tiwari
    Dear Friends,

    For getting NO EMI till posession, you need to get down payment (Full cost) finance of the appartment, you have booked.

    I have booked a flat in Divine Meadows and tried with all banks including the IDBI, Canara and SBI (Devine India claims, they are financing the project) but none of them have agreed to finance this project even though I have a pre approved loan of more than my requirement.

    So I have already applied for cancellation of the flat but Divine now is showing me a clause that in fact requires me to pay an additional amount apart from the registration money of Rs 225000.00 as the cancellation charge is 15 % of BSP.

    I am even thinking of forgoing this amount as its better to loose Rs. 225000.00 than loosing the whole investment.

    I suggest every one who has booked to keep track of the progress and other who are planning to buy take in writing about the finance and cancellation clause in case the project fails to take off to avoid any trouble. When I was booking they told me SBI, IDBI have approved the project which is fraud.


    Is it real? Its fraud. Its bad, very bad.
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  • File a complaint in consumer courts. You will not loose this money.
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  • Originally Posted by Digvijay
    File a complaint in consumer courts. You will not loose this money.


    its an old thread they wolud hv taken some action i guess.
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  • From the very beginning - the whole project looked dicey to me. Went to their site office once and never looked back. Location was good though...
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  • bharat
    have u talked to builder for a way out.. like reverting from No EMI option.. then apply for a loan of lesser amount.. this will make ur EMI smaller..
    And more over u can sale ur booking in resale..
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