In Singapore, the Equated Monthly Instalment (EMI) payment schedule for new property launches typically begins at different stages depending on the type of property and the terms of the financing arrangement. Here are the general scenarios:
Under Construction (Progressive Payment Scheme):
For properties that are under construction, the payment schedule usually follows the Progressive Payment Scheme (PPS). Under this scheme, payments are made in stages as the construction progresses.
The EMI payments start as soon as the loan is disbursed to the developer, which is tied to the construction milestones. These payments increase progressively in line with the completion of various stages of the development.
Completed Property:
For properties that are already completed, the EMI payments generally start after the loan has been fully disbursed, which usually happens upon the handover of the property.
Progressive Payment Schedule (Typical for New Launches)
Here’s an outline of the typical stages under the Progressive Payment Scheme:
Booking Fee:
5% of the purchase price upon booking (usually paid directly to the developer).
Exercise Fee:
15% of the purchase price within 8-10 weeks upon signing the Sales and Purchase Agreement (SPA).
Stage Payments (Percentage of Purchase Price):
Foundation Work: 10%
Framework of Unit: 10%
Walls of Unit: 5%
Ceiling of Unit: 5%
Door Frames, Windows and Electrical Wiring: 5%
Completion of Car Park, Roads, and Drains: 5%
TOP (Temporary Occupation Permit): 25%
Completion Date (CVC - Certificate of Statutory Completion): 25%
Key Points to Note:
Interest Payments: During the construction phase, if you are under a progressive payment scheme, you may only need to service the interest payments on the disbursed loan amounts rather than the full EMI. Once the property is completed and the full loan amount is disbursed, the EMI payments will start.
Full Disbursement: For completed properties, full disbursement happens at the handover, and EMI starts from that point.
To get the exact details for a specific property or financing arrangement, it’s always best to consult with your bank or the property developer.
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