Progressive Payment Schedule for Buying New Launch Private Property
When you opt for Progressive Payment Scheme, you make instalment payments in tandem with the construction progress.
- 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 new launch condo 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.
Progressive Payment Schedule for Buying New Launch Private Property (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 two weeks upon signing S&P||Cash or CPF OA|
|Additional Buyer's Stamp Duty||Within two weeks upon signing S&P||Cash or CPF OA|
|15%||Downpayment||Within eight 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)