Let me touch on the New Launch Payment Schedule (Progressive Payment Schedule) for today’s post. With the many launches in the market, it is important that you understand how Progressive Payment works. Besides that, we will want to use it to your advantage.
What happen after you had decided on a unit?
After you had decided on a unit, you will need to determine if you will be taking a mortgage loan. Having said that, mortgage loans are available from financial institutes like CITIBANK, DBS, HONG LEONG Finance, OCBC, UOB etc. If you are, you will then determine how much loan you will require. The current maximum loan for 1st property loan is at 75%.
However, if you will not be taking a loan, remember to check with the developer at which stage is the progressive payment schedule at. If developer has not started with the foundation, it will generally takes about 6 months to 1 year for the foundation to be done. This will mean that you just need to fork out a total of 20% down payment + stamp duty within the 1st 8 weeks! And because of that, it gives you ample time to prepare the funds for the foundation billing.
I hope you find the above useful. Whenever you visit the projects sales gallery, it is always good to work out the finances using this form. By using that, it will helps you to better understand the payment timeline and payments involved.
You will notice a mortgage installment column as well. With this column, you can use any mortgage calculator and pen in the estimated monthly installment at each stage of the Progressive Payment.
Feel free to call me at 98773986 and/or Whatsapp me if you needs any assistance or clarifications with the Progressive Payment Schedule. And yes, the above is available for download for your own usage. Download the PDF copy of the New Launch Payment Schedule here.