Marathon Advance Payment Savings Scheme

Want additional savings on your purchased
under-construction property?
Try Marathon Advance Payment Plan(MAPS)

Make an advance payment for your Marathon home & earn a simple interest per annum of 9% on the paid-up amount, till the date of completion/OC of the flat.

Interested?

How does it work?

STEP 1

Make an advance payment for your booked apartment of an amount of your choosing
Get in touch with your relationship manager for making the payment.

STEP 2

Collect the E-voucher for the advance payment made from the customer care team.

STEP 3

Earn a simple interest of 9% per annum on the paid-up amount for the tenure between the date of advance payment to the date of completion/ OC receipt for the apartment.

STEP 4

The advance payment & the interest earned in this period is adjusted from the payment against the final milestone against the advance payment E-voucher.

Say you made an advance payment of 2Lac in May 2020 & your apartment gets it’s OC in May 2022, you’ll earn interest @9% for a period of 2 years on the advance payment amount of 2Lac amounting to 36000.

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Date: May 2020
Makes advance payment of 200000

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Earns interest @9% per annum till apartment completion

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Date: May 2022
Project Received OC, Total Interest earned – 36000

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Date: May 2022
Advance payment+interest earned is adjusted against the payment of the final milestone

This means, when you are paying for the final milestone, you’ll be paying 2,36,000 (Principle+interest) less. So if the final milestone payment is 4,00,000, you’ll only be paying 1,64,000.

Q1. What is Marathon Advance Payments Saving Scheme?
Make an advance payment towards last milestone payment for your booked apartment and you will get 9% simple interest till completion / OC. The advance payment and interest that you have earned will be adjusted against the balance amount that you need to pay for the last milestone. TDS will be paid as per government rules and no interest will be earned on this TDS amount paid.

Q2. What if I have a previous milestone payment due and take benefit of this advance payment facility?
Out of advance money we will first adjust money in old milestone due and on remaining advance amount you will get 9% simple interest till the OC.

Q3. What proof I will get against the advance payment made ?
Payment receipt will get issued against the advance payment made.

Q4. Does GST also have to be paid with advance payment?
Yes

Q5. What will happen if I have defaulted on future milestones after making advance payment?
Adjustment of the advance payment is only against the last milestone payment. For all other milestone payments, payment will have to made and they will be governed by the terms and conditions mentioned in the sale agreement.

Q6. What will happen if I terminate my reservation/agreement after making advance payment?
No interest will be earned and the terms and conditions of the sale agreement shall apply for the refund amount, if any.

Agreement Value of flat
A
80,00,000
Advance Payment made under above scheme
B
2,00,000
Interest earned @9% till OC (2 years)
C = B*9*2/100
36,000
Last milestone amount (5% of Agreement Value)
D
4,00,000
Amount to be paid for the last milestone
D – (B+C)
1,64,000
Agreement Value of flat
A
80,00,000
Advance Payment made under above scheme
B
2,00,000
Outstanding Due (as on date)
C
50,000
Net Advance Payment (B-C)
D
1,50,000
Interest earned @9% till OC (2 years)
E = D*9*2/100
27,000
Last milestone amount (5% of Agreement Value)
F
4,00,000
Amount to be paid for the last milestone
F – (D+E)
2,23,000

Note: Time to completion of the apartment is assumed to be 2 years for this calculation. GST needs to be paid by the customer as applicable. It is not shown as a part of the calculation here.

Any principle amount that is currently due shall be adjusted against the above payment made and interest will be earned by the client only on the balance due amount.

Terms and conditions for payment of future completed milestones (except the possession/completion milestone) shall be as per the terms specified in the Registered Sale Agreement. The client will not be allowed to adjust advance payment made against any other milestone or future milestone except the completion/possession milestone.

“Other charges” which are to be paid at possession after the final milestone is separate & needs to be paid by the customer as per the sale agreement.

GST to be paid is separate & is not shown as a part of the calculations in the tables above. The customer has to pay the GST as per applicable rate on the advance payment that he is making according to the plan.

This Scheme is valid on Marathon Projects – Nexzone, Nextown, Nexworld, NeoHomes, & Eminence.

Interested in saving more on your home?

If you are a fan of Marathon Advance Payment Plan, get in touch with our customer care team today to learn more.

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