Sorry i have never bought/sold any property so this is first question coming to my mind when i see files for sale: if i am paying plot price and file price both, or file price is going to be be taken out from total plot price?
I mean, if plot price is 20 lakhs and someone is selling a file for 10 lakhs ... Does it mean i need to pay 10 lakhs for file and then 20 lakhs for plot or i buy file for 10 lakhs and need to pay another 10 lakhs to pay off the plot?
Thanks for educating me on this.
If you are buying a file whose plot value is 20 lacs and you have to pay 10 lacs mean the complete cost of plot is 20 lacs and the 10 lacs paid so far are the down payment and installments. Usually such files also carry OWN. OWN means profit which you have to pay in addition to the down payment and installments. For example, say a plot is worth 20 lacs, whose down payment is 5 lacs and monthly installments are 1 lac. The file is selling at 10 lacs and the profit on that file is 3 lacs. This means so far the down payment has been paid and 2 installments have been paid totaling 7 lacs for the file where you have to pay the additional 3 lacs as profit to acquire that file so totaling 10 lacs. Usually this profit increase or decrease according to market trend. When all installments are paid where you eventually pay 20 lacs in total but at the time it maybe possible that file to carry a OWN. Say if that would be 5 lacs so 20+5=25 lacs. So that plot worth 20 lacs would be sold at 25 lacs respectively.
First you have to pay price of plot file e.g 10 lakh. The remaining amount which would be 10 lakh as per your example would be paid though an installment plan. You can discuss this with your property agent before purchasing a file.