Duville Estates announces ‘No EMI Scheme’ in association with HDFC Ltd.
Duville Estates has announced its ‘No EMI scheme’ in association with HDFC Ltd. starting November, 2017 through January, 2018. This scheme will be valid for a limited period of 3 months to customers looking to book either a 1 BHK or 2 BHK flat in Duville Estates’ project Riverdale, located in Kharadi, Pune.
The company informed that this scheme allows clients a hassle free buying process with just 5% of the value and stamp duty and registration fee being paid at the time of booking and then the convenience of commencing their payment of EMI’s on the loan only after possession has been granted by Duville Estates. Further through this scheme the customer ends up with a massive saving against their new home, approximately Rs. 3.71 lakhs on a 1bhk apartment and approximately Rs. 5.86 lakhs on a 2bhk apartment, with the loan pre-EMIs being repaid by Duville to the Bank directly, during the tenure of the construction.
Under the No EMI scheme the payment plan is 5:75:10:10. Customers availing this scheme need to pay only 5% + stamp duty + registration fees at the time of booking. The bank then releases 75% of the loan amount in tranches, as per stages of construction completed. Once the bank disbursement of 75% is complete, the customer will pay a secondary instalment of 10% to the developer post which HDFC will release the final 10% of the loan amount to the developer.
This scheme requires customers to commence repayment of the loan amount, through EMI’s, only after receiving possession of their apartment, thus giving customers a massive upfront saving as well as the assurance of on time delivery of their new home. Under this scheme customers also receive an additional benefit as they are exempt from paying any processing fees for the loan, which amounts to further saving.
HDFC Ltd. will monitor the progress of work prior to disbursing the loan amounts, ensuring the customer’s financial security and the deliverability of the project. This will free customers from any additional financial burden during the construction phase and make the process of owning a new luxurious home stress-free and risk-free.
Mr. Tushad Dubash, Director, Duville Estates said, “Keeping in mind the desire for an aspirational and luxurious lifestyle without the financial burden of high EMI’s before possession, we have custom designed this scheme in partnership with HDFC Limited to fit our customer’s requirements. We are confident of our deliverables and timelines and with HDFC Limited sharing this confidence we have been able to formulate this extremely attractive scheme”