Progressive Payment Calculator Singapore ( For New Launch Condo)
This Calculator will take into consideration Applicant TDSR Limit / individual Buyer LTV Loan Limit / Joint Buyer Income Weight Age Average to size up the maximum Loan Amount and tenor Period which individual Applicant or Joint Applicant are being categorized
Progressive Payment Calculator
This Progressive Payment Calculator Singapore will help you calculate New Launch private Condo progressive payment .The Calculator take into account Buyer Stamp Duty (BSD ) , Additional Buyer Stamp Duty (ABSD) in its Calculation.
What is Progressive Payment ?
Progressive Payment apply to Private Residential which are still under construction. The Buyer will pay the installment base on the Building Construction Progress.
For New Launch Condo , buyer are required to pay Up front 5% of the Property Price in cash for OTP ( Option to Purchase ) ,
and 15% down payment in Cash or CPF to exercise OTP.
After that buyer will be able to participate Progressive Payment Installment base on Building Construction reaches a particular milestone . Refer URA website for further details
Progressive Payment Timeline ?
Private Property Developer normally follow Progressive Payment rules set by Government Agencies,
Stage One : ( Before Commence of Monthly Loan Repayment )
(1) Buyer are Required to pay a booking Fee of 5%
(2) After Buyer Paid and clear booking Fee, developer are required to sent Sale sand Purchase Agreement within 14 Days
(3) Buyer are given 3 Weeks to decide whether to exercise OTP by signing Sales and purchase Agreement
(4) Buyer Signed the Contract and are required to pay 15% within 8 weeks of the option date
(5) At this Stage the Buyer already pay 20%
(6) Buyer will need to secure a ban k loan between 75% to 80%