Progressive Payment Schedule for Buying New Launch Private Property
Make Instalment Payments In Tandem With The Construction Progress
The Progressive Payment Schedule for buying new private property deals with New Launch Condos or Landed Properties that are in the process of being built.
- It refers to payment by instalments, typically 5 – 10 per cent, with each payment being made when a specific milestone is reached.
- During the initial stages, payments are spaced far apart. Payments become more constant toward the second stage.
- For example, you would pay the developer one instalment when the foundation is built, one more when the walls are up, one more when the roof is finished, etc.
Progressive Payment Scheme (LTV 75%)
|Stage||%||Description||When to Get Ready||Payment Mode|
|1st||5%||Booking & Obtaining Option To Purchase||Day 1||Cash|
|Buyer to engage a solicitor (~ $3000)|
Buyer to select the Mortgage Loan (Stamp fee ~$500)
|ASAP||Cash or CPF OA|
|Buyer's Stamp Duty||Within 2 weeks upon signing S&P||Cash or CPF OA|
|Additional Buyer's Stamp Duty||Within 2 weeks upon signing S&P||Cash or CPF OA|
|15%||Downpayment||Within 8 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)|