May 8, 2008, 11:39 am
Filed under: finance
Filed under: finance
FLIP is the abbreviated form of Flexible Installment plan and the uniqueness of this payment option is that as time passes the EMI gets reduced. This mode of payment comes in effect in case of joint name property where both the applicants are shown as working and earning respective amount. In this payment plan initially the EMI is in higher slab and after the retirement of any one of the applicants, the EMI gets reduced and comes in proportion to the earning of the working applicant. FLIP is popularly known as payment facility of step down manner. Initially the EMI remains high considering the joint income of the two applicants and gets reduced when income criteria is changed.
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