Progressive Payment Scheme
Do you know that you do not pay full installment after you purchased a new development that is under construction?
Building Under Construction (BUC) development like Sengkang Grand Residences, uses Progressive Payment Scheme, also known as Normal Payment Scheme. Your financial Institution will only disburse partial of your housing loan to the developer after they complete certain phase of the construction. This provide certain level of protection to the consumers as you only pay what has completed.
The table show the amount in percentage that your financial Institution will disbursed to the developer whenever they completed the phase.
|Development Phase||Disburse amount in percentage|
|Grant of Option to Purchase (OTP)||5% (booking fee)|
|Signing of the Sale & Purchase Agreement or within 8 weeks from the Option date||15%|
|Completion of foundation work||10% (5% + 5%)**|
|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%|
|Notice of Vacant Prossession / Temporary Occupation Permit||25%|
|Certificate of Statutory Completion||15%|
* disbursed amount in percentage base on your purchase price