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Sample payment schedule
Posted: August 19th, 2012, 6:06 pm
by y_jaga
Hi
Please share information on payment schedule during house construction?
What stage how much payment any sample schedule?
How much advance to be paid?
please help
Re: Sample payment schedule
Posted: August 19th, 2012, 7:54 pm
by blrsiteseeker
not sure if every contractor follow this, but ours took
20% advance
He submitted bills for materials as and when it reached upwards of rs. 2 lakhs
At each stage (approximately every 3 months or so) he gave me a bill for whatever was completed (but there was a deduction of 10% of what we paid as advance) and a 10% with holding amount.
At the end there was a large balance (since he had been very busy and not provided me a bill for a while and a lot of work was accomplished in the last stages).
But I still have a 10% amount which I owe him, even though my house has been completed. (this according to my architect I will pay after I stay in the house for 1 year and check it through all the seasons).
He has been very nice to come and do all the things I have asked him to fix - such as paint peeling, water coming into the basement during rains etc.
Re: Sample payment schedule
Posted: August 20th, 2012, 10:39 am
by y_jaga
Thanks for quick info.
I also got some input from other topics
Thanks