If a homebuyer is retrenched, the PBAP member will assist him with his home loan and pay up to three of his EMIs to the concerned financial institution.

Further, the developer concerned will not charge any interest on any instalments that are delayed further as a result of the job loss. The scheme is valid only till possession.

PBAP president Lalit Kumar Jain said that as a developers' body, PBAP understands the issues people have to deal with, particularly in times of a slowdown. Losing jobs is becoming a reality for many.

"However, a home is a need and a job loss should not be the reason why a person who has booked a home and awaiting possession should be denied of this. By paying the instalments for three months, we feel we should be able to instill confidence in the buyer and provide him with assistance in these times," Jain noted.

The move to assist homebuyers is expected to bring on additional financial load on the builders' community. But the PBAP is willing to take this on, as it will help both the buyer and the seller.

"Buyers can expect not to lose their bookings, while builders can hope not to lose business on account of job retrenchment, albeit at a cost," said Jain.

PBAP will come up with a formal legal agreement to ensure that the customer follows a proper process to be eligible for the assistance package.

The clauses entail that only permanent employees will be covered under the scheme.