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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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1 Answer

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?".

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