If you are planning to buy a home in Mumbai, now is the right time. Developers are offering many attractive deals for the festive season. The “Buy Now, Pay Later” scheme can help fulfill the dream of owning a home. This scheme was launched on the occasion of Ganesh Chaturthi this year.

This time, freebies like gold coins, free stamp duty, or foreign trips are not as common as before. Instead, easy payment plans are dominating. Developers say that 20-30% of buyers take advantage of these schemes. However, experts believe that these plans are not suitable for everyone. If you are taking a home loan, schemes like “Buy Now, Pay Later” may increase your total cost, but if you are buying a home with your own money and expect additional funds soon, this scheme can provide relief, even if you have to pay a slightly higher price.

These flexible payment schemes are more popular among those who are investing their own money to buy a home or raising funds by selling their investments. For such buyers, these schemes are very beneficial as they make payments easier and allow them to take advantage of festive offers.

How does this scheme work?

Under this scheme, you need to pay a token amount when booking the home, and the remaining payment is due after a few months or years. The payment terms are determined by the agreement between the builder and the customer. In some cases, you may have to pay a large lump sum later, while in others, you can pay in installments. For example, suppose a flat costs 1 crore rupees.

Under the BNPL scheme, you can pay a token amount of 10 lakh rupees at the time of booking and pay the remaining 90 lakh rupees after 1-2 years. During this period, you can take possession of your home without making the full payment or secure a home loan within the timeframe set by the builder.

Is this scheme beneficial for everyone?

Real estate experts believe that these payment plans are beneficial for some buyers but not for everyone. While these plans offer the advantage of deferred payment, they often increase the total cost. This scheme sounds very attractive, but it may also have some disadvantages. If you are considering taking a home loan, this scheme could increase your overall cost. Builders often charge a higher price for providing such facilities.

You should carefully read the terms of the agreement with the builder. It is very important to be aware of the penalties for delayed payments and the interest rate. This scheme will work only if you properly assess your financial situation. If you are not entirely confident about future income, this scheme could be risky for you.

This scheme is particularly beneficial for those who want to buy a home immediately but do not have the full amount now or plan to pay with future funds.

Mumbai

Mumbai is a major port city and financial capital of India, located on the west coast. It was originally a collection of seven islands that were home to fishing communities before being transformed into a global hub under Portuguese and later British colonial rule. Today, it is famous for its bustling energy, the Bollywood film industry, and historic landmarks like the Gateway of India.

Ganesh Chaturthi

Ganesh Chaturthi is a vibrant ten-day Hindu festival celebrating the birth of Lord Ganesha, the elephant-headed god of wisdom and new beginnings. It originated as a public celebration in Maharashtra during the 17th century and was popularized by Indian freedom fighter Lokmanya Tilak in the late 19th century to foster unity. The festival culminates with the immersion of elaborately crafted idols in water, symbolizing a ritual goodbye and Ganesha’s return to his celestial abode.