What is IFMS and sinking fund?
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What is IFMS and sinking fund?
A sinking fund is a sum allocated by homeowners for emergencies and maintenance, while the IFMS (Interest-Free Maintenance Service) is used to meet regularly and ongoing maintenance costs such as tiny repairs and suppliers.
What is interest free maintenance charges?
Interest Free Maintenance Charges (IFMC) are the charges or fees which a home buyer pays to the Contractor or builder. However, interest earned on this amount is not passed on to the association/home buyers. The system is useful for planned future developments like park extensions or for security measures.
When can a builder charge maintenance charges?
The builders may ask for 12 months, or 24 months, of maintenance charges in advance at the time of possession. Once handed over to the RWA, the frequency of collecting the maintenance charges is decided by it.
What is the full form of IFMS?
An integrated financial management system (IFMS) is an IT-based budgeting and accounting system that manages spending, payment processing, budgeting and reporting for governments and other entities. An integrated financial management system is also known as an integrated financial management information system (IFMIS).
What is IFMS payment?
What is iFMS: Integrated Financial Management System is an Information technology Based accounting and budgeting system and it is designed to manage payment processing, spending, reporting, budgeting and options as required for government or firms.
What is IFMS society?
IFMS stands for Interest Free Maintenance Security Charges. It is an additional charge given by the property buyers to the builders & developers until the formation of the residents’ welfare association (RAWs) for maintenance, upkeep, security purposes, and developmental projects.
What is possession charges in real estate?
Holding charges Once the buyer receives the demand letter from the developer for the possession of the property than after receiving such letter it’s the responsibility of the buyer to pay the remaining due amount to the developer. The period to pay the due amount is usually 30 to 60 days once the last date is gone.