A payment plan looks simple at first, but the terms can confuse first-time buyers. What is the difference between booking and confirmation? What does “quarterly” mean? Do you pay anything at possession?
Here is a plain guide to the usual parts of a payment plan, so you can compare options with confidence.
1. Booking
Booking is your first payment. It reserves your interest in a unit and starts the process. It is usually a percentage of the total price. For example, a 10% booking means you pay one tenth of the total price up front.
2. Confirmation
Confirmation is the second step, and it usually has a deadline, such as within 15 days of booking. Paying it confirms your purchase and moves you from interest to commitment. Always note the date and keep a copy of the receipt.
3. Monthly installments
Some plans spread part of the price over monthly payments. A plan with a 5% monthly installment for 12 months means you pay 5% of the price each month for a year. Small regular payments can be easier to manage than a few large ones.
4. Quarterly installments
Quarterly installments are paid every three months. A 15% quarterly installment over one year means four payments of 15% each. These suit buyers who prefer fewer, larger payments.
5. Possession payment
Some plans keep a final percentage to be paid when you receive possession of the unit. Others have no possession charges at all, so the full price is paid before handover. Check which applies to your unit.
A quick way to check the math
Add up every payment. Booking, confirmation, all installments and any possession payment should total exactly 100% of the price. If the numbers don’t add up, ask for a clear breakdown.
Calculating your payments
Multiply the total price by each percentage. For a unit priced at PKR 10,000,000, a 10% booking is PKR 1,000,000, and a 15% installment is PKR 1,500,000.
Questions to ask before you sign
- What is the total price, and what does it include?
- How many installments are there, and on what dates?
- Is there a possession payment, and how much is it?
- What happens if a payment is late?
- Will I get an official receipt for every payment?
A clear plan protects both the buyer and the developer. If anything is unclear, ask in writing and keep the answers.
Want to see the payment plans for International Gemstone Tower? Contact ZAJ Developers & Marketing
