Type of Payment

In Singapore, purchasing a resale or a property under construction or an 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 the developer or homeowner, 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 the different break down for the 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 depend on the progress of the construction stages. This also applies to the buyer of Executive Condo not opting for deferred payment and buyer of the 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 5% 6 to 9 months from launch Cash and/or CPF
Completion of Foundation 5% 6 to 9 months from launch Instalment plan or lump sum Payment at this stage
Completion of the reinforced concrete framework 10% another 6 to 9 months Instalment plan or lump sum Payment at this stage
Completion of the partition wall of units 5% another 3 to 6 months Instalment plan or lump sum Payment at this stage
Completion of roof/ceiling of units 5% another 3 to 6 months Instalment plan or lump sum Payment at this stage
Completion of door/window frame and electric wiring etc 5% another 3 to 6 months Instalment plan or lump sum Payment at this stage
Completion of the car park, drain, the road serving the housing project  5%  another 3 to 6 months Instalment plan or lump sum Payment at this stage
Completion of the car park, drain, the road serving the housing project 5% another 3 to 6 months Instalment plan or lump sum Payment at this stage
Collection of Temporary Occupation Permit (TOP) or certificate of statutory completion 25% Collection of keys Instalment plan or lump sum Payment at this stage
Payment upon Certificate of Statutory Completion (CSC)  15% 1 year after TOP Instalment plan or lump sum Payment at this stage

 

Payment Timeline for property direct from the 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 the 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 (Not 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 20% 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 75% 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 the 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 (Not 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 25% or more Estimate 4 to 6 weeks Cash, CPF and/or Grant (if any)

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

 

Cash Payment, from 28 August 2013

Loan Tenure Below 25 years Above 25 years or Age+Tenure > 65 years
No outstanding residential property loans 5% 10%
  • The cash payment is computed based on purchase price or the current market valuation of the flat, whichever is the lower.
  • Existing property owners are considered as having no outstanding residential property loans as they must dispose of their existing property within 6 months from their next HDB flat or EC purchase.

Loan Ceiling (Bank Loan), from 06 July 2018

Loan Tenure

No Outstanding Loan

1 Outstanding Housing Loan

2 or More Outstanding Housing Loans

≤ 25 years

75%

45%

35%

> 25 years or loan period extends beyond borrower’s age of 65

55%

25%

15%

For more details, please refer to MAS’s press release on 5 July 2018.

 

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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