Payment Procedures For Purchasing Property In Singapore - New Launch Condo
Residential Properties - Schedules of Payments
Timeline Of a New Launch Condo Sales Transaction
Eligibility Conditions for Purchasing A New Launch Executive Condo
Single Guy + Single Lady ( Fiancé Fiancée Scheme )
Single + Single ( Joint Single Scheme )
Married Couple ( Family Scheme )
Divorcee / Widowed + Child (Custody) (Family Scheme)
Single (Main Applicant) + Parent (Applicant/Essential Occupier) ( Family Scheme )
Single (Main Applicant) + Parent (Applicant/Essential Occupier) ( Family Scheme, Parents are 1st Timer)
What is Part Purchase/ Decoupling?
A Part Purchase is where there are Multiple Owners to a Property, and One of the Owners Buys over the Share of the Other Owner(s).
Decoupling is where there is a Husband – Wife Relationship between the two Owners of the Property, Hence its call “De – Couple – Ing”
Decoupling is essentially a Specific Form of Part Purchase.
Stamp Duty is Payable in a Part Purchase, the same rules Apply. The Stamp Duty (Including Buyer’s Stamp Duty, Additional Buyer’s Stamp Duty, & Seller’s Stamp Duty) is determined by as follow:
The Valuation Price (Sub-Sale / Resale)
Residential new valuation price Access by Bank.
The Share in the Property Transferred .
Stamp Duty is Payable even for Transfer by Way of a GIFT.
Basic Retirement Sum
This is the amount of retirement savings in which you have choosen to set aside in your retirement account to receive monthly payouts from your payout eligibility age, which is currently at age 65. To own a second property and to use CPF for funding the second property, buyers need to set aside half of the amount for retirement purpose.
Deferred Payment Scheme Table
A Deferred Payment Scheme is a Payment Scheme whereby developers allow Purchasers to Defer the Due Date for the progress payments under the Standard Payment Scheme to a later date. The developer is required to seek the approval of the Controller of Housing before offering any form of deferred payment scheme to purchasers.
On 26 Oct 2007, the Government withdrew the deferred payment scheme, i.e. applications from developers to offer a deferred payment scheme for new housing projects will not be approved. However, developers who have already obtained the Controller’s approval to offer a deferred payment scheme may continue to offer it to purchasers after 26 Oct 2007.
Purchasers are advised to check with the developers on the payment scheme being offered. There are various combinations of deferred payment scheme, 2 examples of such schemes are illustrated in the following table.
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The financial timeframe & guidelines on payment guide and regulations as shown above for you to reference to it when deciding to make a purchase or finance a private property. And also the eligibility required for purchasing a new launch executive condo. Feel free to give us a call or leave a message for any further enquiry.