Everybody dreams of making it big in life. But one dream which everybody hopes will definitely come true is the dream of owning a state of their art home. Purchasing a home is without any shadow of a doubt the biggest financial transaction anybody makes in their entire life. But the most difficulty arises in deciding timing of buying a house. Most people think that it is next to impossible to buy a home during the initial phase of one’s career.
If one’s salary ranges in between a humble 30000 to 40000 Rs per month one might end up believing that buying a house is definitely not an option. But that is definitely not the case. If your salary ranges anywhere in between 30 to 40K on a monthly basis, then you can buy the home you have always dreamt of. To know how, keep on reading.
In a bid to reach out to people who have just started climbing the corporate ladder, real estate developers have come out with a unique and immensely innovative payment plan known as subvention scheme. Subvention scheme makes buying a property a whole lot easier for people who draw comparatively lesser salary.
Under the subvention payment plan, a buyer usually ends up shelling out money in the 10-80-10 ratio but it can obviously differ from developer to developer. A buyer needs to pay merely 10% during the booking phase and another 10% at the time of possession. But here is where the subvention plan really gets interesting, because the rest 80% doesn’t have to come out of the buyer’s own pocket.
80 percent of the total cost of the project is financed by a NBFC or a commercial bank. The money is paid by the financial institution directly to the developer. Till possession the buyer doesn’t need to pay any EMIs or interest whatsoever. Buyer will start shelling out installments on a monthly basis only from the time of possession. Till possession interest on the loan is duly and timely serviced by the developer itself. Thus subvention allows you to just book a home and relax till the developer handovers possession.
Subvention is immensely beneficial to buyers as they won’t have to pay interest on the home loan till possession thus they end up saving a lot of money. Also as EMIs begin only at the time of possession, the buyer gets a lot of time to save up money to handle the financial burden in the future. Also the developers are on their toes all the time to deliver the project on time because if they delay the project then they will have to shell out interest for that much longer. Therefore it is a definite win-win situation for the intending buyer.
So what are you waiting, explore the plethora of cutting edge homes in the fast developing NCR today. Get in touch with NCRs most reputed real estate consultants, Madhyam immediately and fulfill your long cherished dream of owning a home. After all, Madhyam is the perfect link between you and your dream home.