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Hi Gurus,

I am aware that Singaporean/PR needs to pay 20% down-payments, while foreigner needs 30% for buying a condo. However, I heard that for a new condo, the 10% gap can be delayed (monthly paid) until completion. Is it true?

Thanks!
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2 Answers

Lyna Song
Replied
Hi Ardian;

The reason why local/PR's only need to pay 20% downpayment for buying a condo is because they are eligible for max bank loan(80%) whereas for foreigner,the max bank loan they are eligible for is only 70%,therefore foreigners need to pay 30% downpayment.But if you are a foreigner working in Singapore,you may be eligible for max 80% bank loan(subjected to bank's approval).For new condo from developer,you pay 5% upon booking of unit,and the balance 15% within 8weeks time.The other 10%(if applicable) is payable upon commencement of foundation work by developer.I've not heard of any delay payment for the 10% until completion.Maybe other gurus can advise..Hope this helps to clarify your doubts..Thanks

Rgds;
Lyna from ERA
 9623 8442 
lynasong@hotmail.com
www.lynasong.myweb.sg Read More
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  • AK
    Replied
    Thanks, Lyna!

    I think I misunderstood what that agent was telling. He told me that I need to pay the 15% after 8 weeks, and then I only need to pay several hundreds dollars (assuming the unit price is 600-700k) for the following XXX months to cover the remaining 100%.

    So what (and when) is the "commencement of foundation work by developer?".
Landon Chew
Replied
Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
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