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The monthly installment payments is paid every month. All funds received are immediately credited to the
Buyers account with the Developer, and the Developer
confirms each installment payment received to the
Buyer. Developer
also emails to the Buyers their Account statement
every 3 months.
It is the responsibility of the buyer to send to the developer
all the installments on time.
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The Buyer can stop making the monthly payments after 11
Installments have been paid.
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The Buyer can stop making the monthly installments after 11 monthly
installments (22%) have been paid, and pay the
balance 58% (78% less 20% towards the Cash
back = 58%) on completion of the building.
For this balance of 58% 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 5% cash back. In this case the Buyer has
to make a total of 37.5 monthly
installments (75%) In this Full pay
Option, with on-time payments, the buyer is actually
buying the property at 75% of the purchase price.
At 75% the Buyers full purchase
price is reduced to
$75,000
only instead of the $100,000.
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 the
buyer
follows 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
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ON-TIME Payments:
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 bonus 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
installment payments
option,
before making reservations, please check that they
will be able to meet the monthly installment
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 monthly installment payments, before making the minimum 11 installments.
All
payments are to be made in the name of the
developer, East West
Developments. If
in default of payments, before 11 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 39% 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
39%
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 that will be paid, will be
on a sliding scale,
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 first installment date.
An average
is taken.
Example: Let us assume that the
Pay period is 11
months. That is the Buyer stops after paying 11
installment payments of $2,000 each, then
his guaranteed rental will be on 90.9% of the
$22,000 paid, that is on $20,000.
Guaranteed gross rental of 39%
will be paid on $20,000.
An average of the
total initial installment amount paid is taken.
OR
Let us assume that the Pay period is 37.5 months (3
years & 2 months). That is that the Buyer
continues and pays 37.5 installments, as full pay, then on
60% of the
$75,000 paid, that is on $45,000.
The Buyers
guaranteed rental is based on the average of
total amount paid by the buyer from their
first installment date.
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