Booking the property & Signing of Sale and Purchase Agreement (5% Booking Fee, Cash outlay)
Upon booking, you will have to pay a 5% booking fee (Cash/ Cheque) and you will be granted the Option to Purchase (OTP).
We “Developer” will then mail the Sale and Purchase (S&P) Agreement to your banker’s solicator or to you.
1 – 2 weeks
Upon receipt, please check the date of the S&P as you will be given 3 weeks from this date to exercise the S&P.
Within 8 weeks from the day the option money is paid, you will have to pay the remaining 15%.
(Some lawyers may require you to pay this amount upon signing of the S&P Agreement).
You can use your CPF to pay for this and any remaining shortfall will be paid for by Cash.
You may want to take good note of this schedule especially if your CPF does not have enough to cover this outstanding and to prepare the necessary Cash needed to pay the shortfall.
Sales Completion Date (15%, Cash/CPF outlay)
Also do remember that this amount will depend on your LTV (Loan To Value), e.g. if your LTV is 70% then the balance amount to be paid is 25%, 15% to be paid on exercising day, balance 10% will be by progressive stages
(Example foundation work completed).
Stamp Duty (3% less $5,400, Cash/CPF outlay) | Additional Stamp Duty (% of the Purchase Price)
Within 14 days of signing the S&P agreement (or within 30 days if the agreement is signed overseas),
you will have to pay the Stamp Duty/ Additional Stamp Duty (Cash/CPF outlay) to IRAS (Inland Revenue Authority of Singapore).
Progress Payments using Housing Loan
From this point onwards, you can start using funds from your housing loan, which can be up to 80% of the purchase price.
The tenure of the loan can be up to 30 years, depending on your age. You will have to make payments as follows:
10% upon completion of foundation work (Estimated 6-9 months later from work commencement)
10% upon completion of reinforced concrete framework of unit (Estimated 6-9 months later)
5% upon completion of brick walls of unit (Estimated 3-6 months later)
5% upon completion of roofing and ceiling of unit (Estimated 3-6 months later)
5% upon completion of electrical wiring (without fittings), internal plastering, plumbing and installation of doors and window frames of unit (Estimated 3-6 months later)
5% upon completion of completion of car park, roads and drains serving the housing project (To be advised)
25% upon receiving Notice of Vacant Possession and Temporary Occuption Permit (TOP), and
the last 15% upon Completion Date, when you receive your CSC (To be advised).
Use the Progressive Payment Calculator to have a better understanding