How to Pick the Right Payment Option When Buying a New Home?

Ready to buy a home but confused with the right payment options in India? Worry not, we are here with some of the best payment options that you can choose for an easy purchase. Buying a house is a very major and critical decision in your life. You make large investments when you shop for a property, especially when you buy a home in Mumbai, where the prices have rocketed to quite an extreme high. Payments are a cause of concern for many buyers and may turn them away from buying property. However, now more builders and real estate agents are entering the market, offering a variety of payment options in India to make the process convenient for the buyer.

Unlike earlier, when a down payment was the only way to purchase a property, developers now offer a range of payment plans. Aside from the traditional down payment plan, some are listed below. Let’s analyze them in detail:

Down Payment Plan

It is a traditional method under which a buyer has to pay 10–15% of the total property value at the time of booking. 85% of the remaining amount has to be paid within a 30-day time frame and 5% is paid at the time of property possession. The advantages are: that a buyer can get a healthy discount of up to 8–10% on the total value of the property because you are paying the builder in advance and no other plans can get you this much discount.

Construction linked plan

Amongst the various payment options in India provided by the builders for the ease of homebuyers, the Construction-Linked Plan (CLP) remains the most popular among all as the payment is made by the bank to the builders on behalf of the buyers. The bank keeps paying money for project construction to the builder, in staggered installments based on the progress of the project. In this way, a buyer can easily book a property even though they have limited funds.

A Flexi Payment Plan 

One of the most popular payment schemes for buying a home is a Flexi payment plan. It is a combination of a down payment plan and a construction-linked plan. It is one of the best payment options that buyers prefer to choose. It offers the best of both the plans as it consists of the initial down payment discount along with an EMI payment after the possession of the property, which makes this the best payment option.

Time Linked Plan (TLP)

Under this scheme, the buyer has to pay a pre-decided amount for the property as per the timetable scheduled by the developer, and it is irrespective of the progress of construction.

Things to keep in mind before you invest in property.

  • Understand the process of buying.
  • Have a checklist of your priorities.
  • Good resale value is an important thing to consider before you invest in a property.
  • Always choose the best payment option in India as per your requirements.
  • Always look for freebies and discounts. For instance, if a buyer wants to buy a home in Mumbai, then they must explore the property market and search for apartments for sale in Mumbai or flats for sale in MMR and compare all the deals as per the requirements to purchase their dream house.

In a nutshell, the above detailed are some of the most preferred payment options in India thatyou can opt to purchase your dream home anywhere in the country, especially in metropolitan cities like Mumbai, Delhi, or Bangalore You can also visit our website at for more in-depth real estate analysis.