Question 1

How does emi plots / monthly installment scheme plots in Chennai work?

Accepted Answer

Monthly installment scheme plots or emi plots are nothing but you buy a plot from the developer by paying 25 or 50% upfront amount ( part payment varies depending on the builder ) and register the property on your name. The balance amount you can pay in monthly installment.

Question 2

How much do I have to pay in the monthly installment scheme?

Accepted Answer

The monthly installment depends on the total budget of the plot and the upfront payment you have done.

Question 3

Do I need CIBIL score to buy EMI plots?

Accepted Answer

Not necessary, Since the monthly installment option is provided by the land promoter you don’t need to have CIBIL score . You buy the land from a direct promoter and pay the installment to the seller directly; banks don’t play any role here.

Question 4

Are there any DTCP approved layouts available on monthly installment schemes?

Accepted Answer

Shridi Sai Baba Nagar in Oragadam promoted by Sricity Developers is the DTCP approved layout offering a monthly installment scheme option with 50% upfront and 50% on EMI.

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FAQs on monthly installment scheme plots chennai