Payment Matters

Different types of payment terms available for an Executive Condominium

Normal Progressive Payment Schedule for Building under Construction (BUC) Properties

Stage

Payment under a standard payment scheme ( % of purchase price )

Upon the grant of Option to Purchase

5% – 10% (booking fee)

Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date

20% less booking fee

Completion of foundation work

10%

Completion of reinforced concrete framework of unit

10%

Completion of partition walls of unit

5%

Completion of roofing/ceiling of unit

5%

Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit

5%

Completion of car park, roads and drains serving the housing project

5%

Temporary Occupation Permit or Certificate of Statutory Completion

25%

On completion date

15%

 

For EC, apart from the Normal Payment Scheme, there is another option of the Payment Schedule called Deferred Payment Scheme. In this case, after the 20% downpayment is done, the purchaser only start the monthly installment payment after TOP. If you currently own a HDB Flat, you have to dispose it before TOP or paid up the outstanding loan, if any, and dispose the flat within 6 months after TOP for the purpose of getting an 80% loan. A banker will be arranged to explain the details beforehand. Usually, the purchase price will be slightly higher (eg. 3% more) than the Normal Progressive Payment Scheme.

 

Deferred Payment Scheme for Building under Construction (BUC) properties

Stage

Payment under a standard payment scheme ( % of purchase price )

Upon the grant of Option to Purchase

5% – 10% (booking fee)

Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date

20% less booking fee

Temporary Occupation Permit or Certificate of Statutory Completion

65%

On completion date

15%