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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 Date of Option||Cash or CPF OA|
|2nd||5%||Completion of Foundation Work|
|Cash or CPF OA|
|3rd||10%||Completion of Reinforced Concrete|
|4th||5%||Completion of Brick Wall|
|5th||5%||Completion of Ceiling / Roofing|
|6th||5%||Completion of Doors & Windows Frames are in position, the Electrical Wiring & Plumbing & Internal Plastering|
|7th||5%||Completion of Car Park, Roads and Drains|
|8th||25%||Obtaining Temporary Occupation Permit (TOP)|
|9th||15%||Upon Production of the Certificate of Statutory Completion (CSC)|
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