Builders will not be able to give any scheme to the buyers to sell their homes. Builders will get only according to construction. Already running 10:90 or 5:95 scheme will be completely stopped. In such a situation, it may be that buyers have to deposit more money while making the booking. National Housing Bank (NHB) has now given guidelines to the builders to do this.
Plans like 10:90 will end : At present, the builder comes with many schemes to sell the property. In these, buyers have to deposit five or 10 percent of the actual value of the flat in the beginning. After this, they can pay the remaining money for that loan. However, in many cases, even after loan approval, customers do not get home at fixed time.
Will be less fraud : NHB has said that doing so would reduce fraud with home buyers. Currently, buyers get money on 80 percent of the flat. Builders then take full money from the bank. In 20 to 30 years, the housing finance companies again withdraw money from the buyer through the installment. Although many builders do not even complete the project after taking the money.
Delay in cash : Builders will be working hard for their new project. Earlier, the Behal real estate sector is expected to get more shocks.
Money will be made according to the construction: Builders will no longer get the full money from the bank or any financial company simultaneously. According to the new guidelines, now the builders will be able to take money according to the construction. The lump sum payment facility will be fully stopped. If the construction is stopped by the builder, then the housing finance company can stop making money to the builder.
In such a situation, the builder will be under pressure to complete his project on time. Although it is already a major setback to the real estate sector which is already facing a financial crunch. This can turn off many companies.