What happens if I miss a payment on a developer's instalment plan?
GAAnswered by Giddaa Admin 2, verified expertPublished · Last checked on · 1 min read
It depends on the contract. Most developers allow a short grace period, then charge a late fee, and repeated defaults can lead to the unit being reallocated with part of your payments refunded. Read the default clause before you sign and keep proof of every payment.
Talk to the developer before the due date if you know you will be late. Many will restructure the remaining instalments rather than go through the default process.