Home seekers and investors are taken for a bombshell when they are invited to pay under interest subvention scheme. According to this plan, property buyers how have made a payment of initial amount have this right of not paying the EMI for the stretch of time when the property is under construction till its possession or any other time frame fixed by banks. It comes in various forms like 20:80 and 15:80:5 etc. under these scheme buyers only has to pay a fixed small amount of money as the total cost at first and rest is paid at the time of possession.
Market analysts say that the scheme is suitable for mid segment projects. As the input cost seems to be increasing and the tie up with banks putting the pressure on completion on time, the scheme is taken up for the mid-priced segment. Many real estate developers in our country have been trying to attract home buyers with the scheme. Developers like BPTP, Experion, Ireo, DLF and Satya builder are offering the Scheme in Delhi & NCR.
Take home loan and book your dream home now. Start paying EMI only when you shift into the residential property later. That's the scheme that real estate developers are offering to woo clients, who deserted the realty market after the meltdown struck few months ago.
Up till now, home loan clients had to start paying interest immediately the loan was approved and paid to the real estate developers. That made it mainly hard for first-time home buyers, as they had to service the loan and pay rent simultaneously till they moved into the apartment 18-30 months later. It's only afterward that repayment of EMI (part of the principal amount and the interest) began. Best thing about subvention plan is that it also assures timely delivery of property because the extra the delay, the bigger the loss to the builder.It's a feel good location for all. Real estate developers get more clients, banks get good customers and people find dream home at very reasonable and affordable price points.