Deferred Payment Schedule for Buying New Launch Executive Condo
Make Instalment Payments Only After You Are Given Temporary Occupation Permit (TOP)
EC Deferred Payment Scheme allows EC Buyers to put down 20 per cent downpayment. The remaining 65 per cent is deferred until receiving a Notice of Temporary Occupation Permit (TOP). Or in simple terms, until the EC Executive condominium is ready to move into.
If EC Buyers opt for Deferred Payment Scheme, they do not need to handle two mortgage loans at the same time. It offers those with existing loan repayment some flexibility in managing their finances.
However, the purchase price for Buying the New Launch EC on EC Deferred Payment Scheme is usually 2-3% higher than the normal EC purchase price.
EC Deferred Payment Scheme (LTV 75%)
|Stage||%||Description||When to Get Ready||Payment Mode|
|1st||5%||Booking & Obtaining Option To Purchase||Day 1||Cash|
|Payment of Resale Levy||Cash|
|Buyer to engage solicitor (~ $3000)|
Buyer to select the Mortgage Loan (Stamp fee ~$500)
Buyer to submit documents to HDB
|ASAP||Cash or CPF OA|
|Buyer's Stamp Duty||Within 2 weeks upon signing S&P||Cash or CPF OA|
|15%||Downpayment||Within 9 weeks from Date of Option||Cash or CPF OA|
|2nd||5%||Completion of Foundation Work|
|Cash or CPF OA|
|10%||Completion of Reinforced Concrete|
|5%||Completion of Brick Wall|
|5%||Completion of Ceiling / Roofing|
|5%||Completion of Doors & Windows Frames are in position, the Electrical Wiring & Plumbing & Internal Plastering|
|5%||Completion of Car Park, Roads and Drains|
|25%||Obtaining Temporary Occupation Permit (TOP)|
|3rd||15%||Upon Production of the Certificate of Statutory Completion (CSC)|