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Developer Sales Discounts

 
Under the standard Sale & Purchase Agreement, purchasers are required to make instalment payments of the purchase price, typically referred to as progress payments, as and when the developer completes the different stages of construction of the housing project. All instalment payments up to the issue of Temporary Occupation Permit are to be paid into the Project Account which the developer is required to maintain with a bank or financial institution.
 
Fast Facts:
Standard Payment Scheme refers to the payment schedule set out in the standard Sale & Purchase Agreement.

A Deferred Payment Scheme is a payment scheme whereby developers allow purchasers to defer the due date for the progress payments under the standard payment scheme to a later date.

Besides the progress payments, other payments which a purchaser is required to make under the Sale & Purchase Agreement include property tax and maintenance charges.
 


Standard Payment Scheme

The time for payment and the amount of purchase price payable under the standard payment scheme is shown in the following table:
 
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 8 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%
Deferred Payment Scheme

A Deferred Payment Scheme is a payment scheme whereby developers allow purchasers to defer the due date for the progress payments under the standard payment scheme to a later date. The developer is required to seek the approval of the Controller of Housing before offering any form of deferred payment scheme to purchasers.

On 26 Oct 2007, the Government withdrew the deferred payment scheme, i.e. applications from developers to offer deferred payment scheme for new housing projects will not be approved. However, developers who have already obtained the Controller’s approval to offer a deferred payment scheme may continue to offer it to purchasers after 26 Oct 2007. Purchasers are advised to check with the developers on the payment scheme being offered.

There are various combinations of deferred payment scheme, 2 examples of such schemes are illustrated in the following table.

 
Stage Payment under a deferred payment scheme A( % of purchase price ) Payment under a deferred payment scheme B( % of purchase price )
Upon the grant of Option to Purchase 5%(booking fee) 5%(booking fee)
Upon signing of the Sale & Purchase Agreement or within 8 weeks of Option date 20% less booking fee 10% less booking fee
Notice of Vacant Possession 65% 75%
On Completion Date 15% 15%

Payment Procedure

Bank Loan

The ceiling for bank loans is as follows:

Date of Booking
Loan Ceiling
After 20 Feb 2010
80% of purchase price

* Purchase = 5% Cash min + 15% CPF or lesser + 80% Loan

Buyers with one or more outstanding housing loans

If you have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan from banks or financial institutions, the loan ceiling will be as follows:

Date of Booking
Loan Ceiling
Latest From 14 Jan 2011
60% of purchase price

* Purchase = 10% Cash min + 30% CPF or lesser + 60% Bank Loan

You can now get a 80% Bank Loan for new EC even with an existing Housing Loan

-Deferred Payment Scheme-

  • *5% Cash*
  • *15% CPF*
  • *80% Loan*

    Normal Payment Scheme

    (Progressive)

    Stage Percentage
    Upon the grant of Option to Purchase 5% (Booking Fee)
    Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date 15%
    Completion of foundation work 10%
    Completion of reinforced concrete framework 10%
    Completion of brick walls 5%
    Completion of roofing /ceiling 5%
    Completion of electrical wiring, internal plastering, plumbing & installation of door & window frames 5%
    Completion of car park, roads & drains serving the housing project 5%
    Notice of Vacant Possession (TOP) 25%
    On Completion Date 15%

    Deferred Payment Scheme

    Stage Percentage
    Upon the grant of Option to Purchase 5% (Booking Fee)
    Upon signing of the Sale & Purchase Agreement or within 9 weeks from the Option date 15%
    Notice of Vacant Possession (TOP) 65%
    On Completion Date 15%
 
Find out more about the E-application and EC purchase procedures NEXT
 
Chris Chow 98348607
Propnex Project Team
1 Lorong 6 Toa Payoh Singapore 310480
P.O. Box: 310480
singapore
singapore
310480
singapore
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