Residential Off Plan Property Finance
What is an Off Plan Property?
Off-plan properties are developments sold by a developer directly to clients, usually on structured ‘payment plans’ based on property completion milestones, sometimes ranging beyond the property completion date. This is known as a ‘post handover’ payment plan.
How can an off-plan property be financed?
Off-plan property finance is a financial solution where a buyer can take a mortgage on a property before the building has reached 100% completion. In both forms of payment plans, whether payments are scheduled until the property handover or beyond, the handover payment date finance option can provide more beneficial and friendlier terms towards your cash flow. It’s worth noting that although off-plan property finance is available in the market, it is only for a very limited number of projects and developers. Please reach out for any additional information.
Handover Payment Plans
Off-plan property finance can be availed from the time that the property has reached at least 50% completion and a minimum of 50% of the property value has been paid to the developer. The bank financing the remaining payments will base their payments on the developer’s payment schedule and validate the amounts due against an official statement of account provided by the developer.
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