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ON-TIME PAYMENTS:
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).
There is a grace period of 15 days only on the
monthly installments. If payment is late, beyond
the15 days of grace period, it will attract
substantial late fees (equal to 10% of the payment
late), and will invalidate the 20% cashback plus all
other offers. 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.
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
in default of payments, before 15 installments are
paid, or if the payments are late by more than 6
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 6 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 within 90 days of his first
payment.
After 90 days, Midway switch or change to
another Payment Plan Option is not allowed.
For Resales, please check the Resale
Pool Page.
Guaranteed gross rental of
38 to 50% will be
paid on 100% the Buyer's payment
at reservation time. In the above
example for the studio taking the purchase
price of $100,000, then the 38 to
50%
guaranteed rental in case of 20% down will be on $20,000.
In case of
monthly payments: then the amount
on which the
Guaranteed rental will be paid will be
on a percentage of
the average of total payments made in
installments over
time. It
depends
on when and how much the buyer pays from
their reservation date.
An average
is taken.
Example: Let us assume that the
Pay period is 15
months. That is that the Buyer stops after paying the 15
installment payments of $2,000 each, then
his guaranteed rental will be on 66% of the
$30,000 paid, that is on $20,000.
OR
Let us assume that the Pay period is 37 months (3
years).
That is that the Buyer
continues and pays 37.5 installments in 3
years, as full pay, then on 50% of the
$75,000 paid, that is on $37,500.
The
Buyers guaranteed
rental is based on the average of total
amount paid by the buyer from the
reservation time.
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