|Construction Stage||Percentage of Purchase Price|
|Upon Issue of Option to Purchase (OTP)||5%|
|Upon signing Agreement / Within 8 weeks immediately after date of Option||20% (Less the 5% Booking Fee which was paid above)|
|Upon Completion of Foundation Work||10%|
|Upon Completion of Reinforced Concrete Framework||10%|
|Upon Completion of Partition Walls||5%|
|Upon Completion of Roofing||5%|
|Upon Completion of Door sub-frames / door frames, window frames, electrical wiring (without fittings), internal plastering and plumbing||5%|
|Upon Completion Car park, roads and drains serving the housing project||5%|
|Upon Completion Building, roads and drainage and sewerage works in the housing estate, connection of water, electricity and gas supplies
(At this stage the Temporary Occupation Permit is typically released, meaning you can pick up your keys and move in)
|Final Payment Date and/or Completion (might be staggered further depending on when the Certificate of Statutory Completion is issued)||15%|
If you’re thinking about purchasing a new home, you may want to consider the benefits of a progressive payment scheme for The Reserve Residences. Using this type of financing, you can pay for your new property over 8 stages instead of all at once. This type of payment plan can be beneficial if you’re looking to purchase a condo in a newly completed development or a condo in an unfinished building. For more information about this type of payment plan, visit MoneySmart, a Singapore government agency that offers free home loan advice to Singaporeans.
Pay in 8 stages The Reserve Residences
The progressive payment schedule is a method of payment that allows buyers to start paying for their The Reserve Residences home in a phased manner. The payments are grouped into several stages, including the down payment, the foundation, and the reinforced concrete framework. The initial monthly repayments are less than half of what you will eventually pay in full. Once you have secured your home, you’ll begin making your regular payments again. For further information, check out our video or progressive payment calculator.
In the case of new launch condos, the Progressive Payment Schedule refers to the process of paying for the unit in instalments as specific milestones are reached. During the first stage, payments are staggered and become more regular as the property is built. The first instalment will pay for the foundation and the next three will be paid to the developer. The remaining 13% will be paid to the Singapore Academy of Law.
Calculate monthly instalment
You may be wondering how to calculate your monthly instalment for Progressive Payment Schedule Properties in The Reserve Residences. If so, you’re not alone. More homebuyers are opting for this scheme. It allows you to pay in monthly instalments as the development is completed, instead of in full upfront. You can even choose to pay from your CPF Ordinary Account or Cash. Here are some ways to calculate your monthly instalment:
When it comes to private property loans, Progressive Payments is one of the most popular payment plans. In this scheme, you’ll pay in monthly installments and receive a deduction when a certain milestone is reached. This makes it easy to manage your finances. Moreover, the monthly instalment amounts are easy to calculate. This can save you a significant amount of money during the construction phase.
Buying The Reserve Residences in an uncompleted development
In a normal payment scheme, the buyer begins paying a monthly instalment when the developer kicks off to pay the bank for the development. Once the legal completion date arrives, the buyer has 12 months to make the remaining payments to the developer. The initial instalment will usually be a few hundred dollars. The final instalment may be a few thousand dollars. If you decide to go with a progressive payment schedule, you can have a higher initial payment but you’ll be paying less over time.
A progressive payment schedule is a great way to save cash. When buying a property in Singapore, a progressive payment plan allows you to pay in small amounts until the entire property is completed. This is an excellent way to build cash reserves and spread out payments until the Temporary Occupation Permit is issued. While this method can be intimidating, it is still a viable option for buyers of uncompleted properties. Here are some of the benefits of a progressive payment schedule:
Benefits of progressive payment scheme for The Reserve Residences
The progressive payment scheme is a type of home financing that allows buyers to pay for their homes in stages. This scheme is especially beneficial for uncompleted and under construction properties. Uncompleted properties are less in demand than completed ones, so many buyers shy away from them. In Singapore, however, the number of buyers buying under construction properties is much higher than for completed ones. Besides being a good deal for a first time buyer, the progressive payment scheme can make purchasing your dream home more affordable and manageable.
For new condo buyers in Singapore, the benefit of the progressive payment scheme can be a significant factor. The payment amount is usually lower than that of a resale condo, but if you have a good credit score, you can get up to 75% of the purchase price from banks. Afterwards, you will have to pay a booking fee, an option fee, and stamp duty. For new launch condo buyers, the choice between the two payment schemes is between a deferred or progressive scheme.