With the 2% down payment, the 100% Financing is reduced down to 98% Financing.

98% Non-Status Financing
This offer may be withdrawn anytime without notice.

The monthly loan payments is paid every month. All funds received are immediately credited to the Buyers account with the Developer.  It is the responsibility of the buyer to send to the developer all the installments on time.  

The Buyer can stop making the monthly installments after the 15 monthly installments (30%) have been paid, and pay the  balance 50% (70% less 20% towards the Cash back = 50%) on completion of the building. For this balance of 50% 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 10% cash back. In this case the Buyer has to make a total of 35 monthly installments (70%)   In this Full pay Option, with on-time payments, the buyer is actually buying the property at 70% of the purchase price. At 70% the Buyers full purchase price is reduced to $70,000 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 of ewdev@aol.com 

ON-TIME PAYMENTS:  On-time payments are very important for the developer.                                        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 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 98% Financing option, before making reservations, please check that they will be able to meet the installment or mortgage 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 mortgage or installment payments, before making atleast 15 installments.

All payments are to be made in the name of the developer, East West Developments.  If in default of payments, before 15 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.
 
38 to 50% Guaranteed gross rental will be paid on the  payment of the buyer at reservation time. In the above example for the studio taking the purchase price of $100,000, then the 38 to 50% guaranteed rental will be on $20,000 (66% of the 15 installment payments). OR on $35,000 (50% of the 35 installment payments).  This amount is taken as the average invested amount by the Buyer at reservation time. It all depends when and how much the buyer invest and pays from their reservation date.