In today’s world, everything is about convenience. The tech industry is flourishing, and the demand for technology has increased. Smartphones are used by almost everyone and almost everything can be done through a mobile app. From purchasing groceries to booking movie tickets; from booking hotels to hailing cabs; you name it and you have an app for that! So, here comes another innovation – payment plans for your home! Yes, you read that right! A real estate developer in the capital city of Pakistan has introduced a new payment plan for its residents which is beneficial for both developers and buyers. Let’s find out more about this new payment plan of Nova City Islamabad :
What is a payment plan?
A payment plan is an agreement between the buyer and seller of real estate where the buyer can make a part of the down payment and the rest at a later date. The payment plan will not be a part of the agreement signed at the time of the property sale and can be modified as per the situation. The plan will remain informal; therefore, there will be no legal document or agreement signed between the two parties.
Nova City’s New Payment Plan
Nova City Islamabad is offering three payment plans to its residents which are: 1) Part Payment Plan: A part payment plan allows buyers to make a partial payment at the time of booking their property and the rest of the amount will be paid in monthly installments. This plan can be availed for the purchase of any kind of property such as apartment, villa, townhouse, or commercial property. However, the minimum amount of booking price has to be 2 Lac. 2) Flexi Payment Plan: A flexi payment plan allows buyers to make a partial payment at the time of booking their property and the rest of the amount will be paid in monthly installments. This plan can be availed for the purchase.
of any kind of property such as apartment, villa, townhouse, or commercial property. However, the minimum amount of booking price has to be 5 Lac. 3) Full Payment Plan: This plan is only for the purchase of apartments. The buyer will have to make the payment in one go.
How this plan works?
When a person buys a property on a payment plan, the buyer and seller sign an agreement which states the amount being paid and the date on which the payment will be due. If a buyer is availing one of the payment plans introduced by Nova City, then he will have to submit a down payment of 5% of the property’s price along with booking amount at the time of booking. The rest of the amount can be paid in monthly installments. The buyer will have to make all the monthly payments on time. If the Nova City Islamabad payment is made late, a fine may be imposed on the homeowner. The seller can also revoke the payment plan and ask the buyer to pay the remaining amount in one go.
Who Should Buy under this Plan?
This payment plan is suitable for everyone who doesn’t want to deal with the hassle of arranging funds in one go.
If a buyer is looking to purchase the property in the next two or three years.
doesn’t want to make a huge investment at one go, then this plan is for them.
It gives the buyer an opportunity to get into the real estate market .
without having to come up with a large amount of cash.
However, one should be aware of the fact that this plan will involve making a series of monthly payments, which may be a bit challenging at times.
Disadvantage of This Plan
As mentioned above, the buyer will have to make all the monthly payments on time. If the payment is made late, a fine may be imposed on the homeowner. The seller can also revoke the payment plan and ask the buyer to pay the remaining amount in one go. If a buyer is deferring on his payment, he may lose his money. So, it is better to be careful while availing this plan. Apart from that, there are no other disadvantages of this plan.
Nova City Islamabad payment plan is a great way for the buyer to get into the market without having to come up with a large amount of cash. You can buy a house without having to save up a large down payment. However, there are a few things you should consider before signing up for a payment plan. First, make sure you understand the terms of the payment plan. Read the contract carefully and ask any questions you might have before signing the contract. Also, it is important to stay on top of your monthly payments. If you fall behind on payments, the lender may try to take legal action against you.