TYPICAL PROJECT TIMELINE
Booking
- 5% booking fee by Cheque, Cashier’s Order or FAST Transfer
Receive S&P
- Developer deliver Sales & Purchase Agreement (S&P) to Buyer
Exercise S&P
- Buyer exercise S&P at Law Firm
Pay Stamp Duty
- Buyer’s Stamp Duty (BSD)
- Additional Buyer’s Stamp Duty (If applicable)
Completion
- Pay 15% downpayment
– For LTV of 75%, pay in cash or CPF
– For LTV of 45% or 35%, pay in full cash - Other fees
Foundation Work Completed
- For LTV of 75%
– pay 5% in cash or CPF
– monthly instalment for loan starts - For LTV of 45% or 35%
– pay 5% cash and 5% in CPF or cash
THINGS TO NOTE
Buyer’s Stamp Duty (BSD)
For $360K to $1M, BSD = 3% of purchase price – $5400
For above $1M, BSD = 4% of purchase price – $15,400
Other Fees Involved
– Law Firm fee
– Mortgage fee for loan
– CPF withdrawal fee
For 2nd Property Onwards
After you set aside Basic Retirement Sum, you can use your remaining OA funds for property purchase with the condition that your current property remaining lease + your age adds up to at lease 95 years. If it is less than 95 years, you have to set aside Full Retirement Sum instead.
Sequence of Fund Usage
Fulfill cash payment first, then you are allow to use CPF and follow by bank loan.
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DISCLAIMER: All information provided here are examples for reference only. For actual purchase, please refer to your legal, bank & respective authorities for detail requirements.