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)
4) Payment Timeline for HDB

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 for this stage
Completion of reinforced of concrete framework 10% another 6 to 9 months Instalment plan or lump sum Payment for this stage
Completion of partition wall of units 5% another 3 to 6 months Instalment plan or lump sum Payment for this stage
Completion of roof/ceiling of units 5% another 3 to 6 months Instalment plan or lump sum Payment for this stage
Completion of door/window frame and electric wiring etc 5% another 3 to 6 months Instalment plan or lump sum Payment for this stage
Completion of car park, drain, road serving the housing project  5%  another 3 to 6 months Instalment plan or lump sum Payment for this stage
Completion of car park, drain, road serving the housing project 5% another 3 to 6 months Instalment plan or lump sum Payment for this stage
Collection of Temporary Occupation Permit (TOP) or certificate of statutory completion 25% Collection of keys Instalment plan or lump sum Payment for this stage
Payment upon Certificate of Statutory Completion (CSC)  15% 1 year after TOP Instalment plan or lump sum Payment for this stage

 

Payment Timeline for property direct from developer

payment-timeline-developer-webs

*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)

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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

 

Payment Timeline for resale and TOP property

payment-timeline-resale-webs

*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)

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Executive Condo (Deferred Payment)

Stages Payment Duration (estimate) Term
Booking Fee 5% Upon booking Cash only
Exercise of Option 15% Within 9 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

Payment Timeline for Executive Condo

payment-timeline-ec-webs

*Note- Stamp fee, Lawyer fee etc is not included in the illustration.

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Payment Timeline for HDB

Stages Payment Duration (estimate) Term
Booking Fee $1 to $1000 Upon booking Cash only
Exercise of Option Up to $5000 including booking fee Within 21 days  Cash only
1st appointment (HDB Loan) Initiate 10% or more Estimate 4 to 6 weeks Cash, CPF and / or Grant (if any)
1st appointment (Bank Loan) Initiate 20% or more Estimate 4 to 6 weeks Cash, CPF and / or Grant (if any)

* Note: The balance amount after initiate payment will be payable in Cash, CPF and / or Instalment

 

payment-timeline-hdb-web

 

Temporary Loan Scheme for HDB Flat with keys ready for collection

Temporary Loan Scheme

The Temporary Loan Scheme (TLS) helps flat buyers who intend to use the sale proceeds from their existing flat to pay for their new flat, without taking a mortgage loan. You can apply for a temporary loan to complete the new flat purchase first, while the sale of your existing flat is underway. You will then redeem the temporary loan using the net proceeds from the sale of your existing flat.

Eligibility conditions

To qualify for the Temporary Loan Scheme, you must have:

  • Booked a new flat and the keys are now ready for collection
  • Submitted an application to sell the existing flat
  • Sufficient CPF/ cash proceeds from the sale of the existing flat to fully redeem the temporary loan

Once the temporary loan is approved, you will be invited to collect the keys to the new flat after your resale first appointment. The temporary loan will be offered at the prevailing non-concessionary interest rate. If the temporary loan amount (capped at the net sale proceeds) is not enough to complete the new flat purchase, you must top-up the shortfall in cash within the stipulated time period so that you can collect the keys to the new flat.

Application procedure

Please submit the Request Form for Temporary Loan form together with the resale application for your existing flat through MyDoc@HDB.

hdb-temporary-loan-scheme-chart

Source: HDB

 

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