In the past, property was only owned by people who had some serious money. These are people who were able to write a check for Rs 50 lakhs  and buy a house, or rather a whole estate, right on the spot.

The middle class was left to survive in apartments and flats struggling to meet their rents every single month. Luckily, recent real-estate trends have seen the emergence of purchase plans that can enable the average person own his or her dream home with some careful financial planning.

There are numerous purchase plans out there designed to fit different individuals and financial situations. Each of these plans has its own specifications and stipulations. It may get tiring to go through all of them trying to find the one that best suits you. Here are 5 of the best that you can start with;

Standard —deferred Payment Plan

This is the first one that comes to mind due to its great flexibility. This is where the Buyer pays 30% or more upfront as the booking amount and then accesses a bank loan later to finish up the rest of the payment. The beauty of this plan is, the buyer can get the loan from a bank of his choice.

10:80:10 Plan

In this plan, the buyer starts off with a 10% payment. After that, he is to pay 80% after his or her loan has been processed and approved. The payment should not exceed 30-45 days after the approval of the loan. The remaining 10% is to be paid after possession of the property. 10:80:10 is a derivation of the subvention plan which also involves a tripartite agreement.

20:80 Subvention Plan

Being one of the most popular, it involves the buyer paying 20% up front and then clearing up the remaining 80% after getting a bank loan. The loan is accessed from a bank chosen by the developer in a contract that ties the three parties together.

This contract is popularly referred to as the tripartite agreement. In this type of plan, once the buyer is in on the purchase, there is no out. The developer deals directly with the bank after the loan is processed and the buyer has no option but to stick to the terms until possession.

Possession-linked Plan

This type of plan borrows a thing or two from the two subvention plans. It utilizes the same basic structure with only minor adjustments. Possession-linked means the buyer is tied to the project for a very long time, that is, until possession. The downside to this plan is that the price Discount is much lower than other plans. Also, even though the developer pays pre-EMIs on behalf of the buyer, real payment begins once the actual EMIs start to be paid.

Real Estate Systematic Investment Plan (SIP)

This is a more recent approach for those who are comfortable with their financial capabilities. In this plan, the developer creates a plan (SIP) that enables the buyer to pay a huge amount of money every beginning of the year and then break down the rest into monthly installments.

Discounts and Freebies

These are usually offered to the buyer in order to sweeten the deal a little bit. They include a discount on the total price of the property, price discounts during festive seasons, discount on the first 20 bookings and so much more.