AskGuru Q&A Community

Good afternoon,

I assume you are taking max 75% loan. Typically for new launches, it follows a progressive payment scheme, ie. the monthly mortgage is payable after the 25% downpayment is paid and builds up at each construction milestone. For example, when foundation of the development is completed, the developer will call the bank for a certain % of purchase price to be paid, and bank will disburse the bank loan accordingly. On your end, the mortgage will start to kick in but not the full 4k amount. This continues and build up gradually until the condo receives TOP and you will start to pay the full mortgage from there.

Do note this is for typical project, some projects may have just launched and foundation is not done and mortgage will not start immediately. Some may attain TOP soon and hence mortgage will kick in quite quickly.

Deferred payment scheme is different in the sense that the 75% max loan will only be disbursed at TOP and mortgage only starts then. Its mainly for new EC launches.

I have worked on similar new launch cases and will be happy to share more on the detailed financial plan.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Top 600 Achievers in Year 2017 (Top 10%)
ERA Top 300 Achievers in 3rd Quarter 2017 (Top 5%)
SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
FB: facebook.com/ASAProp
W: ivanng10.com/clientreviews
(Client's Testimonials)

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More

Dear Sir/Mdm,

You pay a booking fee of 5% in cash when you book the unit. Within 2 weeks, you will receive the S&P from the developer and you will have to exercise the S&P within 3 weeks. The 15% CPF will need to be paid within 8 weeks from booking the unit.

From then on, the payment will be according to the construction progress with the next payment due after the completion of foundation work which will be a few months later.

I have assisted many clients with their purchase of new launch. I can send you the payment schedule for your reference. Please feel free to contact me so that I can assist you better and also share with you some insights and updates on the property market.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
Visit my website to know me better: www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

I have written a guide to buying Residential Property:
http://bit.ly/buypropertyguide
Testimonial from Satisfied Clients
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Hi, if you are referring to the full loan of $4000 monthly, it will only start to kick off upon the TOP of the condo and not before. Perhaps I could get my banker to liaise with you with regards to loan issue first?

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Dear sir/madam,

For new project launches, they are usually under progressive payment schemes. Depending on the stage which you have entered into the S&P agreement, the stages of payment can be found at this link:

https://www.99.co/blog/singapore/paying-for-condo/

Monthly repayment starts only when the bank starts to disburse the loan amount at the later stage of the project, depending on how much loan you have undertaken. Assuming you have taken maximum 75% loan of the unit, where the first 25% are financed by cash or CPF, bank will start disbursing the loan amount estimated between 6-9 months of launch (10%) where your loan repayment begins based on this amount disbursed.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 8,500 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my clients’ portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

Please feel free to reach me from my website www.geryllim.com or connect with me directly on my mobile phone at 81577565  .

I look very much to hear from you soon.

Note: We value your home as much as you do! Find out the indicative value of your home at http://bit.ly/UrHomeMatters and get monthly update on your home value. Restructure your portfolio with us, speak to us! Register at bit.ly/RealDealSG today.

Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.

Visit and Like my facebook page at https://www.facebook.com/propertyblogshop/

Pick up knowledge, skills and Real Estate concepts at https://www.facebook.com/RealEstateXcellence/

New Singapore Expatriates on facebook is up and running. Come join us at https://www.facebook.com/groups/newsgexpats/

My self introductory video on https://youtu.be/6UfrCOCB6Mg

Regards,

Geryl LIM
Consultant - Director
Century 21
CEA Reg R014783H
www.geryllim.com
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

Landed Dynamic Alliance
Home of *7772 Hotline
Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ https://webapp.mobileappco.org/m/MoreLanded7772/ now! Read More

Hi Do contact me at 97970200  to discuss more

Mark, your RIGHT choice
Propnex Read More

Hi,
It should be progressive payment. Meaning the loan effective amount will depends on the progress of the development. There is a table of the progressive payment schedule. Please drop me an email for me to share.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More

Hi,

New launches typically is under Progressive Payment Scheme.

Under this Scheme, assuming you're eligible for max 75% loan, you will need to pay the balance downpayment of 5% (first 20% has already been paid during booking (5%) and exercising of S&P (15%)) upon the completion of the foundation, with the other 5% to be disbursed by your mortgage bank.

As the construction progresses, there will be numerous calls for payments from the Developer. Your mortgage bank will be settling this for you based on the development progress. Upon the TOP of the project, you would have already paid up to 85% in total. The balance 15% will be upon CSC (Certified Statutory Completion), which is roughly 1 year from TOP date.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Good evening buyer,

Deferred payment scheme are usually introduced for new EC or private property that have attained CSC.

For building under construction (new launch), payment will be based on progressive payment scheme (construction progress).

Typical procedure will be 5% cash (booking fee) on booking day. Developer will thereafter send you the sales and purchase agreements (to be exercised within 3 weeks of receipt). Pay stamp duty (can be in cash or cpf) within 2 weeks from exercise date. Next 15% (cash or cpf) within 8 weeks from option date.

Balance 5% payment will be payable upon completion of foundation. At this point of time, your mortgage will kickstart as well cause bank will disburse 5% to developer (call for 10% payment at this stage).

Your full calculation will most likely kicks in within 1 year from TOP date.

Hope my sharing aids in clearing your doubts.

Care to share which project are you looking at? If you dont mind, we can meet up for my sharing on which projects to dip into in current property market. Cheers!

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com
(FB): www.facebook.com/yttanassetprogessor

Creative marketing (copy and paste URL) :
1) https://www.facebook.com/watch/?v=395750131215921
2) https://www.facebook.com/watch/?v=290515518310711

Accolades:

Propnex Annual Convention 2019 - Top 3% individual producers
3rd Quarter 2018 - Top 2% individual producers
July 2018 - Top 1% individual producers
2nd Quarter 2018 - Top 3% individual producers
1st Quarter 2018 - Top 3% individual producers

Find out your property value for FREE on a monthly basis. Simply sign up by clicking the link below:

http://bit.ly/yt_proptrack Read More