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| IN-HOUSE
DEVELOPER'S FINANCE |
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With
the 2% down payment, the 100% Financing is reduced
down to 98% Financing.
INFORMATION
TO
BUYER FOR UNDERSTANDING OF THE 98% FINANCING
TERMS:
98%
Non-Status
Financing
This
program is available exclusively
for the Delhi Condo Hotel, Pune Condo Hotel
& Hospital Condos.
This offer may be
withdrawn anytime without notice.
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| 98% Non-Status Finance |
East West Developments are delighted to offer you this project with
98% finance available to all!
No filling in application forms! No documents required
No waiting over 2 weeks for a decision! Etc.
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| The terms and conditions are as follows: - |
- 0% interest. $0
processing fee. No early pre payment fees.
- Substantial Late fees per day.
(equal to 10% of the payment late).
- 2%
Monthly installments for 15 months only.
- For
on-time payments for the full amount in
advance, the buyer gets 20% plus 10% = 30%Rebate.
(Make only 35 installment payments towards full
payment for the unit).
- Buyers
desiring 98% Financing must submit the Finance
Application form.
Plus the monthly
installment payment by credit card authorization
form.
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98% Developer Finance details. (No document loan)
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EXAMPLE:
This
is only an example to help the Buyer understand the
details. If in doubt consult your representative at ewdev@aol.com
before deciding. Sample
Calculations as on price of $200,000 on a studio
at the Pune CondoHotel. |
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Property
Details:
Project Name: Pune
Condohotel
Unit type: Studio
Purchase Price:$200,000
Finance Amount: $196,000
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Studio
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Parking
Slot
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1
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Price
(Total amount due over 50 month)
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$200,000
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$17,000
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2.
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($200,000
divided by 50) 50 Monthly payments each of
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$4,000
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$340
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3.
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Each
monthly installment of 2%.
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$4,000
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$340
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The
monthly loan payments continue continuously for 15 months.
All funds received are immediately credited to the
Buyers account with the Developer.
It is the responsibility of the buyer to send to the developer
all the installments on time.
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You can stop making the monthly payments after 15 Installments have been paid.
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The Buyer can stop making the
monthly installments after the 15 monthly
installments (30%) have been paid, and pay the
balance 50% (70% less 20% towards the Cash
back = 50%)on completion of the building.
For this balance of 50% the developer can advice the
Buyer on the various loans offered by the local
banks, or can take the loan from the developer at
that time. The Buyer can however continue to make
the monthly installments on-time, and make
his full payments, if he wishes to benefit from
the additional 10% cash back. In this case the Buyer
has to make a total of 35 monthly
installments (70%) In this Full pay Option, with on-time payments, the buyer is actually
buying the property at 70% of the purchase price.
The 70% Buyers full purchase
price is reduced to $140,000 only instead of the $200,000.
The buyer may send the payment by check, cashiers check, (out of
country checks are not accepted). By online Bill
pay, money
order, Western Union, Bank transfers, Wiring funds,
credit card etc. Any means, which is convenient
and more economical to the buyer.
The Developer can recommend the most reliable and
economical way of sending the payments, and when you
follow the the Developer's instructions, then the
Developer will bear all the Bank or Credit card
transaction charges towards sending the funds.
The buyer has to bear all exchange rate differences
as may be applicable.
If using Paypal go to www.paypal.com
and send payment to the developers email account of ewdev@aol.com
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ON-TIME PAYMENTS: Please note On-time payments
are very important for the developer.
Please
make sure all the monthly installments are
received on time, (on or by the last day of
every month). During these 15 or 35 months there is a grace period
of 5 days only. If payments are late beyond
this 5 days of grace period, it will
invalidate the 20% plus 10% = 30% cash back offer. This
cash back offer ends and is not valid if the buyers
sells the property, before completing all the
installments. Also the new buyer is not eligible
for this cash back offer. This cash back offer
is non-transferable. All payments will first be applied towards late fees, if any, and
then towards the installment balance. Part payment of an installment is still
subject to the full late fees, and is still
considered as default, until paid in full.
A word of Caution: Buyers using the 98% Financing option,
before making reservations, please check that they
will be able to meet the installment or mortgage
payments. There is no refund for Cancellation
of the Purchase, once the installment payments
start. The Buyers could loose their property
resulting in substantial losses, if they default
on their mortgage or installment payments, before making atleast 15 installments.
All
payments are to be made in the name of the
developer, East West
Developments. If payment is late, it may
attract substantial late fees (equal to 10% of the
payment late) after the 5th.
of the month. There is a grace period of 5 days only
on the monthly installments. The Company reserves the right to apply late payment fees. If
in default of payments, before 15 installments are
paid, or if the payments are late by more than 4
months, then the reservations may be cancelled at
the developers discretion. Buyers, can no longer sell
their ownership if it is in default or cancelled. There is NO
refund on cancelled units, and all the buyers
payments made to that date will be forfeited.
In case of more than 4 months, condoning of the
delay will be at the sole discretion of the
developer.
In case such delay is condoned the investor will have to
pay double the late fees on each late installment
as penalty, and will have to bring current all his
payments.
The Buyer can upgrade to a higher Payment Plan with 30 days of his first
payment. After 30 days, Midway switch or change to
another Payment Plan Option is not allowed.
For Resales, please check the Resale
Pool Page.
38 or 50% Guaranteed gross rental will be paid on 20%
of the purchase price. In the above example for the
studio taking the purchase price of $200,000, then
the 38% guaranteed rental will be on $40,000. This
amount is taken as the average invested amount by
the Buyer.
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