Type of Payment
In Singapore, purchasing a resale or a property under construction or a Executive condo have different payment scheme.
There are progressive payment, Deferred payment and direct payment. Deferred payment is only applicable for New Executive Condo. For new property purchase directly from developer or home owner, as long as the unit is completed, it will be Direct payment.
Assuming you qualified for the max 80% loan, you will need to pay 20% downpayment which will have different break down for different property type.
1) Property Under Construction
2) Re-sale/TOP Property
3) Executive Condo (Defer payment Scheme)
Property Under Construction
Your payment schedule will depends on the progress of the construction stages. This also applies to buyer of Executive Condo not opting for deferred payment and buyer of private condo under construction.
| Stages | Payment | Duration (estimate) | Term |
|---|---|---|---|
| Booking Fee | 5% | Upon booking | Cash only |
| Balance Payment | 15% | 8 weeks from booking | Cash and/or CPF |
| Completion of Foundation | 10% | 6 to 9 months from launch | Instalment plan or lump sum Payment |
| Completion of reinforced of concrete framework | 10% | another 6 to 9 months | Instalment plan or lump sum Payment |
| Completion of partition wall of units | 5% | another 3 to 6 months | Instalment plan or lump sum Payment |
| Completion of roof/ceiling of units | 5% | another 3 to 6 months | Instalment plan or lump sum Payment |
| Completion of door/window frame and electric wiring etc | 5% | another 3 to 6 months | Instalment plan or lump sum Payment |
| Completion of car park, drain, road serving the housing project | 5% | another 3 to 6 months | Instalment plan or lump sum Payment |
| Completion of car park, drain, road serving the housing project | 5% | another 3 to 6 months | Instalment plan or lump sum Payment |
| Collection of Temporary Occupation Permit (TOP) or certificate of statutory completion | 25% | Collection of keys | Instalment plan or lump sum Payment |
| Payment upon Certificate of Statutory Completion (CSC) | 15% | 1 year after TOP | Instalment plan or lump sum Payment |
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*Note- Stamp fee, Lawyer fee etc is not included in the illustration.
** The 1st 5% in cash only is base on purchase without any current mortgage loan. For purchaser still having to service mortgage loan at point exercising the Sales and Purchase Agreement, first 25% must be in cash (No able to utilise CPF)
Resale/TOP property
| Stages | Payment | Duration (estimate) | Term |
|---|---|---|---|
| Option Fee | 1% | Upon booking | Cash only |
| Exercise of Option | 4% | Within 14 days | Cash only |
| Balance payment | 15% | Within 8 weeks | Cash and/or CPF (For CPF usage, will need to pay in cash 1st then reimburse back after deduction from CPF account) |
| Balance Payment | 80% | Completion Date | Instalment plan or lump sum Payment in CPF and/or Cash |
*Note- Stamp fee, Lawyer fee etc is not included in the illustration.
** The 1st 5% in cash only is base on purchase without any current mortgage loan. For purchaser still having to service mortgage loan at point exercising the Option to Purchase/Sales and Purchase Agreement, first 25% must be in cash (No able to utilise CPF)
Executive Condo (Deferred Payment)
| Stages | Payment | Duration (estimate) | Term |
|---|---|---|---|
| Booking Fee | 5% | Upon booking | Cash only |
| Exercise of Option | 15% | Within 8 weeks | Cash and/or CPF |
| Collection of Temporary Occupation Permit (TOP) or certificate of statutory completion | 65% | Collection of Keys | Instalment plan or lump sum Payment |
| Payment upon Certificate of Statutory Completion (CSC) | 15% | 1 year after TOP | Instalment plan or lump sum Payment |
*Note- Stamp fee, Lawyer fee etc is not included in the illustration.
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