Progressive Payment Schedule for Buying New Launch Executive Condo
When you opt for EC Normal Progressive Payment Scheme, you make instalment payments in tandem with the construction progress.
The Progressive Payment Schedule for buying new launch EC deals - with the Executive Condo development that is in the process of being built.
- It refers to the payment by instalments, typically 5 – 10 per cent. When the construction works reach a specific milestone, the developer will call for the payment from the EC buyers.
- During the initial stages, payments are far apart. Payments become more constant from 4th stage onwards.
- For example, you would pay the developer one instalment upon the completion of the foundation, one more payment when the walls are up, one more when the roofs are ready, etc.
EC Normal Progressive 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 | |||||
| 3rd | 10% | Completion of Reinforced Concrete 完成三合土框 |
Bank Loan | |||
| 4th | 5% | Completion of Brick Wall 完成砖墙 |
Bank Loan | |||
| 5th | 5% | Completion of Ceiling / Roofing 完成天花板/屋顶 |
Bank Loan | |||
| 6th | 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 | |||
| 7th | 5% | Completion of Car Park, Roads and Drains 完成停车场道路与水渠 |
Bank Loan | |||
| 8th | 25% | Obtaining Temporary Occupation Permit (TOP) 取得临时居住许可证 |
Bank Loan | |||
| 9th | 15% | Upon Production of the Certificate of Statutory Completion (CSC) 取得法定完工证书 |
Bank Loan | |||
