Also known as the Progressive Payment Scheme, it permits you to service your loan through monthly instalments that are paid progressively as the home is completed.
|Stage||Payment Under a Standard Payment Scheme (% of Purchase Price)|
|Upon the grant of Option to Purchase||5% (Booking Fee)|
|Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date||20% less Booking Fee|
|Completion of foundation work||10%|
|Completion of reinforced concrete framework of unit||10%|
|Completion of partition walls of unit||5%|
|Completion of roofing/ceiling of unit||5%|
|Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit||5%|
|Completion of car park, roads and drains serving the housing project||5%|
|Notice of Vacant Possession (TOP)||25%|
|On Completion date||15%|
Calculating your BUC property’s progressive payments
Assume you chose to buy a $1,000,000 condominium unit. Here’s how much you’ll pay at each level.
You agree on a unit after attending its sales launch.
Booking fee: 5% of $1,000,000 = $50,000 (paid in cash at the launch)
you put your signatures on the sales and buy agreement. They must also pay stamp duty & legal fees at this point.
Following the execution of the Sales and Purchase Agreement: 15% of $1,000,000 equals $150,000
14 days after foundation work is completed: 10% of $1,000,000 equals $100,000
14 days after the reinforced concrete framework is completed: 10% of $1,000,000 equals $100,000
14 days after the partition walls are finished: 5% of $1,000,000 equals $50,000.
14 days after roofing completion: 5% of $1,000,000 equals $50,000.
14 days after completion of door sub-frames/door frames, window frames, electrical wiring (without fittings), inside plastering, and plumbing: 5% of $1,000,000 equals $50,000.
14 days after the carpark, roads, and drainage for the housing project are finished: 5% of $1,000,000 equals $50,000.
Upon receipt of the Temporary Occupation Period and key collection: 25% of $1,000,000 equals $250,000