October 30, 2014 - Lodha Palava
Codename the Centre Payment Schedule
Everybody dreams to buy their own home in Mumbai. However, with the current rate of inflation it becomes difficult to save money and book a flat. So Lodha Group has introduced a lot of booking options to customers to make it easy for them to buy a flat.
One can book a flat in Palava City with a token amount of Rupees 45000. This token amount is same regardless of the payment option opted by the clients. One of the oldest payments in Lodha Group is the Construction linked payment. The customer has to pay as slab wise construction is going on.
The second payment option is 20:80 schemes wherein the customer has to pay 20% of the flat cost within 42 days of booking the flat. After that they can register the flat and apply for bank loan. The bank will fund 80% of the flat which can be paid in EMI.
The third scheme is the 10:40:10:40 scheme. In this scheme, the customer has to pay 10% of the flat cost within 21 days of booking. After that they can go for registration of the flat. The bank will fund approximately 40% of the flat cost. Then after 6 months the client has to pay another 10% of the flat cost and then the bank will fund the remaining 40% of the flat cost. This is the modified version of the 20:80 scheme.
The fourth scheme is very innovative one from Lodha Group. This scheme is useful to the client who cannot pay 20% initially. The scheme goes this way; the client books the flat with Rupees 45000 of token amount. Then the client has to pay just 5% of the flat cost within 21 days of booking. For a 1 BHK this works out to be around 2 lacks. Then the client can register the flat and apply for bank loan. Bank funds 65% of the flat cost. After this the client has to pay 10% of the CV in the next 15 months and bank will also pay 10% from its side. Again after 5 months, the client has to pay 5% of the CV and bank will pay 5% from its side.
This scheme is again a modified version of the 20:80 scheme. However, the client gets about 15 months to pay the remaining 15% of the flat cost. The project is approved by 18 banks like ICICI, PNB, Axis, etc.