The Interest-Free Maintenance and Service Charge or IFMS is a type of service charge that’s levied on property buyers by the developers, unlike the real estate maintenance charges, which have interests and are paid monthly.
IFMS ensures regular and efficient maintenance of common areas like parks, corridors, and clubhouses, enhancing the overall living experience.
Regular maintenance funded by IFMS helps preserve the aesthetic and functional value of the property, ensuring it remains attractive and valuable over time.
By paying IFMS, homeowners avoid the hassle of frequent small payments for maintenance, leading to cost efficiency and financial convenience.
IFMS acts as the most important financial safety net for residents, thus ensuring that essential maintenance needs are met like repairs, cleaning, security, and common area upkeep as well.
Implementing a perfectly transparent system like IFMS shows the commitment of the developer to the long-term well-being of that property. This can build trust and credibility with potential buyers, thus increasing buyer’s interest in projects.