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 PhaseDisburse 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 date15%
Completion of foundation work10% (5% + 5%)**
Completion of reinforced concrete framework of unit10%
Completion of partition walls of unit5%
Completion of roofing/ceiling of unit5%
Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit5%
Completion of car park, roads and drains serving the housing project5%
Notice of Vacant Prossession / Temporary Occupation Permit25%
Certificate of Statutory Completion15%

* disbursed amount in percentage base on your purchase price

** refer to Home Loan Information regarding Loan to Value (LTV) Limit