Deferred Payment Schedule for Buying New Launch Executive Condo
When you opt for EC Deferred Payment Scheme, you only make instalment payments after you have gotten the Temporary Occupation Permit (TOP).
EC Deferred Payment Scheme allows EC Buyers to put down 20 per cent downpayment. The remaining 65 per cent is payable only when you receive a Notice of Temporary Occupation Permit (TOP). Or in simple terms, until the EC Executive condominium is ready for occupation.
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 New Launch EC purchase price on EC Deferred Payment Scheme is usually 2-3% higher than the one on Normal Progressive Payment Scheme.
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 two weeks upon signing S&P | Cash or CPF OA | ||||
| 15% | Downpayment | Within nine weeks from the Date of Option | Cash or CPF OA | |||
| 2nd | 5% | Completion of Foundation Work 完成地基 |
Cash or CPF OA | |||
| 5% | Bank Loan | |||||
| 10% | Completion of Reinforced Concrete 完成三合土框 |
Bank Loan | ||||
| 5% | Completion of Brick Wall 完成砖墙 |
Bank Loan | ||||
| 5% | Completion of Ceiling / Roofing 完成天花板/屋顶 |
Bank Loan | ||||
| 5% | Completion of Doors & Windows Frames are in position, the Electrical Wiring & Plumbing & Internal Plastering 完成门/窗框，电线，水管及内部抹灰 |
Bank Loan | ||||
| 5% | Completion of Car Park, Roads and Drains 完成停车场道路与水渠 |
Bank Loan | ||||
| 25% | Obtaining Temporary Occupation Permit (TOP) 取得临时居住许可证 |
Bank Loan | ||||
| 3rd | 15% | Upon Production of the Certificate of Statutory Completion (CSC) 取得法定完工证书 |
Bank Loan | |||
