It is important for aspiring home buyers and investors to understand how the monthly housing loans are being serviced at Sengkang Grand Residences.
Like many other condo projects around Singapore, Sengkang Grand Residences follow the Normal Payment Scheme. This scheme allows for the mortgagor to service their housing loans progressively as each construction stage progresses, with the main bulk of the monthly installment coming in only upon the issuance of the Temporary Occupation Permit (TOP) and the Certificate of Statutory Completion (CSC) by the Building & Construction Authority of Singapore (BCA).
Please see the table below which summarises the Normal Payment Scheme adopted for Sengkang Grand Residences.
|Construction Stage||Payment Under the Normal Payment Scheme (% of Purchase Price)|
|Grant of the Option to Purchase (OTP) by the Developer||5% Booking Fee (Cash)|
|Upon signing of the Sale & Purchase Agreement or within 8 weeks the date of OTP||15% Downpayment (Either in Cash or CPF or both)|
|Completion of foundation work||10% (First 5% in Cash or CPF or both, next 5% via Bank Loan)|
|Completion of reinforced concrete framework of unit||10% (Bank Loan)|
|Completion of partition walls of unit||5% (Bank Loan)|
|Completion of roofing/ceiling of unit||5% (Bank Loan)|
|Completion of door sub-frames/ door frames, window frames, electrical wiring, internal plastering and plumbing of unit||5% (Bank Loan)|
|Completion of car park, roads and drains serving the housing project||5% (Bank Loan)|
|Notice of Vacant Possession (TOP)||25% (Bank Loan)|
|On Completion date (CSC)||15% (Bank Loan)|
In order to find out more about the estimated monthly installment for the Normal Payment Scheme, please visit our Progressive Payment Calculator to get an idea of how much monthly installment is required during the construction phase and upon TOP and CSC.
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