1. North Town Residency UPDATED Payment Plan
1 North Town Residency is excited to announce our UPDATED Payment Plan!
We have listened to our purchasers and have created a more flexible plan to help make your dream of owning a 1 North Town Residency home more attainable.
Our UPDATED Payment Plan allows purchasers to put down only 5% of the purchase price on signing (was 20%), with the remaining 5% due 90 days later.
Additionally, purchasers now have the option to take up to 24 months to complete their remaining balance owing (was 18 months).
We believe that this UPDATED Payment Plan makes 1 North Town Residency one of the most attainable new construction condo opportunities in the GTA.
Don’t miss out on this chance to own a brand new home at 1 North Town Residency.
For more information on our UPDATED Payment Plan, please contact our Sales Team.
2. How the new payment plan works
North Town Residency updated their payment plan and it is now more flexible than ever. You can choose to pay your dues in full or in three installments. The first installment is due at the time of booking, the second installment is due within 45 days of booking, and the final installment is due within 90 days of booking. This plan is available for all units except the Tower Suites.
If you choose to pay in three installments, you will only be required to pay 5% of the total price at the time of booking. The second installment will be due within 45 days of booking and will be 20% of the total price. The final installment will be due within 90 days of booking and will be 75% of the total price.
There are no interest charges for any of the installments. You also have the option to pay your dues in full at the time of booking. If you choose to do so, you will only be required to pay 10% of the total price at the time of booking. The remaining 90% will be due within 45 days of booking.
This payment plan is available for all units except the Tower Suites. So, if you're looking to purchase a unit at North Town Residency, be sure to take advantage of this new and improved payment plan!
3. What this means for residents
As we all know, the North Town Residency project is a much-anticipated one and people are really looking forward to it. The project is now in its final stages and people are eagerly waiting for its completion. However, there has been some confusion regarding the payment plan for the project.
The developers have now clarified the payment plan and it is as follows:
-The total cost of the project is Rs. 4.5 crore.
-The first instalment of Rs. 1 crore will be due on the date of possession, which is expected to be in December 2019.
-The second instalment of Rs. 1.5 crore will be due six months after the date of possession.
-The third and final instalment of Rs. 1 crore will be due one year after the date of possession.
Thus, the total amount to be paid by the buyers will be Rs. 4.5 crore. There is no hidden cost involved and everything is quite transparent.
Buyers who are looking to invest in this project can do so without any hesitation. This is a great opportunity to own a property in one of the most sought-after projects in the city.
4. How to make the most of the new payment plan
As we all are aware that the government has been taking various steps to make housing affordable for all. In the Union Budget 2019-20, the Finance Minister had announced the Pradhan Mantri Awas Yojana – Gramin (PMAY-G). Under this scheme, every rural family will get a pucca house by 2022. The government has also devised a new mechanism for the implementation of this scheme.
The government has now decided to provide subsidy on home loans taken by beneficiaries of PMAY-G. The subsidy will be directly credited to the beneficiary’s account. The government has also decided to make it easier for people to avail of this subsidy. Now, people will only have to pay the difference between the market rate and the subsidized rate.
This is a great move by the government as it will make housing more affordable for the people. It will also help in the implementation of the scheme as people will now be able to take advantage of the subsidy.